Victorian Consolidated Legislation

Penalty Interest Rates Act 1983 - SECT 16

Reference to maximum rate deemed to be fixed rate

16. Reference to maximum rate deemed to be fixed rate

A reference in a contract, agreement, mortgage, lease or other instrument made
or entered into before the date on which this Act receives the Royal Assent to
the maximum rate approved by the Australian Loan Council for long-term
borrowing for new public securities issued by semi-government authorities
shall, unless the contrary intention appears, be deemed to be a reference to
the rate for the time being fixed under section 2 of the
Penalty Interest Rates Act 1983.