Sch THIRD para 5
An owner on whom a notice for the purposes of paragraph 1 of this Schedule is served may, by notice in writing served on the Minister at any time within the said three months, or, if he has claimed a reference under the last preceding paragraph, at any time within one month from the date on which his claim has been determined, elect to pay any sum recoverable from him under this Schedule, together with interest thereon from the date on which that amount would otherwise have become recoverable from him, by such number of equal annual instalments, not exceeding five, as may be specified in his notice: Provided that— (a) the first instalment shall be payable within one year from the last-mentioned date; and (b) the rate of interest shall, in default of agreement between the owner and the Minister, be fixed by the Treasury.