The Opencast Coal (Rate of Interest on Compensation) (No. 2) Order 1988

Made29th November 1988

Laid before Parliament2nd December 1988

Coming into force23rd December 1988

The Treasury, in exercise of the powers conferred upon them by sections 35(8) and 49(4) of the Opencast Coal Act 19581, and of all other powers enabling them in that behalf, hereby make the following Order:

1

This Order may be cited as the Opencast Coal (Rate of Interest on Compensation) (No. 2) Order 1988, and shall come into force on 23rd December 1988.

2

The rate of interest for the purposes of section 35 of the Opencast Coal Act 1958 shall be 11⅞ per cent. per annum.

3

The Opencast Coal (Rate of Interest on Compensation) Order 19882 is hereby revoked.

Kenneth Carlisle Tony DurantTwo of the Lords Commissioners of Her Majesty’s Treasury29th November 1988

(This note is not part of the Order)

Section 35 of the Opencast Coal Act 1958 provides that interest shall be payable in addition to compensation in certain circumstances. This Order increases the rate of interest from 9¼ per cent. to 11⅞ per cent. per annum and revokes the Opencast Coal (Rate of Interest on Compensation) Order 1988.