New South Wales Consolidated Acts

RETAIL LEASES ACT 1994 - SECT 16M

16M Payment out of amount equivalent to interest

(1) This section applies to amounts paid out by the Director-General under section 16H or 16I in respect of security bonds lodged with the Director-General.

(2) The total amount available to be paid out in respect of a security 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 security bond held by the Director-General, and

(b) compounded as prescribed by the regulations.

(3) For the purposes of subsection (2) (a), "minimum monthly balance" means the minimum balance during any complete named month during which money in respect of a security bond is held by the Director-General.

Note: Clause 23 of Schedule 3 provides that, until regulations are made for the purposes of section 16M (2), regulations are taken to include provisions referred to in that clause.