sec.995Interest on overdue drainage rates

### sec.995 Interest on overdue drainage rates An overdue drainage rate under section 993 bears interest at the annual rate, decided by the chief executive, of not more than— 15%; or if another percentage is prescribed under a regulation—the other percentage. The interest must be calculated as simple interest. In this section— overdue drainage rate means the amount of the rate that is not paid when it becomes payable. (sec.995-ssec.1) An overdue drainage rate under section 993 bears interest at the annual rate, decided by the chief executive, of not more than— 15%; or if another percentage is prescribed under a regulation—the other percentage. (sec.995-ssec.2) The interest must be calculated as simple interest. (sec.995-ssec.3) In this section— overdue drainage rate means the amount of the rate that is not paid when it becomes payable. - (a) 15%; or - (b) if another percentage is prescribed under a regulation—the other percentage.