Article 15 Commutation of, and interest on, periodic payments of grant, etc.

In any case where, by virtue of any enactment, the Secretary of State has a power or duty to make to the Authority any annual or other periodic payments by way of contribution, grant or subsidy towards expenditure incurred or to be incurred by the Authority, the Secretary of State may determine to commute any such payments into a single payment or into such a number of payments (being less than would otherwise be payable) as he considers appropriate.

Paragraph (1) above applies whether the annual or other periodic payments began, or would otherwise begin, before, on or after the commencement of this order and applies notwithstanding anything in any enactment requiring the payments to be made over a period of twenty years or any other specified period.

A single or other payment falling to be made by virtue of paragraph (1) above is in this article referred to as a “commuted payment” and the calculation of the amount of any commuted payment shall be such as appears to the Secretary of State to be appropriate.

In any case where the amount of any annual or other periodic payment such as is mentioned in paragraph (1) above is, at the commencement of this order, calculated by reference to a rate of interest which varies from time to time, the Secretary of State may substitute a fixed rate of interest.