Interest

1   (1) For the purposes of section 16 (2) of the Escheat Act, the prescribed rate of interest is, during each successive 3 month period, beginning on October 1, January 1, April 1 and July 1 in every year, 3% above the prime lending rate of the principal banker to the Province on the 15th day of the month immediately preceding that 3 month period.

(2) Interest is to be compounded monthly and calculated on the number of days since

(a) the last compounding of interest, or

(b) if no previous compounding has occurred, the date of the order made under section 16 (1) of the Escheat Act.

Deferral agreement — maximum term

2   The maximum term of a deferral agreement is 5 years.