LEGAL AID (CHARGE ON PROPERTY)(RATE OF INTEREST) REGULATION
- CHAPTER 91D

LEGAL AID (CHARGE ON PROPERTY)(RATE OF INTEREST) REGULATION - LONG TITLE  
Empowering section VerDate:01/06/2006



(Cap 91, section 28)

[1 June 2006]  L.N. 22 of 2006

(L.N. 225 of 2005)



LEGAL AID (CHARGE ON PROPERTY)(RATE OF INTEREST) REGULATION - SECT 1
(Omitted as spent) VerDate:01/06/2006




(Omitted as spent)


LEGAL AID (CHARGE ON PROPERTY)(RATE OF INTEREST) REGULATION - SECT 1
Commencement VerDate: 



This Regulation shall come into operation on a day to be appointed by the 
Director of Administration by notice published in the Gazette.



LEGAL AID (CHARGE ON PROPERTY)(RATE OF INTEREST) REGULATION - SECT 2
Interpretation VerDate:01/06/2006



In this Regulation—
"BLR" (最優惠利率), in relation to a day, means the arithmetic mean of the best 
lending rate quoted by each note-issuing bank on that day;
"HKDISR" (港元利息結算率), in relation to a quotation day, means the 12-month 
Hong Kong Dollar Interest Settlement Rate quoted by The Hong Kong 
Association of Banks in respect of that day;
"interest period" (利率期) means any 12-month period commencing on 1 June in 
a year;
"Monthly BLR" (當月最優惠利率), in relation to a month, means the arithmetic mean 
of the BLR on all days within that month;
"Monthly HKDISR" (當月港元利息結算率), in relation to a month, means the arithmetic 
mean of the HKDISR on all quotation days within that month;
"note-issuing bank" (發鈔銀行) has the meaning assigned to it in section 2 of 
the Legal Tender Notes Issue Ordinance (Cap 65);
"quotation day" (公布日) means a day on which The Hong Kong Association of 
Banks makes a quotation for the 12-month Hong Kong Dollar Interest 
Settlement Rate in respect of that day.
"BLR" (最優惠利率)
"HKDISR" (港元利息結算率)
"interest period" (利率期)
"Monthly BLR" (當月最優惠利率)
"Monthly HKDISR" (當月港元利息結算率)
"note-issuing bank" (發鈔銀行)
"quotation day" (公布日)


LEGAL AID (CHARGE ON PROPERTY)(RATE OF INTEREST) REGULATION - SECT 3
Prescribed rate of interest VerDate:01/06/2006




(1)	Subject to subsection (3), for the purposes of section 
18A(3B)(b) of the Ordinance, the prescribed rate of interest, in relation 
to an interest period, shall be an annual rate—

        (a)	calculated in accordance with the formula set out in subsection 

(2); and

        (b)	rounded to 3 decimal places.

(2)	The formula referred to in subsection (1) is—
BLR (1 April) – (Monthly BLR (120 months) – Monthly HKDISR (120 months)),
where

        (a)	"BLR (1 April)" is the BLR on 1 April of the year in which the 
interest period commences;

        (b)	"Monthly BLR (120 months)" is the arithmetic mean of the 
Monthly BLR of all months within the 120-month period ending on 31 March 
of the year in which the interest period commences;

        (c)	"Monthly HKDISR (120 months)" is the arithmetic mean of the 
Monthly HKDISR of all months within the 120-month period ending on 31 
March of the year in which the interest period commences.

(3)	Where the annual rate calculated in accordance with the formula 
set out in subsection (2) is less than zero, the prescribed rate of 
interest, in relation to the interest period, shall be zero.