CAP. 130]
Land Acquisition (Possessory Title)
[1989 Ed.
is made, calculated having regard to the lowest rate payable from time to time by members of The Hong Kong Association of Banks on time deposits. (Amended 64 of 1985 s. 2)
(2) Any payment made by the Director under subsection (1) in respect of any acquisition of land shall be without prejudice to the claim for compensation under this Ordinance or the submission under this Ordinance of the matter to the Lands Tribunal for determination of the amount of compensation (if any) to be paid, or the determination thereof by it under this Ordinance; but the amount of compensation payable by virtue of such determination in respect of the acquisition shall be reduced by the amount of such payment. (Amended 64 of 1985 s. 2)
(3) Where the amount of compensation payable by virtue of a determination of the Lands Tribunal under this Ordinance in respect of any acquisition of land is reduced under subsection (2) by the amount of any payment made under subsection (1), such compensation shall not as from the date on which the payment is made bear interest except on the amount thereof as so reduced. (Replaced 64 of 1985 s. 2)
(4) Where the amount of any payment made by the Director under subsection (1) in respect of any acquisition of land exceeds the amount of the compensation payable by virtue of a determination by the Lands Tribunal under this Ordinance in respect of such acquisition, the amount of the excess shall be recoverable by the Director as a civil debt. (Amended 64 of 1985 s. 2)
10. Payment of compensation and interest
(1) All sums of money agreed or determined as compensation (together with interest thereon as hereinafter mentioned), and all costs and remuneration awarded against the Crown, shall be paid out of the general revenue.
(2) At any time after agreement or determination by the Lands Tribunal of the amount of compensation payable under this Ordinance, the Director may by notice published in the Gazette require the person entitled to the compensation to collect it within the time and at the place specified in the notice.
(3) Subject to section 9(3), any sum of money payable as compensation by virtue of an agreement or determination of the Lands Tribunal under this Ordinance shall bear interest from the date of vesting until the expiration of the time specified in the notice published under subsection (2). No interest shall be payable on any costs or remuneration.
(4) The rate of interest for the purposes of subsection (3) shall be such rate as the Lands Tribunal may fix having regard to the lowest rate payable from time to time by members of The Hong Kong Association of Banks on time deposits.
00
CAP. 130]
Land Acquisition (Possessory Title)
[1989 Ed.
is made, calculated having regard to the lowest rate payable from time to time by members of The Hong Kong Association of Banks on time deposits. (Amended 64 of 1985 s. 2)
(2) Any payment made by the Director under subsection (1) in respect of any acquisition of land shall be without prejudice to the claim for compensation under this Ordinance or the submission under this Ordinance of the matter to the Lands Tribunal for determination of the amount of compensation (if any) to be paid, or the determination thereof by it under this Ordinance; but the amount of compensation payable by virtue of such determination in respect of the acquisition shall be reduced by the amount of such payment. (Amended 64
of 1985 s. 2)
(3) Where the amount of compensation payable by virtue of a de- termination of the Lands Tribunal under this Ordinance in respect of any acquisition of land is reduced under subsection (2) by the amount of any payment made under subsection (1), such compensation shall not as from the date on which the payment is made bear interest except on the amount thereof as so reduced. (Replaced 64 of 1985 s. 2)
(4) Where the amount of any payment made by the Director under subsection (1) in respect of any acquisition of land exceeds the amount of the compensation payable by virtue of a determination by the Lands Tribunal under this Ordinance in respect of such acquisition, the amount of the excess shall be recoverable by the Director as a civil debt. (Amended 64 of 1985 s. 2)
10. Payment of compensation and interest
(1) All sums of money agreed or determined as compensation (together with interest thereon as hereinafter mentioned), and all costs and remuneration awarded against the Crown, shall be paid out of the general revenue.
(2) At any time after agreement or determination by the Lands Tribunal of the amount of compensation payable under this Ordinance, the Director may by notice published in the Gazette require the person entitled to the compensation to collect it within the time and at the place specified in the notice.
(3) Subject to section 9(3), any sum of money payable as compensation by virtue of an agreement or determination of the Lands Tribunal under this Ordinance shall bear interest from the date of vesting until the expiration of the time specified in the notice published under subsection (2). No interest shall be payable on any costs or remuneration.
(4) The rate of interest for the purposes of subsection (3) shall be such rate as the Lands Tribunal may fix having regard to the lowest rate payable from time to time by members of The Hong Kong Association of Banks on time deposits.
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