Supreme Court Amendment (Rates of Interest) Rules 200320 November 2003
We, the Honourable WILLIAM JOHN ELLIS COX, Companion of the Order of Australia, Chief Justice, and the Honourable PETER GEORGE UNDERWOOD, Officer of the Order of Australia, the Honourable EWAN CHARLES CRAWFORD and the Honourable PIERRE WILLIAM SLICER, Puisne Judges of the Supreme Court of Tasmania, on the recommendation of the Rule Committee, make the following Rules of Court under the Supreme Court Civil Procedure Act 1932 .
These Rules of Court may be cited as the Supreme Court Amendment (Rates of Interest) Rules 2003 .
These Rules of Court take effect on the day on which their making is notified in the Gazette.
In these Rules of Court, the Supreme Court Rules 2000 are referred to as the Principal Rules.
4. Rule 5 amended (Interpretation)
Rule 5 of the Principal Rules is amended by omitting the definition of prescribed rate of interest and substituting the following definition:prescribed rate of interest means the rate of interest prescribed under rule 5A for each calendar year;
5. Rule 5A inserted
After rule 5 of the Principal Rules , the following rule is inserted in Division 1:5A. Prescribed rates of interest
The prescribed rate of interest in any calendar year is –(a) for administrative proceedings under Division 6 of Part 36 , the last cash rate published by the Reserve Bank of Australia before the close of business on the last day of business in the preceding calendar year; or(b) in all other cases, the last large business overdraft rate published by the Reserve Bank of Australia before the close of business on the last day of business in the preceding calendar year.
6. Rule 959 amended (Interest on debts)
Rule 959(1)(b) of the Principal Rules is amended by omitting "rate of 7% a year" and substituting "prescribed rate of interest for each calendar year".
7. Rule 960 amended (Interest on legacies)
Rule 960 of the Principal Rules is amended by omitting "rate of 7% a year" and substituting "prescribed rate of interest for each calendar year".
W. J. E. Cox
Chief Justice
P. G. Underwood
Puisne Judge
E. C. Crawford
Puisne Judge
P. W. Slicer
Puisne Judge
Countersigned,
I. G. Ritchard
Registrar
Displayed and numbered in accordance with the Rules Publication Act 1953.
Notified in the Gazette on 3 December 2003
These Rules of Court are administered in the Department of Justice and Industrial Relations.
EXPLANATORY NOTE
(This note is not part of the rule)
These Rules of Court amend the Supreme Court Rules 2000 by linking the prescribed rates of interest to particular interest rates of the Reserve Bank of Australia.