Administration (Prescribed Rate of Interest) Order 2011

2011/174

Coat of Arms of New Zealand

Administration (Prescribed Rate of Interest) Order 2011

Anand Satyanand, Governor-General

Order in Council

At Wellington this 23rd day of May 2011

Present:
His Excellency the Governor-General in Council

Pursuant to section 39(2)(b) of the Administration Act 1969, His Excellency the Governor-General, acting on the advice and with the consent of the Executive Council, makes the following order.

Order

1  Title
  • This order is the Administration (Prescribed Rate of Interest) Order 2011.

2  Commencement
  • This order comes into force on 1 July 2011.

3  Application
  • This order applies to all legacies, and to all arrears of annuities, unpaid at the close of 30 June 2011.

4  Rate of interest of 5.0% prescribed
  • This clause prescribes for the purposes of section 39(2)(b) of the Administration Act 1969 the rate of 5.0% per year.

5  Revocation

Michael Webster,
for Clerk of the Executive Council.


Explanatory note

This note is not part of the order, but is intended to indicate its general effect.

This order, which comes into force on 1 July 2011, decreases from 8.4% to 5.0% the rate of interest payable on unpaid legacies and arrears of annuities under section 39(2)(b) of the Administration Act 1969.


Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 26 May 2011.

This order is administered by the Ministry of Justice.