WORKERS' COMPENSATION AND INJURY MANAGEMENT ACT 1981 - SECT 223

WORKERS' COMPENSATION AND INJURY MANAGEMENT ACT 1981 - SECT 223

223 .         Interest on unpaid sums

        (1)         Unless an arbitrator orders in any particular case that interest is not payable, interest is payable on so much of the amount of any sum ordered to be paid by an arbitrator as is from time to time unpaid.

        (2)         Interest payable under subsection (1) in respect of any sum ordered to be paid —

            (a)         is to be calculated as from the date when the order was made or from such later date as an arbitrator in any particular case fixes; and

            (b)         is to be calculated at a rate prescribed by or determined under the regulations; and

            (c)         forms part of the sum ordered to be paid, but not so as to require the payment of interest on interest.

        (3)         Despite subsections (1) and (2), where an amount ordered to be paid is paid in full within the period prescribed or determined under the regulations, interest is not payable on the amount so paid.

        [Section 223 inserted: No. 42 of 2004 s. 130.]