New South Wales Consolidated Acts

INTEREST REDUCTION ACT 1931 - SECT 4

4 Application of Part 2 of Act

(1) This Part of this Act shall apply only in respect of an obligation to pay interest created before the commencement of this Act.

(2) This Part of this Act shall not extend to interest payable in respect of any period prior to the commencement of this Act.

(3) This Part of this Act shall, subject to subsection four of this section, extend to an obligation to pay interest where the debtor is the Crown, but shall not extend to an obligation to pay interest where the creditor is the Crown, or any Minister of the Crown as such, or any person acting on behalf of the Crown or any statutory body.

(5) This Part of this Act shall take effect notwithstanding any agreement to the contrary.