The Iraq (United Nations) (Sequestration of Assets) Order 1993

Compliance with Directions

18.—(1) A relevant institution or any other person to whom a direction has been given under article 15(2) or article 16(2) shall, within 7 days of the expiry of the period specified for compliance or of the date of compliance, if earlier, notify the Treasury and the Bank, or, as the case may be, the Secretary of State, in writing of having complied with the direction and shall provide the Treasury and the Bank or the Secretary of State with such evidence of compliance as they or he may require within 7 days of being required to provide it.

(2) Where a person has not complied with a direction under article 16(2) within the period specified for compliance, the Secretary of State may direct that person to deliverthe petroleum or petroleum products, to which the direction under article 16(2) related, to the Secretary of State at such time and in such manner as he may specify.

(3) On delivery to him of the petroleum or petroleum products pursuant to a direction under paragraph (2) the Secretary of State may sell it or them at such time and in such manner as he thinks fit and may remit the proceeds of sale to the escrow account.

(4) A relevant institution or other person to whom a direction has been given under article 15(2) or article 16(2) may deduct from the amount transferred to the escrow account such sum in respect of its or his costs in complying with the direction as the Treasury, or, as the case may be, the Secretary of State may before the date of the transfer certify as appropriate.