1993—No. 350 (NSW)

1993—No. 350

LANDLORD AND TENANT (RENTAL BONDS) ACT 1977—

REGULATION

(Relating to the payment of interest on rental bonds)

NEW SOUTH WALES

[Published in Gazette No. 84 of 30 July 1993]

HIS Excellency the Governor, with the advice of the Executive Council,

and in pursuance of the Landlord and Tenant (Rental Bonds) Act 1977,

has been pleased to make the Regulation set forth hereunder.

ROBERT WEBSTER, M.L.C.,

Minister for Housing.

The Landlord and Tenant (Rental Bonds) Regulation 1977 is amended

by inserting after clause 6B the following clause:

Interest payable on rental bonds (Sec. 11A)

6C. For the purposes of section 11A (2) of the Act:

(a)	the prescribed rate at which interest is payable on a rental bond is the rate payable by the State Bank of New South Wales (as at the last day of the month for which the, interest is being calculated) on an on-call deposit of $1,000; and
(b)	the interest payable on a rental bond is to be compounded on 30 June and 31 December in each year.

1993—No. 350

EXPLANATORY NOTE

The object of this Regulation is to prescribe, for the purposes of section 11A of

the Landlord and Tenant (Rental Bonds) Act 1977:

(a) the rate at which interest is payable; and

(b) the period over which interest is to be compounded,

on a rental bond that has been lodged with the Rental Bond Board.

This Regulation is made under the Landlord and Tenant (Rental Bonds) Act
1977, including section 34 (the general regulation making power) and section 11A.