Moneys Paid Into Court Regulation

Moneys Paid Into Court Regulation, M.R. 228/96 The Suitors' Moneys Act , C.C.S.M. c. S220 Regulation 228/96 Registered November 25, 1996 bilingual version (HTML) Rate of interest 1(1) In this section, "prime lending rate" means the prime lending rate of the Royal Bank of Canada. 1(2) Moneys paid into court under section 3 of The Suitors' Moneys Act shall bear interest at the prime lending rate less 4%, adjusted on December 1 and June 1 of each year and determined as follows: (a) where the date of interest adjustment is December 1, the rate for the period commencing on that date shall be calculated on the basis of the prime lending rate in effect on December 1; (b) where the date of interest adjustment is June 1, the rate for the period commencing on that date shall be calculated on the basis of the prime lending rate in effect on June 1; (c) where the interest rate calculated under this section is less than .50%, the rate shall be deemed to be .50%. Computing and crediting of interest 2 Interest earned on moneys deposited to the credit of the minister under section 3 of the Act (a) shall be computed on the minimum monthly balance, calculated for the period ending May 31 and November 30 in each year, for each account; and (b) shall be credited effective June 1 and December 1 each year at which time the interest becomes principal and bears interest, in accordance with this regulation. Repeal 3 The Moneys Paid Into Court Regulation , Manitoba Regulation 117/90, is repealed. Coming into force 4 This regulation comes into force on December 1, 1996.