5. Cost of building to be paid to University by the Government with interest

    (1) When the Senate has lodged with the Minister for Works the certificate mentioned in subsection (2) of section three of this Act the Government shall become liable to pay to the University the cost of the erection and completion of the said building up to but not exceeding the sum of fourteen thousand pounds, together with interest upon the amount payable by the Government as aforesaid at the rate of four pounds per centum per annum computed from the date of the lodgment with the Minister for Works of the certificate aforesaid; and the Government shall pay the amount for which it shall become liable as aforesaid, together with interest as aforesaid in the manner provided in section six of this Act.

    (2) The cost of the erection and completion of the said building shall include the amount expended by the University in the erection and completion of the building and also interest at the rate of four pounds per centum per annum on the amounts expended on progress payments or otherwise by the University during the course and for the purposes of such erection and completion; all such interest to be computed from the respective dates of payment by the University and to be capitalised up to the date of the lodgment of the certificate as aforesaid.

    (3) The completion of the building shall include the fitting, furnishing and equipping the building with apparatus and appliances necessary to make the building ready and fit for the purposes for which it is to be used as provided in section three of this Act.



Note: This is not an authorised version. The only authorised version is the hardcopy (printed) version published under authority of the Government Printer, available from the State Law Publisher, 10 William St Perth W.A. 6000.