Hong Kong Ordinances

RAILWAYS ORDINANCE - SECT 38

Interest

(Past version on 11/07/1997).

For the validation of interest payments and application provisions relating to
the amendments made by 6 of 2001, see section 13 of 6 of 2001.

(1) The Lands Tribunal may direct that interest be paid on compensation (but
not on costs)- (Amended 6 of 2001 s. 12)

   (a)  for compensation payable under item 1 in Part II of the Schedule, as
        if the claim were made under the Lands Resumption Ordinance ( Cap 124)
        for land resumed under that Ordinance; and (Amended 29 of 1998 s. 101)

   (b)  in any other case, from the date and for the period it thinks fit and,
        subject to subsection (2), at such rate as it may fix. (Amended 6 of
        2001 s. 12)

(2) The rate of interest fixed under subsection (1)(b)-

   (a)  in respect of a working day must not be lower than the lowest of the
        interest rates paid on deposits at 24 hours' call by note-issuing 
        banks at the close of business on that day; and

   (b)  in respect of a non-working day must not be lower than the lowest of
        the interest rates paid on deposits at 24 hours' call by
        note-issuing banks at the close of business on the last working day
        before that day. (Added 6 of 2001 s. 12)

(3) In this section-

"non-working day" (非工作日) means a day that is not a working day;

"note-issuing bank" (發鈔銀行) has the meaning assigned to it by section 2
of the Legal Tender Notes Issue Ordinance ( Cap 65);

"working day" (工作日) means any day other than-

   (a)  a public holiday; or

   (b)  a gale warning day or black rainstorm warning day as defined in
        section 71(2) of the Interpretation and General Clauses Ordinance (
        Cap  1). (Added 6 of 2001 s. 12)

"non-working day" (非工作日)

"note-issuing bank" (發鈔銀行)

"working day" (工作日)