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Article 4 Rate of interest

Original text. Later amendments are not shown.

(1)

Interest shall—

(a)

subject to paragraph (2), be applied at the same rate as is in force, during the period for which it is to be calculated, in relation to decrees in the county court; and

(b)

be calculated as simple interest which accrues from day-to-day.

(2)

Where the rate of interest applied under paragraph (1)(a) has varied during a period for which interest is to be calculated, the tribunal may, if it so desires in the interests of simplicity, apply such median or average of those rates as seems to it appropriate.