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The Merchant Shipping (Liability of Shipowners and Others) (New Rate of Interest) Order 2003
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Citation, commencement and interpretation
1.—(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.
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