No. S 767
Rapid Transit Systems Act
(Chapter 263A)
Rapid Transit Systems (Late Payment Interest Rate) Regulations 2010
In exercise of the powers conferred by section 45 of the Rapid Transit Systems Act, the Land Transport Authority of Singapore, with the approval of the Minister for Transport, hereby makes the following Regulations:
Citation and commencement
1.  These Regulations may be cited as the Rapid Transit Systems (Late Payment Interest Rate) Regulations 2010 and shall come into operation on 15th December 2010.
Late payment interest rate
2.—(1)  For the purposes of subsection (1) of section 19B of the Act, where any fee, charge, cash-bid or financial penalty referred to in that subsection is not paid in full by the due date for payment, the licensee shall pay interest on the amount outstanding at an annual rate of 2% above the average of the prevailing prime lending rates of DBS Bank Ltd, United Overseas Bank Ltd and Oversea-Chinese Banking Corporation Ltd.
(2)  The interest referred to in paragraph (1) shall be levied from the date the payment is due up to and including the date the payment is made.

Made this 15th day of December 2010.

Land Transport Authority of
[LTA/RY/EW/RTSA/01/2010; AG/LLRD/SL/263A/2010/6 Vol. 1]