Disputes Tribunals (Prescribed Rate of Interest) Order 2011

2011/175

Coat of Arms of New Zealand

Disputes Tribunals (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 20(5) of the Disputes Tribunals Act 1988, 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 Disputes Tribunals (Prescribed Rate of Interest) Order 2011.

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

3  Application
  • This order applies to every order of a kind described in section 20(1) or (3) of the Disputes Tribunals Act 1988 made by a Tribunal on or after 1 July 2011 (whether the proceedings in which it is made were commenced before, on, or after that day).

4  Rate of interest of 5.0% prescribed
  • This clause prescribes for the purposes of section 20(5) of the Disputes Tribunals Act 1988 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 maximum rate of interest that Disputes Tribunals can, under section 20(1) or (3) of the Disputes Tribunals Act 1988, include in an order requiring one party to pay money to another in proceedings before a Disputes Tribunal.


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.