Commonwealth Numbered Acts

FINANCIAL CORPORATIONS ACT 1974 No. 36 of 1974 - SECT 15

Division 4-Interest Rates

15. (1) The regulations may prohibit the receipt or payment of interest by a
registered corporation at a rate exceeding a rate determined from time to time
by the Reserve Bank.

(2) Regulations made for the purposes of sub-section (1) may authorize the
making of-

   (a)  different determinations in relation to registered corporations
        included in different categories; and

   (b)  different determinations in relation to different classes of
        transactions or in relation to transactions entered into in different
        circumstances, but, except as provided by paragraph (b), shall not
        authorize the making of different determinations in relation to
        registered corporations included in the same category.

(3) Notwithstanding sub-section (2), regulations made for the purposes of
sub-section (1) shall authorize the making of a determination in relation to a
registered corporation being a building society that carries on business in
one State or Territory only that is different from determinations made in
relation to other registered corporations being building societies that do not
carry on business in that State or Territory or do not carry on business only
in that State or Territory.

(4) A determination made in pursuance of a regulation made for the purposes of
this section does not affect interest payable under a contract made before the
determination takes effect to the extent to which the interest is payable in
respect of any period in respect of which the rate of interest payable is
specified in the contract.

(5) A registered corporation that fails to comply with a requirement of a
regulation made for the purposes of this section is guilty of an offence
punishable, on conviction, by a fine not exceeding $10,000.