PORTS AND MARITIME ADMINISTRATION ACT 1995 - SECT 70
Interest on overdue payments
PORTS AND MARITIME ADMINISTRATION ACT 1995 - SECT 70
Interest on overdue payments
70 Interest on overdue payments
(1) The relevant port authority may charge interest, at a rate determined by
the authority, on charges under this Part that are unpaid by the due date.
(2) Different rates may be determined for charges that remain unpaid for
different periods of time.
(3) Unless the regulations otherwise provide, the
rate determined in respect of any period is not to exceed 5 per cent per annum
above the interest rate that in the ordinary course of business would be
charged by the Commonwealth Bank for the relevant period on unsecured
overdrafts of more than $100,000.