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Compulsory Acquisition (Interest) Order (Northern Ireland) 1996
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- Northern Ireland Statutory Rules
- 1996 No. 210
- Explanatory Note
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Explanatory Note
(This note is not part of the Order.)
This Order fixes the rate of interest on compensation money payable under the enactments mentioned in the Order. The rate is 0.5% below the standard rate applying from time to time. The standard rate is the base rate quoted by the seven largest banks authorised under the Banking Act 1987 on the reference day falling on 1st July 1996 and on any subsequent such days.
This Order also revokes the Compulsory Acquisition (Interest) Order (Northern Ireland) 1994.
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