Interest on Contributions

(1) Where an employer has failed to pay within the prescribed time any sum in respect of contributions payable by him in respect of an employed person, he shall pay interest at the rate of one dollar per week or part of a week in respect of each such employee, provided that the total amount of interest payable under this Regulation shall not exceed the amount of outstanding contributions in respect of which the interest is levied. (2) Interest shall be paid no later than thirty days after the date the interest is levied.