281Interest on unpaid money*

281 Interest on unpaid money*

S. 281(1) amended by No. 78/1991 s. 22(1).

(1) Any money due to an Authority under this Act, including an agreement which does not provide otherwise, bears interest at the rate set from time to time for the purposes of this section by the Authority from the date that the money becomes due to the date that it is paid.

S. 281(1A) inserted by No. 78/1991 s. 22(2), amended by Nos 17/2012 s. 45(1), 24/2013 s. 36(1).

(1A) The rate set by the Authority must not be more than the rate fixed from time to time for the purposes of subsection (1) by the Essential Services Commission under a Code under section 4F of the Water Industry Act 1994.

S. 281(1B) inserted by No. 78/1991 s. 22(2), amended by No. 17/2012 s. 45(2), repealed by No. 24/2013 s. 36(2).

S. 281(1C) inserted by No. 78/1991 s. 22(2).

(1C) If the Authority sets a new rate, the new rate takes effect on the date set by the Authority, and applies from that date to all money (other than interest) owing to the Authority on that date.

(2) No interest is payable—

S. 281(2)(a) substituted by No. 69/1993 s. 9(a).

(a) in respect of a fee imposed under a tariff if the amount due is paid within the period after it becomes due fixed by the Authority by resolution; or

S. 281(2)(b) amended by No. 121/1994 s. 195(3).

(b) except in the case of an amount under Division 6, if the person liable to pay the amount has arranged with the Authority for payment by instalments of the amount due, and any instalments that have become due have been paid.

S. 281(2A) inserted by No. 69/1993 s. 9(b).

(2A) A resolution under subsection (2)(a) has no effect until the day on which notice of the making of the resolution is published in a newspaper circulating generally in the area concerned.

(3) An Authority may exempt any person from paying the whole or part of any interest either generally or specifically.

(4) In this section, Authority includes the Minister.

*Note: S. 281: The Crown is bound by this section (see s. 5(h)). ↑