Article 83 Interest on sums deposited in pursuance of the deposit conditionI1

(1)

Where for the purposes of paragraph (2)(a) of Article 82 any sums have been deposited with a water undertaker by way of security for the discharge of any obligation, the undertaker shall pay interest at such rate as may be determined either—

(a)

by the undertaker with the approval of the Authority; or

(b)

in default of a determination under sub-paragraph (a), by the Authority,

on every sum so deposited for every 3 months during which it remains in the hands of the undertaker.

(2)

An approval or determination by the Authority for the purposes of this Article—

(a)

may be given or made in relation to a particular case or description of cases or generally; and

(b)

may be revoked at any time.

Annotations

Commencement

I1: Art. 83 wholly in operation at 1.4.2007, see art. 1(2) and S.R. 2007/194, art. 2(2), Sch. 1 Pt. II (subject to art. 3, Sch. 2)