15Certain interest rates may be reviewed

15 Certain interest rates may be reviewed

[Section 15 inserted by No. 17 of 1996, s. 30, incorporation of provision from No. 17 of 1990 ]

(1)  Notwithstanding the terms and conditions subject to which any loan granted under this Act before the commencement of the Farm Water Development Amendment Act 1990 was granted, the rate of interest payable under any such loan may be varied by Tasmania Development and Resources giving to the borrower written notice of its intention to vary that rate of interest.

(2)  A notice given by Tasmania Development and Resources under subsection (1) is to specify –

(a) the new rate of interest; and

(b) the date from which that new rate of interest will apply –

and must be given at least 6 weeks before the date from which the new interest rate will apply.