Interest on Money Claims Act 2016

If you need more information about this Act, please contact the administering agency: Ministry of Justice

Schedule 1 Transitional, savings, and related provisions

s 7

Part 1 Transitional provisions relating to interest on money claims

Transitional provision relating to repeal of section 87 of Judicature Act 1908

1 Transitional provision for civil proceedings already commenced in senior court

Despite the repeal of section 87 of the Judicature Act 1908 by section 182(4) of the Senior Courts Act 2016, that section continues to apply to every civil proceeding commenced before this clause comes into force as if section 182(4) of the Senior Courts Act 2016 and this Act had not been enacted.

Transitional provision relating to repeal of District Courts Act 1947

2 Transitional provision for civil proceedings already commenced in District Court

Despite the repeal of sections 62B and 65A of the District Courts Act 1947 by section 240(2) of the District Court Act 2016, those sections continue to apply to every civil proceeding commenced before this clause comes into force as if section 240(2) of the District Court Act 2016 and this Act had not been enacted.

Transitional provisions relating to amendments to other enactments

3 General transitional provision for amendments to other enactments

(1)

This clause applies to—

(a)

any liability to pay interest that accrues under the following enactments before the commencement of this clause:

(i)

section 112B of the Companies Act 1993:

(ii)

regulation 4 of the Cadastral Survey (Fees) Regulations 2003:

(iii)

regulation 46 of the Electricity Industry (Enforcement) Regulations 2010:

(iv)

regulation 56 of the Gas Governance (Compliance) Regulations 2008:

(v)

regulation 4 of the Land Information New Zealand (Fees and Charges) Regulations 2003:

(vi)

regulation 42 of the Land Transfer Regulations 2002:

(vii)

section 23 of the Maori Reserved Land Amendment Act 1997:

(viii)

section 35 of the Waste Minimisation Act 2008; and

(b)

any power of a body to award or impose interest under the following enactments under, or in respect of, a proceeding commenced before the commencement of this clause:

(i)

section 12 of the Arbitration Act 1996:

(ii)

section 20 of the Disputes Tribunal Act 1988:

(iii)

clause 11 of Schedule 2 of the Employment Relations Act 2000:

(iv)

section 84 of the Holidays Act 2003:

(v)

section 47 of the Prisoners’ and Victims’ Claims Act 2005:

(vi)

section 94 of the Public Works Act 1981:

(vii)

section 70 of the Retirement Villages Act 2003:

(viii)

clause 157 of the Schedule of the Sharemilking Agreements Act 1937:

(ix)

section 24B of Te Ture Whenua Maori Act 1993:

(x)

clause 16 of Schedule 3 of the Weathertight Homes Resolution Services Act 2006; and

(c)

any liability to pay interest that, under clause 25 of Schedule 1 of the Maori Reserved Land Amendment Act 1997, arises in respect of the market value of a lease notified in accordance with clause 24 of that schedule before the commencement of this clause; and

(d)

any liability to pay interest that, under clauses 7 and 8 of Schedule 1 of the Maori Reserved Land Amendment Act 1997, arises in respect of an annual rent determined in accordance with clauses 32 to 34 of that schedule (whether by mediation or by arbitration) if mediation under clause 33 of that schedule is initiated before the commencement of this clause.

(2)

An enactment referred to in subclause (1) continues to apply, as if this Act were not in force, for the purposes of determining or calculating the interest under that enactment referred to in subclause (1).

(3)

For the purposes of subclause (1)(b), a proceeding is commenced,—

(a)

in relation to arbitral proceedings, on the date that the respondent receives a request for the dispute to be referred to arbitration or, if the parties have agreed that any other date is to be taken as the date of commencement of the arbitral proceedings, then on that date; and

(b)

for the purposes of section 20 of the Disputes Tribunal Act 1988, on the date that a claim is lodged in accordance with section 24 of that Act; and

(c)

for the purposes of section 70 of the Retirement Villages Act 2003, on the date that a dispute notice is given in accordance with that Act; and

(d)

for the purposes of clause 8 of Schedule 1 of the Maori Reserved Land Amendment Act 1997, on the date that the dispute or difference is submitted to mediation under clause 33 of that schedule.

4 Specific transitional provision for amendment to Accident Compensation Act 2001

(1)

This clause applies to any liability to pay interest under section 114 of the Accident Compensation Act 2001.

(2)

The Accident Compensation Act 2001 continues to apply, as if this Act were not in force, for the purposes of calculating interest in respect of any period before the commencement of this clause.

5 Specific transitional provision for amendment to Administration Act 1969

(1)

This clause applies to any liability to pay interest on a legacy or on arrears of an annuity under section 39 of the Administration Act 1969.

(2)

The Administration Act 1969 continues to apply, as if this Act were not in force, if the testator dies before the commencement of this clause.

6 Specific transitional provision for amendment to sections 309 and 311 of Companies Act 1993

(1)

This clause applies to the calculation of interest, in respect of claims against a company in liquidation, for the purposes of sections 309 and 311 of the Companies Act 1993.

(2)

The Companies Act 1993 continues to apply, as if this Act were not in force, to the calculation of interest for those purposes if the liquidation commenced before the commencement of this clause.

7 Specific transitional provision for amendment to Life Insurance Act 1908

(1)

This clause applies to the calculation of interest, in respect of the life of a minor, for the purposes of section 67B of the Life Insurance Act 1908.

(2)

The Life Insurance Act 1908 continues to apply, as if this Act were not in force, to the calculation of interest for those purposes if the minor died before the commencement of this clause.

8 Specific transitional provision for amendment to Financial Markets Conduct Regulations 2014

(1)

This clause applies to the calculation of interest, in respect of determining the net present value of an offer, for the purposes of Schedule 20 of the Financial Markets Conduct Regulations 2014.

(2)

The Financial Markets Conduct Regulations 2014 continue to apply, as if this Act were not in force, to the calculation of interest for those purposes if the offer was made before the commencement of this clause.

9 Specific transitional provision for amendment to Retirement Villages (General) Regulations 2006

(1)

This clause applies to the calculation of interest, in respect of a refund arising from the exercise of a right to void an occupation right agreement, for the purposes of regulation 44 of the Retirement Villages (General) Regulations 2006.

(2)

The Retirement Villages (General) Regulations 2006 continue to apply, as if this Act were not in force, to the calculation of interest for those purposes if the right was exercised before the commencement of this clause.