Prescribed Rate of Interest Act, 1975 (Act No. 55 of 1975)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. |