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Regulation 5 Amendment of regulation 13

Original text. Later amendments are not shown.

 In regulation 13—

(a)

in paragraph (3)—

(i)

for “a rate of 1% above base rate” substitute “the applicable rate”;

(ii)

for “three-monthly” substitute “yearly”;

(b)

in paragraph (6), at the appropriate place insert—

  • ““applicable rate” means whichever is the higher of—

    1. (a)

      1%; and

    2. (b)

      1% above base rate;”.