Singapore legislation
Clause 43
Clause 43
Amendment of section 93
Section 93 of the principal Act is amended —
(a)
by deleting the words “at the rate of 5% per annum” in subsection (8) and substituting the words “at the rate referred to in subsection (9)”; and
(b)
by inserting, immediately after subsection (8), the following subsection:“(9) In subsection (8), the rate of interest is —
(a)
for any period up to and including 30 June 2016, 5% per annum; or
(b)
for any period commencing on or after 1 July 2016, the average of the prime lending rates for such months in the previous year as are prescribed under section 7.”.