The Merchant Shipping (Sterling Equivalents)(Merchant Shipping Act 1974) Order 1989

• Citation: S.I. 1989/1882
• Sections: 2

Section 1 Citation, commencement and revocation

(1) This Order may be cited as the Merchant Shipping (Sterling Equivalents) (Merchant Shipping Act 1974) Order 1989 and shall come into force on 10th November 1989.

(2) The Merchant Shipping (Sterling Equivalents)(Various Enactments) Order 1986 and the Merchant Shipping (Sterling Equivalents)(Various Enactments) (Amendment) Order 1986 are hereby revoked.

Section 2 Merchant Shipping Act 1974

(1) For the purposes of Part I of the Merchant Shipping Act 1974–

(a) £42,276,718 is hereby specified as the amount which shall be taken as equivalent to 900 million gold francs, being the number of francs substituted by a decision of the Assembly of the Fund made on 23rd October 1986 for the 450 million francs specified in Article 4.4 of the Fund Convention as set out in Schedule 1 to that Act;

(b) £79, £105, £6,566,221 and £11,031,234 are hereby specified as the amounts which shall be taken as equivalents to 1,500 gold francs, 2,000 gold francs, 125 million gold francs and 210 million gold francs respectively, being the amounts specified in section 5(1) of that Act (which gives effect to Article 5.1 of the Fund Convention).

(2) In paragraph (1) of this Article “the Fund Convention” has the same meaning as in section 1(1)(b) of the Merchant Shipping Act 1974.