Water Industry Act 1991

48 Interest on sums deposited in pursuance of the deposit condition. E+W

[F1 (1) Where for the purposes of subsection (2)(a) of section 47 above any sums have been deposited with a water undertaker by way of security for the discharge of any obligation, the undertaker shall pay interest at such rate as may be determined either—

(a) by the undertaker with the approval of [F2 the Authority]; or

(b) in default of a determination under paragraph (a) above, by [F2 the Authority],

on every sum of 50p so deposited for every three months during which it remains in the hands of the undertaker.

(2) An approval or determination by [F2 the Authority] for the purposes of this section—

(a) may be given or made in relation to a particular case or description of cases or generally; and

(b) may be revoked at any time.]

Textual Amendments

F1 S. 48 repealed (1.4.2018 for specified purposes) by Water Act 2014 (c. 21), s. 94(3), Sch. 7 para. 57; S.I. 2017/462, art. 5(e)(ii) (with art. 14) (as amended by S.I. 2017/926, art. 2(3))

F2 Words in Act substituted (1.4.2006) by virtue of Water Act 2003 (c. 37), ss. 36(2), 105(3); S.I. 2005/2714, art. 4(c)