s 49 Interest on contributions in arrears
(1) Where the amount of the monthly contributions or part of any monthly contributions which an employer is liable to pay under section 45 is not paid within such period as may be prescribed, the employer shall be liable, in addition to the dividend to be paid under subsection 45(3), to pay interest to be credited to the Fund on such amount at such rate (being a rate per annum) as declared by the Board from time to time in respect of each month or part of a month after expiration of such period during which such amount remains unpaid: Provided that— (a) if the amount of interest so calculated is less than ten ringgit, the interest payable shall be ten ringgit in respect of each such month or part of a month; and (b) if the amount of interest exceeds ten ringgit, the interest payable shall be calculated to the next highest multiple of ten ringgit in respect of each such month or part of a month. (2) The Board may in any case in which it thinks fit remit in whole or part the payment of any interest due under this section.