RETAIL LEASES ACT 1994 - SECT 16C Deposit of security bonds with Secretary

RETAIL LEASES ACT 1994 - SECT 16C

16C Deposit of security bonds with Secretary

(1) This section applies where a lessor receives a security bond for a lease or a proposed lease on or after the commencement of this section.

(2) The lessor must deposit with the Secretary an amount of money equivalent to the amount of the security bond not later than 20 business days (or, where some other period is prescribed for the purposes of this subsection, that other period) after--

(a) the date of receipt of the security bond, or

(b) the date on which the lease became, or the proposed lease becomes, binding on the parties,

whichever is the later.

(3) If a lessor's agent receives on behalf of the lessor a security bond for a lease or proposed lease, subsection (2) extends to require the agent to deposit with the Secretary an amount of money equivalent to the amount of that security bond and so extends as if a reference in that subsection to a lessor were a reference to the agent.

(4) The Secretary may, without affecting the obligation imposed on a lessor or lessor's agent under this section, refuse to accept any amount tendered for deposit under subsection (2) that is not accompanied by a notification in or to the effect of the approved form duly completed.

(5) If a security bond that is (pursuant to section 82) exempt from the operation of subsection (2) subsequently ceases to be exempt, this section applies to the bond as if it had been received when it ceased to be exempt.

(6) The Secretary, by instrument in writing, may, in any particular case or class of cases, extend the period prescribed by or under subsection (2).

(7) Subsection (2) has effect despite the terms of a lease, any rule of law or the provisions of any other Act.