Search Legislation

The Foreign Compensation (Romania) Order 1976

What Version

 Help about what version
  • Latest available (Revised)
  • Original (As made)

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format. The electronic version of this UK Statutory Instrument has been contributed by Westlaw and is taken from the printed publication. Read more

9.—(1) Where any amount which is material to the determination of an application made under Part IV of this Order or which is taken into account under the provisions of Article 17 of this Order is expressed in a unit of foreign currency, the value in sterling of that amount shall be determined—

(a)in the case of loss assessed under subparagraph (a), (b), (c), (d) or (f) of Article 14 or paragraph (1) of Article 15, at the rate of exchange obtaining on 15th February 1941;

(b)in the case of loss assessed under subparagraph (e) of Article 14, at the rate of exchange, subject to the provisions of paragraph (3) of this Article, obtaining on 15th September 1947 or at the date on which payment was initially due, whichever is the later;

(c)in the case of loss assessed under subparagraph (g) or (h) of Article 14, or in the case of an amount which is to be taken into account under the provisions of Article 17, at the rate of exchange, subject to the provisions of paragraph (3) of this Article, obtaining on 15th September 1947 or at the date of payment, whichever is the later.

(2) Where any amount which is material to the determination of an application made under Part V, Part VI or Part VII of this Order is expressed in a unit of foreign currency, the value in sterling of that amount shall be determined at the rate of exchange obtaining on 15th February 1941, except that—

(a)in the case of a debt or obligation expressed in a foreign currency where the sum is due or payable under a contract in which provision is made for a specified rate of exchange, the value in sterling of that sum shall be determined in accordance with the rate of exchange so specified;

(b)in the case of a debt or obligation expressed in foreign currency and created after 15th February 1941, the rate of exchange shall, subject to the provisions of subparagraph (a) of this paragraph and of paragraph (3) of this Article, be that prevailing on 15th September 1947.

(3) Where the amount of a claim expressed in Romanian lei relates to a debt or obligation which arose between 15th February 1941 and 14th August 1947, that amount shall first be converted into “stabilised” lei by applying the conversion factor of 20,000 lei = one “stabilised” leu.

(4) For the purposes of this Article the rate of exchange between the foreign currency and sterling on any of the said dates shall be deemed to be the middle rate for telegraphic transfers ruling in the London market on that date or, if there was no such rate, such rate as the Treasury may determine.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources