16
CurrentReference 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.
S. 17 inserted by No. 34/2004 s. 8.
This Act’s bill:Second reading speech
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