Merchant Shipping Act 1979

PART III Modifications of parts I and II in consequence of protocol of 19th November 1976

1. In Part I of this Schedule, in article 7 of the Convention, for the words " 700,000 francs " or any other words which, by virtue of paragraph 4 of Part II of this Schedule, are specified in that article in the place of those words there shall be substituted the words "46,666 units of account".

2. In the said Part I, in article 8 of the Convention, for the word "francs" wherever it occurs there shall be substituted the words units of account and for the figures "12,500", "50,000", " 18,000 ", " 1,750 " and " 200 " there shall be substituted respectively the figures "833", 3,333 ", " 1,200 ", " 117 " and " 13 ".

3. In the said Part I for article 9 there shall be substituted the following—

ARTICLE 9 Unit of account and conversion

The Unit of Account mentioned in this Convention is the Special Drawing Right as defined by the International Monetary Fund. The amounts mentioned in Articles 7 and 8 shall be converted into the national currency of the State of the Court seized of the case on the basis of the value of that currency on the date of the judgment or the date agreed upon by the Parties.

4. In Part II of this Schedule for paragraph 5 there shall be substituted the following—

5. (1) For the purpose of converting from special drawing rights into sterling the amounts mentioned in articles 7 and 8 of the Convention in respect of which a judgment is given, one special drawing right shall be treated as equal to such a sum in sterling as the International Monetary Fund have fixed as being the equivalent of one special drawing right for—

(a) the day on which the judgment is given ; or

(b) if no sum has been so fixed for that day, the last day before that day for which a sum has been so fixed.

(2) A certificate given by or on behalf of the Treasury stating—

(a) that a particular sum in sterling has been fixed as mentioned in the preceding sub-paragraph for a particular day ; or

(b) that no sum has been so fixed for that day and a particular sum in sterling has been so fixed for a day which is the last day for which a sum has been so fixed before the particular day,

shall be conclusive evidence of those matters for the purposes of articles 7 to 9 of the Convention ; and a document purporting to be such a certificate shall, in any proceedings, be received in evidence and, unless the contrary is proved, be deemed to be such a certificate.