Public Trustee Amendment Regulation (No. 1) 2008 (Qld)

Queensland Public Trustee Amendment Regulation (No. 1) 2008 Subordinate Legislation 2008 No. 11 made under the PublicTrusteeAct1978 Contents Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Regulation amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 Replacement of s 4 (Interest payable on amounts in the common fund, Act s 19(1)(c)). . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 Interest payable on amounts in the common fund, Act s 19(1)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 5 Amendment of sch 1 (Interest payable on amounts in common fund) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Public Trustee Amendment Regulation (No. 1) 2008 [s 1] 1 Short title This regulation may be cited as the Public Trustee Amendment Regulation (No. 1) 2008 . 2 Commencement This regulation commences on 1 February 2008. 3 Regulation amended This regulation amends the Public Trustee Regulation 2001. 4 Replacement of s 4 (Interest payable on amounts in the common fund, Act s 19(1)(c)) Section 4— omit, insert— ‘4 Interest payable on amounts in the common fund, Act s 19(1)(c) ‘(1) The annual rate of interest payable under the Act, section 19(1)(c) to an estate having an amount held in the common fund is stated in schedule 1. ‘(2) However, in relation to any term deposit amount for an estate, the annual rate of interest payable under the Act, section 19(1)(c) to the estate in relation to the term deposit amount is— (a) if the term deposit amount is less than $500000—5.7%; or (b) if the term deposit amount is $500000 or more—6.2%. ‘(3) Also, if a term deposit amount is a class 2 amount and the rate agreed under schedule 1, item 2(a) or the rate allowed by order of a court is more than the rate mentioned in subsection (2) for the term deposit amount, the annual rate of interest payable under the Act, section 19(1)(c) to an estate in relation to the term deposit amount is the rate agreed or allowed. ‘(4) Interest payable to an estate at the annual rate mentioned in subsection (2) or (3) must be credited monthly to the estate. Page 2 2008 SL No. 11

Public Trustee Amendment Regulation (No. 1) 2008 [s 5] ‘(5) Interest payable under the Act, section 19(1)(c) is calculated on the daily balance of the amount held for the estate. ‘(6) In this section— term deposit amount , for an estate, means the part of the amount received by the public trustee for the estate and held in the common fund that the public trustee considers is not required at call or to meet short term or unforeseen liabilities of the estate.’. 5 Amendment of sch 1 (Interest payable on amounts in common fund) (1) Schedule 1, item 1(a) and (b), ‘3.65%’— omit, insert— ‘3.95%’. (2) Schedule 1, item 3, ‘3.65%’— omit, insert— ‘3.95%’. ENDNOTES 1 Made by the Governor in Council on 31 January 2008. 2 Notified in the gazette on 1 February 2008. 3 Laid before the Legislative Assembly on . . . 4 The administering agency is the Public Trust Office. © State of Queensland 2008 2008 SL No. 11 Page 3