(1) A lessor may make a bond release application to the Territory—
(i) the lessor had given a tenant a bond release application form under section 34 (Bond release application—lessor's obligations); and
(ii) the tenant has not given the signed bond release application to the Territory or lessor within 10 days or any longer period prescribed by regulation; or
(b) if, despite taking reasonable steps to do so, the lessor has been unable to give a bond release application form to a tenant under section 34.
(2) On receiving a bond release application from the lessor, the Territory must—
(a) give written notice of the application (a notice of application ) to the tenant; and
(b) if the Territory does not receive a notice disputing the application from the tenant within 2 weeks after the day the tenant was given the notice of application—pay out of the trust account in accordance with the application the amount claimed as bond in the application.
(3) The amount paid out of the trust account must not exceed the amount of bond paid into the trust account in relation to the residential tenancy agreement.