Interest on Money Claims Act 2016

13 Internet site calculator

(1)

The chief executive of the Ministry must—

(a)

establish and maintain a calculator to be used for the purposes of this Act; and

(b)

make the calculator publicly available at all reasonable times on an Internet site maintained by, or on behalf of, the Ministry.

(2)

The chief executive of the Ministry must ensure that the calculator—

(a)

allows interest to be—

(i)

calculated at the relevant interest rate or interest rates expressed as a daily effective rate; and

(ii)

calculated at daily intervals; and

(b)

complies with any prescribed rules or requirements governing the establishment or operation of the Internet site calculator.

(3)

The calculator is presumed, unless the contrary is shown, to have been established and maintained in accordance with subsection (2).

(4)

The court, on an application by a party to a proceeding made before the judgment is sealed or, if permitted by the rules of court, any later date permitted by those rules, may make such orders as it considers just if it is satisfied that the Internet site calculator has not allowed interest to be calculated in accordance with subsection (2)(a), resulting in an error in an award of interest made in the proceeding.

(5)

However, no action lies against the Crown, the Reserve Bank of New Zealand, or an officer or employee or Minister of the Crown or the Reserve Bank of New Zealand, or any other person, to recover any damages or other amount for any loss, damage, or other adverse effect due directly or indirectly to any act or omission in respect of the establishment and operation of the Internet site calculator.

(6)

No person is exempted from liability under subsection (5) for any act or omission that constitutes bad faith on the part of that person.