Examples of Prescribed Rate in a sentence
Any moneys payable in respect of a call made in accordance with this Constitution which remain outstanding shall from and including the day for payment until the date payment is received bear interest at the Prescribed Rate.
If the amount so paid is nominated to be a loan to the Company, it shall carry interest at such rate, not exceeding the Prescribed Rate, as is agreed between the Directors and the Shareholder, shall not be repayable unless the Directors so determine, shall not confer on the Shareholder any rights attributable to subscribed capital, and shall, unless so repaid, be applied in payment of calls on the Share as and when the same become due.
If a sum called in respect of a Share is not paid before or on the day appointed for payment of the sum, the person from whom the sum is due must pay interest on the sum from and including the day for payment to the time of actual payment at the Prescribed Rate, but the Directors may waive payment of that interest wholly or in part.
Interest in respect of a Drawing accrues from day to day in respect of each Interest Period at the Prescribed Rate for that Interest Period on the amount of the Drawing on that day and based on a 365 day year.
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