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1.—(1) This Order may be cited as the Merchant Shipping (Liability of Shipowners and Others) (Rate of Interest) Order 1999 and shall come into force on 1st September 1999.
(2) In this Order “the prescribed rate” means one per cent more than the base rate quoted from time to time by the Committee of London Clearing Bankers or, where there is for the time being more than one such rate, the lowest of them.
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