36_84 — Land Act Interest Rate Regulation

s. 1 — Rate of interest under section 26 of the Act

The rate of interest under section 26 (1) to (3) of the Land Act shall be

s. 1(a)

during the period from the day this regulation comes into force to March 31, 1984, 1 1/2% above the prime lending rate of the principal banker to the Province on December 15, 1983, and

s. 1(b)

during each successive 3 month period beginning on April 1, July 1, October 1 and January 1, in each year, 1 1/2% above the prime lending rate of the principal banker to the Province on the 15th day of the month immediately preceding that 3 month period.

s. 2 — Method of calculation

Interest charged under section 26 (1), (2) or (3) of the Land Act must be

s. 2(a)

compounded monthly, and

s. 2(b)

calculated on the number of days

s. 2(b)(i)

since the last compounding of interest, or

s. 2(b)(ii)

if no compounding has yet occurred, from the date on which interest becomes chargeable under section 26 (1), (2) or (3) of that Act, as applicable.