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Regulation 22 Contents of capital contribution order and payment

Original text. Later amendments are not shown.

(1)

A capital contribution order must state—

(a)

the amount payable under the order;

(b)

that the amount must be paid within 28 days of the order or within such other period as may be agreed by the Commission and the individual;

(c)

the remedies available to the Commission as a creditor if payment is not made by the due date;

(d)

that if a payment is not made by the due date compound interest at the rate of 6% a year with half-yearly rests may be added to that payment from that date;

(e)

the individual’s right under regulation 29.

(2)

Payments under a capital contribution order must be made to the Commission.