Victorian Consolidated Legislation

Land Acquisition and Compensation Act 1986 - SECT 55

Penalty interest

55. Penalty interest

Subject to section 106(1), if the Authority fails to pay any amount of
compensation which it has agreed to pay or which has been awarded under this
Act within 30 days of the date of that agreement or award, the interest
payable on that amount is five per centum per annum higher than the rate of
interest for the time being determined under section 52.