Victorian Consolidated Legislation

Penalty Interest Rates Act 1983 - SECT 14

Validation of certain orders for the payment of interest

14. Validation of certain orders for the payment of interest

Every order made under the provisions of any of the enactments referred to in
the foregoing provisions of this Act on or after 1 July 1983 and before the
day on which this Act is assented to for the payment of interest at a rate not
exceeding the maximum rate last approved by the Australian Loan Council for
long-term borrowing for new public securities issued by semi-government
authorities shall be and be taken to be a valid order for the payment of
interest notwithstanding the cessation by the Australian Loan Council of
approval of a maximum rate of interest for long-term borrowing for new public
securities issued by semi-government authorities.