Landlord and Tenant (Rental Bonds) Amendment Act 1989 (NSW)

LANDLORD AND TENANT (RENTAL BONDS) AMENDMENT

ACT 1989 No. 161

NEW SOUTH WALES

TABLE OF PROVISIONS

1. Short title

1      Commencement

3. Amendment of Landlord and Tenant (Rental Bonds) Act 1977 No. 44

SCHEDULE 1 - AMENDMENTS

LANDLORD AND TENANT (RENTAL BONDS) AMENDMENT

ACT 1989 No. 161

NEW SOUTH WALES

Act No. 161, 1989

An Act to amend the Landlord and Tenant (Rental Bonds) Act 1977 so as to provide for the payment on rental bonds of an amount

equivalent to interest [Assented to 12 December 1989]

Landlord and Tenant (Rental Bonds) Amendment 1989

The Legislature of New South Wales enacts:

Short title

1. This Act may be cited as the Landlord and Tenant (Rental Bonds)

Amendment Act 1989.

Commencement

2. This Act commences (or, as the case requires, is to be taken to

have commenced) on 1 January 1990.

Amendment of Landlord and Tenant (Rental Bonds) Act 1977 No. 44

3. The Landlord and Tenant (Rental Bonds) Act 1977 is amended

as set out in Schedule 1.

SCHEDULE 1 - AMENDMENTS

(Sec. 3)

(1) Section 10 (Provisions in leases relating to rental bonds):

After section 10 (1), insert

(1A) This section does not prevent the payment under section 11 of an amount equivalent to interest as referred to in section 11 A.

(2) Section 11 A:

After section 11, insert

Payment out of amount equivalent to interest

11A (1) This section applies to amounts paid out by the

Board under section 11 on or after 1 January 1990 in

or after that date.	respect of rental bonds lodged with the Board before, on
(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

Act No. 161

Landlord and Tenant (Rental Bonds) Amendment 1989

SCHEDULE 1 - AMENDMENTS - continued

(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.

(3) Section 20 (Rental Bond Interest Account):
After section 20 (2C) insert

(2D) There may be paid from the Rental Bond Interest Account all amounts payable because of the operation of section 11A

[Minister's second reading speech made in -

Legislative Assembly on 21 November 1989

Legislative Council on 6 December 1989]