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Statutory Instruments
1990 No. 188
COAL INDUSTRY
The Opencast Coal (Rate of Interest on Compensation) Order 1990
Made
7th February 1990
Laid before Parliament
12th February 1990
Coming into force
5th March 1990
The Treasury, in exercise of the powers conferred upon them by sections 35(8) and 49(4) of the Opencast Coal Act 1958(1), 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) Order 1990 and shall come into force on 5th March 1990.
2. The rate of interest for the purposes of section 35 of the Opencast Coal Act 1958 shall be 155/16 per cent. per annum.
3. The Opencast Coal (Rate of Interest on Compensation) (No. 2) Order 1988(2) is hereby revoked.
Stephen Dorrell
John Taylor
Two of the Lords Commissioners of Her Majesty's Treasury
7th February 1990
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 11X per cent. to 155/16 per cent. per annum and revokes the Opencast Coal (Rate of Interest on Compensation) (No. 2) Order 1988.
S.I. 1988/2094.