Regulation 29 Accrual of interest on variable interest stockI1

This regulation applies to variable interest stock.

The amount of any interest accruing on a particular day in relation to stock to which this regulation applies must be calculated using the following formula—

A = (V x I%)/365

where—

A is the amount of interest accruing in relation to the stock on the particular day;

V is the capital value of the stock on that day; and

I% is the annual rate of interest applying to the stock on that day.