Victorian Consolidated Legislation

Penalty Interest Rates Act 1983 - SECT 11

Interest on purchase money in arrears

11. Interest on purchase money in arrears

     In the Third Schedule to the Property Law Act 1958 in condition 4, for the words "maximum rate approved by the Australian Loan Council at the time of the default for long-term borrowing for new public securities issued by semi-government authorities" there shall be substituted the expression "rate for the time being fixed under section 2 of the Penalty Interest Rates Act 1983".