Public Trustee Amendment Regulation (No 3) 1991 (Qld)

A Queensland Subordinate Legislation 1991 No. 176 Public Trustee Act 1978 PUBLIC TRUSTEE AMENDMENT REGULATION (No. 3) 1991 TABLE OF PROVISIONS Section Page S1hort title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 C2 ommencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 A3 mended regulations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 N4 ame of provision units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 5References to a provision of the Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 6Replacement of s.1 (Short title) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 7Omission of ss.3 and 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3R8 eplacement of s.9 (Interest payable on moneys in Common Fund) . . . . . . . . . . 3 9 Interest payable on moneys in the Common Fund . . . . . . . . . . . . . . 3 Short title 1. This regulation may be cited as the Public Trustee Amendment Regulation (No. 3) 1991 . Commencement 2. This regulation commences on 1 January 1992.

2 Public Trustee Amendment Regulation (No. 3) 1991 Amended regulations 3. The Public Trustee Regulations 1989 are amended as set out in this regulation. Name of provision units 4.(1) A provision of the Public Trustee Regulations 1989 that was, immediately before the commencement of this section, called a regulation may be called a section. (2) A provision of the Public Trustee Regulations 1989 that was, immediately before the commencement of this section, called a subregulation may be called a subsection. (3) A reference in the Public Trustee Regulations 1989 to a regulation or subregulation of the Regulations designated by a number is a reference to a section or subsection of the Regulations designated by that number. References to a provision of the Act 5. If— (a) there is a reference in the Public Trustee Regulations 1989 to a provision of the Public Trustee Act 1978 ; and (b) the words ‘of the Act’, or words of similar effect, do not appear at the end of the reference; the Public Trustee Regulations 1989 are amended by inserting the words ‘of the Act’ at the end of the reference. Replacement of s.1 (Short title) 6. Section 1— omit , insert — ‘ Short title ‘1. This regulation may be cited as the Public Trustee Regulation 1989 . ’.

3 Public Trustee Amendment Regulation (No. 3) 1991 Omission of ss.3 and 4 7. Sections 3 and 4— omit . Replacement of s.9 (Interest payable on moneys in Common Fund) 8. Section 9— omit , insert — ‘Interest payable on moneys in the Common Fund ‘9.(1) For the purposes of section 19(1)(c) of the Act, the annual rate of interest payable to the respective estates on moneys that form part of the Common Fund is— (a) in the case of Class 1 moneys that are— (i) held for minors or persons under disability—9.5%; or (ii) held for beneficiaries not entitled to payment at call (other than minors or persons under disability)—9.5%; or (iii) payable in the ordinary course of administration or at call— (A) on the first $2 000—4.5%; and (B) on the balance—6.5%; and (b) in the case of Class 2 moneys— (i) a rate, being a rate not more than 9.5%, agreed on by the Public Trustee and the person paying the moneys to the Public Trustee; or (ii) a rate, being a rate not more than 9.5%, allowed by Court order; or (iii) if no rate has been agreed on or allowed by Court order—a rate fixed by the Public Trustee who must have regard to the amount and the period and the purpose for which the moneys are held; and (c) in the case of Class 3 moneys— (i) on the first $4 000—4.5%; and (ii) on the balance—9.5%; and (d) in the case of Class 4 moneys—

4 Public Trustee Amendment Regulation (No. 3) 1991 (i) on the first $2 000—4.5%; and (ii) on the balance—6.5%. ‘(2) Interest payable on moneys under subsection (1) is to be calculated on the minimum monthly balance of the moneys held in the respective estates. ‘(3) Despite subsection (2), the Public Trustee may direct that interest is to be calculated in another way that will increase the amount of interest payable to an estate. ‘(4) In this section— “Class 1 moneys” means moneys received by the Public Trustee under Part 3 of the Act (other than moneys received by the Public Trustee in the capacity of attorney, agent, receiver, receiver and manager or liquidator) or section 59 of the Act; “Class 2 moneys” means moneys received by the Public Trustee in the capacity of attorney, agent, receiver or receiver and manager; “Class 3 moneys” means moneys received by the Public Trustee that belongs to estates held or administered under Part 6 or 7 of the Act; “Class 4 moneys” means other moneys received by the Public Trustee under the Act or any other Act. ’. ENDNOTES 1. Made by the Governor in Council on 12 December 1991. 2. Published in the Gazette on 14 December 1991. 3. Laid before the Legislative Assembly on . . . 4. The administering agency is the Department of Justice. The State of Queensland 1991