Sec. 20 COURTS ACT, 1981

Variation by order of rate of interest specified in section 26 of Debtors (Ireland) Act, 1840.

Variation by order of rate of interest specified in section 26 of Debtors (Ireland) Act, 1840.

20

20.—(1) Subject to subsection (2) of this section, the Minister for Justice may, if he is satisfied that the rate of interest per annum for the time being standing specified in section 26 of the Debtors (Ireland) Act, 1840, ought, having regard to the level of rates of interest generally in the State, to be varied, make an order varying the rate of interest so standing specified and the said section 26 shall have effect in accordance with the terms of any such order.

(2) An order under this section shall not come into operation within 2 years of the commencement either of section 19 (1) of this Act or of a previous order made and not annulled under this section.

(3) Every order under this section shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the order is passed by either such House within the next twenty-one days on which that House has sat after the order is laid before it, the order shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.

← Increase of interest on judgment debts. COURTS ACT, 1981 Extension of section 27 of Debtors (Ireland) Act, 1840. →