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Amendment made: No. 18, in page 47, line 6, leave out subsection (3) and insert—
'(3) Where for the purposes of subsection (1)(a) above any sums have been deposited with a water undertaker by way of security for the discharge of any obligation, the undertaker shall pay interest at such rate as may be determined either—
- (a) by the undertaker with the approval of the Director; or
- (b) in default of a determination under paragraph (a) above, by the Director;
on every sum of 50p so deposited for every three months during which it remains in the hands of the undertaker; and an approval or determination by the Director for the purposes of this subsection may be given or made in relation to a particular case or description of cases or generally and may be revoked at any time.'.—[Mr. Howard.]