Rate of interest for instalments—Act, s 462
91 Rate of interest for instalments—Act, s 462
For section 462(1)(b) of the Act, the rate of interest prescribed for instalments is—
for a relevant post-Wolfe freeholding lease—the fixed rate of interest, compounding annually, applying to instalments when the lease was issued; or
for another post-Wolfe freeholding lease—the Suncorp-Metway business variable lending rate accruing daily and compounding annually.
In this section—
relevant post-Wolfe freeholding lease means a post-Wolfe freeholding lease that is—
an auction purchase freehold issued under the repealed Act on or before 31 December 1991; or
a special lease purchase freehold issued under the repealed Act because of an application for conversion of tenure received before 3 October 1991 for a special lease issued—
under the repealed Act and the repealed Industrial Development Act 1963, section 9; or
before the commencement of the repealed Industrial Development Act 1963 under a recommendation of the Minister administering industrial development; or
subject to a condition about the freeholding of the lease; or
a special lease purchase freehold issued under the repealed Act because of an application for conversion of tenure received before 5 February 1990, other than a special lease purchase freehold mentioned in paragraph (b).
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