The Merchant Shipping (Liability of Shipowners and Others) (New Rate of Interest) Order 2003

• Citation: S.I. 2003/3135
• Sections: 2

Section 1 Citation, commencement and interpretation

(1) This Order may be cited as the Merchant Shipping (Liability of Shipowners and Others) (New Rate of Interest) Order 2003 and shall come into force on 31st December 2003.

(2) In this Order “the prescribed rate” means one per cent more than the base rate quoted from time to time by the Bank of England or the rate set by any body which may supersede it and where there is more than one such rate, the lowest of them.

Section 2 Rate of interest

The rate of interest for the purposes of article 11(1) of the Convention on Limitation of Liability for Maritime Claims 1976 shall be the prescribed rate—

(a) where the occurrence takes place before 31st December 2003, but the fund is constituted on or after that date; and

(b) where the occurrence takes place on or after 31st December 2003.