- Statutory Instrument 1999 No. 1922
The Merchant Shipping (Liability of Shipowners and Others) (Rate Of Interest) Order 1999
© Crown Copyright 1999
Statutory Instruments printed from this website are printed under the superintendence and authority of the Controller of HMSO being the Queen's Printer of Acts of Parliament.
The legislation contained on this web site is subject to Crown Copyright protection. It may be reproduced free of charge provided that it is reproduced accurately and that the source and copyright status of the material is made evident to users.
It should be noted that the right to reproduce the text of Statutory Instruments does not extend to the Queen's Printer imprints which should be removed from any copies of the Statutory Instrument which are issued or made available to the public. This includes reproduction of the Statutory Instrument on the Internet and on intranet sites. The Royal Arms may be reproduced only where they are an integral part of the original document.
The text of this Internet version of the Statutory Instrument which is published by the Queen's Printer of Acts of Parliament has been prepared to reflect the text as it was Made. A print version is also available and is published by The Stationery Office Limited as the The Merchant Shipping (Liability of Shipowners and Others) (Rate Of Interest) Order 1999 , ISBN 0 11 082901 8. The print version may be purchased by clicking here. Braille copies of this Statutory Instrument can also be purchased at the same price as the print edition by contacting TSO Customer Services on 0870 600 5522 or e-mail:customer.services@tso.co.uk.
Further information about the publication of legislation on this website can be found by referring to the Frequently Asked Questions.
To ensure fast access over slow connections, large documents have been segmented into "chunks". Where you see a "continue" button at the bottom of the page of text, this indicates that there is another chunk of text available.
| Made | 6th July 1999 | ||
| Laid before Parliament | 13th July 1999 | ||
| Coming into force | 1st September 1999 |
The Secretary of State for the Environment, Transport and the Regions, in exercise of the powers conferred by paragraph 8(1) of Part II of Schedule 7 to the Merchant Shipping Act 1995[1] and of all other powers enabling him in that behalf, with the concurrence of the Treasury, hereby makes the following Order:-
Citation, commencement and interpretation
1. - (1) This Order may be cited as the Merchant Shipping (Liability of Shipowners and Others) (Rate of Interest) Order 1999 and shall come into force on 1st September 1999.
(2) In this Order "the prescribed rate" means one per cent more than the base rate quoted from time to time by the Committee of London Clearing Bankers or, where there is for the time being more than one such rate, the lowest of them.
Revocation
2. The Merchant Shipping (Liability of Shipowners and Others) (Rate of Interest) Order 1998[2] is hereby revoked.
Rate of Interest
3. The rate of interest for the purposes of article 11(1) of the Convention of Limitation of Liability for Maritime Claims 1976[3] shall be:-
-
(a) where the occurrence takes place before 1st September 1999 but the fund is constituted on or after that date:
-
(i) 12 per cent from the date of the occurrence until 31st December 1994,
(ii) 6.75 per cent on and after 1st January 1995 until 31st August 1998,
(iii) 8.5 per cent on and after 1st September 1998 until 31st August 1999, and
(iv) the prescribed rate on and after 1st September 1999, or
(b) where the occurrence takes place on or after 1st September 1999, the prescribed rate.
Signed by authority of the Secretary of State for the Environment, Transport and the Regions
Glenda Jackson
Parliamentary Under-Secretary of State, Department of the Environment, Transport and the Regions
30th June 1999
We concur with the making of this Order,
Jim Dowd
Jane Kennedy
Two of the Lords Commissioners of Her Majesty's Treasury
6th July 1999
(This note is not part of the Order)
This Order revokes and replaces the Merchant Shipping (Liability of Shipowners and Others) (Rate of Interest) Order 1998.
The Order provides that the rate of interest to be included in the limitation fund constituted by a person seeking to limit his liability by virtue of the Convention on Limitation of Liability for Maritime Claims 1976 shall from 1st September 1999 be calculated by reference to a formula.
Notes:
[1] 1995 c. 21.back
[3] Set out in Part I of Schedule 7 to the Merchant Shipping Act 1995.back
ISBN 0 11 082901 8