Constitution of limitations fund

(1) Any person alleged to be liable and seeking to limit his liability under this Part may constitute a fund by depositing with the Court an amount at least equivalent to the limit provided for in sections 82 or 87 of this Act as appropriate, or by producing a guarantee acceptable to the Court, together with interest thereon from the date of the occurrence giving rise to the liability until the date of the constitution of the fund, and the fund so constituted shall be available only for the payment of claims in respect of which the limitation of liability can be invoked. (2) A fund constituted by one of the persons mentioned in section 89(1) (a) or section 89(1)(b) or his insurer; or by a person or his insurer in respect of section 89(2) of this Act shall be deemed to have been constituted by all persons mentioned in sections 89(1)(a) and 89(1)(b) or all persons in respect of section 89(2) of this Act, as the case may be. (3) The Court may determine the rate of interest to be applied for the purposes of subsection (1) of this section. (4) Where a fund is deposited with the Court in accordance with this section for the payment of claims arising out of any occurrence, the Court may stay any proceedings relating to any claim arising out of that occurrence which are pending against the person by whom the fund has been constituted. fund.