Prescribed Rate of Interest Act, 1975

Act 55 of 1975

Citation
Act 55 of 1975
Date
18 June 1975
Language
English
Type
Act
Related documents
Coat of Arms

Prescribed Rate of Interest Act, 1975

Act 55 of 1975

[APPLICABILITY TO SOUTH WEST AFRICA: Section 4 states “This Act and any amendment thereof shall apply also in the territory of South West Africa, including the Eastern Caprivi Zipfel.”][TRANSFER TO SOUTH WEST AFRICA: It is not clear whether the administration of this Act was transferred to South West Africa. Section 1(2) of the Act gives the Minister of Justice power to prescribe rates of interest, suggesting that the Executive Powers (Justice) Transfer Proclamation, AG 33 of 1979, dated 12 November 1979, may have been applicable. In any event, the issue of transfer is not relevant to the content of the Act since there were no amendments to the Act in South Africa prior to Namibian independence.]ACTTo provide for the calculation of interest on a debt, in certain circumstances, at a prescribed rate; for the payment of interest on certain judgment debts; and for matters connected therewith.BE IT ENACTED by the State President, the Senate and the House of Assembly of the Republic of South Africa, as follows:-

1. Interest on a debt to be calculated at a prescribed rate in certain circumstances

(1)If a debt bears interest and the rate at which the interest is to be calculated is not governed by any other law or by an agreement or a trade custom or in any other manner, such interest shall be calculated at the rate prescribed under subsection (2) as at the time when such interest begins to run, unless a court of law, on the ground of special circumstances relating to that debt, orders otherwise.
(2)The Minister of Justice may from time to time prescribe a rate of interest for the purposes of subsection (1) by notice in the Gazette.
(3)No rate of interest shall be prescribed under subsection (2) except after consultation with the Minister of Finance.

2. Interest on a judgment debt

(1)Every judgment debt which, but for the provisions of this subsection, would not bear any interest after the date of the judgment or order by virtue of which it is due, shall bear interest from the day on which such judgment debt is payable, unless that judgment or order provides otherwise.
(2)Any interest payable in terms of subsection (1) may be recovered as if it formed part of the judgment debt on which it is due.
(3)In this section “judgment debt” means a sum of money due in terms of a judgment or an order, including an order as to costs, of a court of law, and includes any part of such a sum of money, but does not include any interest not forming part of the principal sum of a judgment debt.

3. Transitional provisions

(1)In the application of subsection (1) of section 1 to interest which had begun to run before any rate of interest was prescribed under subsection (2) of that section, the rate of interest prescribed in the first notice published in the Gazette under the last-mentioned subsection shall be deemed to have been prescribed thereunder at the time when such interest began to run.
(2)Section 2 shall not apply to a judgment debt as defined therein which became payable before the commencement of this Act.

4. Application in South West Africa

This Act and any amendment thereof shall apply also in the territory of South West Africa, including the Eastern Caprivi Zipfel.

5. Short title and commencement

This Act shall be called the Prescribed Rate of Interest Act, 1975, and shall come into operation on a date to be fixed by the State President by proclamation in the Gazette.
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History of this document

16 July 1976
18 June 1975 this version
12 June 1975
Assented to

Cited documents 0

Documents citing this one 61

Gazette 34
1. Namibia Government Gazette dated 1990-12-08 number 117
2. Namibia Government Gazette dated 1992-08-31 number 469
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9. Namibia Government Gazette dated 2004-12-08 number 3339
10. Namibia Government Gazette dated 2007-07-03 number 3870
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13. Namibia Government Gazette dated 2008-07-01 number 4075
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18. Namibia Government Gazette dated 2013-07-15 number 5241
19. Namibia Government Gazette dated 2014-07-15 number 5510
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21. Namibia Government Gazette dated 2015-07-15 number 5783
22. Namibia Government Gazette dated 2016-11-25 number 6180
23. Namibia Government Gazette dated 2017-03-01 number 6254
24. Namibia Government Gazette dated 2017-07-14 number 6359
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34. Namibia Government Gazette dated 2024-08-15 number 8415
Judgment 17
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7. Minister of Education, Arts & Culture and Others v Louw and Others (HC-MD-LAB-MOT-REV-2022/00195) [2024] NALCMD 11 (5 April 2024)
8. Namibia National Teachers Union v Government of Republic of Namibia and Others (LCA 35 of 2017) [2018] NALCMD 2 (21 February 2018)
9. Namibian Standards Institution v Office of the Labour Commissioner and Others (HC-MD-LAB-APP-AAA-2023/00015) [2023] NALCMD 53 (3 November 2023)
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11. Nekwaya t/a Checkers Wholesale & Supermarket v Cachalia t/a Younus Cachalia Wholesalers and Another (SA 12 of 2001) [2003] NASC 10 (18 March 2003)
12. Pennypinchers Timbercity Windhoek and Another v Kohler (3653 of 2016) [2018] NAHCMD 232 (26 July 2018)
13. Purity Manganese (Pty) Ltd v Katzao and Others (80 of 2010) [2011] NALC 19 (11 July 2011)
14. QKR Namibia Navachab Gold Mine (PTY) LTD v Xoagub and Others (LC 41 of 2016) [2017] NALCMD 16 (28 April 2017)
15. Swakop Uranium v Calitz (HC-MD-LAB-APP-AAA 25 of 2020) [2021] NALCMD 19 (30 April 2021)
16. TransNamib Holdings Ltd v Neshiko and Another (HC-MD-LAB-APP-AAA-2022/00061) [2023] NALCMD 16 (5 April 2023)
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