Interest Rate Regulations
Regulation- Registration
- R-113-2019
- Source
- Unofficial consolidation PDF (justice.gov.nt.ca)
- Under
- Financial Administration Act
This is an unofficial reading copy parsed from the Department of Justice consolidation PDF above — itself an office consolidation, not an official statement of the law. The authoritative text is in the Revised Statutes of the Northwest Territories, 1988 and the annual Statutes volumes.
The Commissioner, on the recommendation of the Financial Management Board, under section 145 of the Financial Administration Act and every enabling power, makes the Interest Rate Regulations.
(1) For the purposes of section 54 of the Act, the prescribed rate of interest per annum is the rate equal to the sum of
(a) the benchmark key interest rate of the Bank of Canada as determined and adjusted in accordance with this section; and
(b) three percentage points.
(2) The interest rate referred to in paragraph 1(a) is the rate as of March 15 in each year and applies for the 12 month period beginning on April 1 of each year.
The Interest Rate Regulations, R.R.N.W.T. 1990, c.F-7, are repealed.
These regulations come into force January 1,