New South Wales Consolidated Acts

LANDLORD AND TENANT (RENTAL BONDS) ACT 1977 - SECT 11A

11A Payment out of amount equivalent to interest

(1) This section applies to amounts paid out by the Board under section 11 on or after 1 January 1990 in respect of rental bonds lodged with the Board before, on or after that date.

(2) The total amount available to be paid out in respect of a rental bond is to include an amount equivalent to interest at the rate prescribed by the regulations for the time being:

(a) calculated on the minimum monthly balances from time to time of the rental bond held by the Board, and

(b) compounded as prescribed by the regulations.

(3) In subsection (2), "minimum monthly balance" means the minimum balance during January 1990 or any later, complete named month during which money in respect of a rental bond is held by the Board.