LegalizeThe Opencast Coal (Rate of Interest on Compensation) (No. 2) Order 1988
Made: 29th November 1988
Laid before Parliament: 2nd December 1988
Coming into force: 23rd December 1988
The Treasury, in exercise of the powers conferred upon them by sections 35(8) and 49(4) of the Opencast Coal Act 1958[^f00001], 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 1988[^f00002] is hereby revoked.
Signed
Kenneth Carlisle — Tony Durant — Two of the Lords Commissioners of Her Majesty’s Treasury — 29th November 1988
Explanatory note
(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.
Footnotes
[^f00001]: 1958 c. 69.
[^f00002]: S.I. 1988/890.
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