Street Works (Recovery of Costs and Expenses — Prescribed Fee and Rate of Interest) Regulations

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Street Works Act

(CHAPTER 320A, Section 53)

Street Works (Recovery of Costs and Expenses — Prescribed Fee and Rate of Interest) Regulations

Rg 3

REVISED EDITION 1997

(15th June 1997)

[4th October 1996]

Citation

1. These Regulations may be cited as the Street Works (Recovery of Costs and Expenses — Prescribed Fee and Rate of Interest) Regulations.

Prescribed fee

2. The fee payable under section 43(4) of the Act shall be $7.

Prescribed rate of interest

3. The rate of interest under section 43(8) of the Act shall be 2% per annum above the prevailing prime lending rate of banks in Singapore on 1st January and 1st July of each year.

Prevailing prime lending rate

4. For the purpose of regulation 3, the “prevailing prime lending rate of banks in Singapore” means the average prime lending rate at any particular time of the Development Bank of Singapore Ltd, the Overseas-Chinese Banking Corporation Ltd, the United Overseas Bank Ltd and the Overseas Union Bank Ltd.

[G.N. No. S 447/96]

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