53Moneys payable to and by the Board and interest thereon

53 Moneys payable to and by the Board and interest thereon

53 Moneys payable to and by the Board and interest thereon

(1) Where, pursuant to this Act, any moneys are payable to the Board, payment of the moneys becomes overdue—

(a) if it is not made within the period prescribed for payment of the moneys,

(b) if a time for payment of the moneys is prescribed otherwise than by reference to a specified period—if it is not made within fourteen days after that time, or

(c) in any other case—if it is not made within fourteen days after service by the Board on the person obliged to pay the moneys of a requisition for payment of the moneys.

(2) Interest is payable to the Board on moneys overdue for payment and is so payable on and from the day on which payment of the moneys becomes overdue to the day on which payment of the moneys is made, but the Board may, in special circumstances and in a particular case, waive payment of any such interest or part thereof.

(3) Moneys payable to the Board that are overdue for payment, and interest thereon as provided by this section, are recoverable by the Board in a court of competent jurisdiction as a debt.

(4) Where interest is payable to the Board pursuant to this section or payable to or by the Board or from the Fund under any other provision of this Act, the interest shall be compounded at the end of each financial year during the period for which it is so payable, and at the end of that period, and shall be calculated at the prescribed rate.

(5) Where interest is payable from the Fund on amounts paid to the Fund at different times during a financial year, the interest on those amounts shall, subject to this section, be calculated in a manner determined by the Board.

(6) For the purposes of subsection (4), the prescribed rate of interest is—

(a) in the case of interest payable pursuant to—

(i) paragraph (b) of the definition of initial credit benefit in section 3 (1),

(ii) section 13 (c),

(iii) section 23 (2) (b) and section 23 (2) (c),

(iv) section 26 (1) (b) (iii) and section 26 (5) (b),