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Coal Industry Nationalisation (Interim Income) (Rates of Interest) Order, 1950

As Enacted Cited authorities 3 Cited in Related
Vincent
JurisdictionUK Non-devolved
CitationSI 1950/967

1950 No. 967

The Coal Industry Nationalisation (Interim Income) (Rates of Interest) Order, 1950

12thJune 1950

Whereas it is provided by paragraph (a) of subsection (2) of section 22 of the Coal Industry Nationalisation Act, 1946(a), that the right to interim income conferred by subsection (2) of section 19 of the said Act shall be satisfied, so far as regards income for the period between the primary vesting date and the time when any amount of compensation in respect of a transfer of transferred interests or of an overhead expenses increase is satisfied (which period is hereinafter called "the said period"), by making a money payment of an amount equal to interest for the said period on that amount of compensation at such rates or rates as may be prescribed as respects the said period or different parts thereof by order of the Treasury:

Now therefore, the Treasury, in pursuance of the said paragraph (a) and of all other powers enabling them in that behalf, hereby make the following Order:—

1. The rates for the purposes of the said paragraph shall be

(a) for such part of the said period as elapsed between the 1st January, 1949, and the 30th June, 1949: 3 per cent. per annum;

(b) for such part of the said period as elapsed between the 1st July, 1949, and the 30th June, 1950: 3½ per cent. per annum.

2.—(i) This Order may be cited as...

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