The Education (London Residuary Body) (Suspense Account Properties) Order 1997

Time for payment

3.—(1) Subject to paragraph (2) below, a sum payable by a council or body listed in column (1) of Schedule 2 to this Order in respect of the liabilities incurred by the LRB on the repair and maintenance of the property listed in column (2) of that Schedule shall be paid within 28 days after the coming into force of this Order and if it is not so paid, whether pursuant to regulation 2(1) above or pursuant to a pre-existing obligation, interest shall be payable thereon at the annual rate of 1% above the base rate from time to time of National Westminster Bank plc. such interest to be calculated on a daily basis beginning on the day 28 days after the coming into force of this Order and ending on the day of payment, compounded every three months.

(2) The sum payable by the Hackney Community College Further Education Corporation shall be paid on or before 30th September 1997 or 28 days after the disposal of the property known as the Hackney Sixth Form Centre, Cassland Road, E9, whichever is the earlier, and if it is not so paid, whether pursuant to regulation 2(1) above or pursuant to a pre-existing obligation, interest shall be payable in accordance with paragraph (1) above beginning on 30th September or on the day 28 days after the disposal of the said property, whichever is the earlier.