Contribution payable by persons to Fund

Infrastructure2025327 sections

Chapter V INTERNATIONAL OIL POLLUTION COMPENSATION FUND

Statutory text

(1) The contributions payable to the Fund by a person for any year shall be, --
- (a) such amount as may be determined under Article 12 of the Fund Convention;
- (b) in such instalments, becoming due at such dates, as may be notified under the Fund Convention and any amount due shall be payable along with interest at a rate determined under Article 13 of the Fund Convention.
(2) The Central Government may require persons who are or may be liable to pay contributions to the Fund under this Chapter to give financial security for payment of contributions to the Central Government or the Fund.

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