Victorian Current Acts

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Additional amounts

    (1)     The Minister may from time to time make a declaration under this section providing for the payment of an amount or amounts in respect of bonds.

    (2)     Before making a declaration under this section, the Minister must obtain a report of an actuary on the Residential Tenancies Fund.

    (3)     The Minister must not make a declaration under this section except in accordance with the recommendations contained in a report under subsection (2).

    (4)     A declaration made under this section—

        (a)     must be made by a notice published in the Government Gazette; and

        (b)     may provide for the payment of amounts in respect of bonds of a specified class or classes calculated at a specified rate and in respect of a specified period.

    (5)     If a declaration has been made under this section, then the amount or amounts determined from time to time in accordance with that declaration in respect of a bond must be added to the bond when it is paid out under Division 3.

    (6)     An amount or amounts to be added to a bond pursuant to subsection (5) must be retained in the Residential Bonds Investment Income Account until paid out under Division 3.

Pt 10A (Heading and ss 439A439M) inserted by No. 67/2010 s. 90.

Part 10A—Residential tenancy databases

S. 439A inserted by No. 67/2010 s. 90.

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