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Part VSupplemental

General

52Interpretation etc

(1)In this Act, unless the context otherwise requires—

(2)References in this Act, in relation to any damage, to a notice affecting the required remedial action in respect of the damage are references to—

(a)any notice of proposed remedial action with respect to that damage; and

(b)any notice with respect to a decision by the Corporation to make or revoke an election to take in respect of that damage any remedial action other than that indicated in any such notice as is mentioned in paragraph (a) above.

(3)References in this Act, in relation to any interest payable by the Corporation, to the applicable rate are references to such rate as may from time to time be prescribed by order made by the Secretary of State; and an order under this subsection—

(a)may apply different rates in relation to different periods;

(b)may include provision for a nil rate to apply in relation to any period; and

(c)may fix any rate by specifying it or by applying any rate for the time being applicable for any other purpose (whether statutory or otherwise).