(1)  A council may grant a postponement of the payment of rates for a specified period if satisfied that such payment would cause hardship.

(2)  A council may grant a postponement of payment of rates –

(a) on the condition that the ratepayer pay interest on the amount of rates postponed at a rate fixed by the council; and

(b) on any other condition the council determines.

(3)  Interest fixed under subsection (2) (a) is not to exceed the prescribed percentage as calculated in section 128 (2) .