New South Wales Consolidated Acts

RETAIL LEASES ACT 1994 - SECT 16D

16D Deposit of existing security bonds with Secretary

(1) If a lessor under a lease or proposed lease to which this Act does not apply received a deposit or payment of money as a security bond and this Act subsequently becomes applicable to the lease (because of the operation of section 6A or for any other cause) this Part then applies to the security bond and the
"relevant day" is the day when this Act becomes applicable to the lease.

(2) The lessor, or the lessor's agent, must deposit with the Secretary within 3 months after the relevant day an amount of money equivalent to the current balance of the amount deposited or paid.

(3) The
"current balance" is the amount of money deposited or paid, together with any interest or similar payments, and less--

(a) any amount that--

(i) has been deducted by way of fees or charges by an authorised deposit-taking institution, or

(ii) has been refunded or become refundable, or

(iii) has become the property of the lessor, or

(iv) has become subject to prescribed proceedings, or

(v) is payable to the lessee by way of interest earned,

before or during the period referred to in subsection (2), or

(b) any amount of a kind prescribed by the regulations.

(4) The Secretary may, without affecting the obligation imposed on a lessor under subsection (2), refuse to accept any amount tendered for deposit under that subsection that is not accompanied by a notification in or to the effect of the approved form duly completed.

(5) If a security bond that is (pursuant to section 82) exempt from the operation of subsection (2), subsequently ceases to be exempt, section 16C applies to the bond as if it had been received when it ceased to be exempt, and this section ceases to apply to the bond.

(6) The Minister, by instrument in writing, may, generally or in any particular case or class of cases, extend the period prescribed by subsection (2).

(7) Subsection (2) has effect despite the terms of a lease, any rule of law or the provisions of any other Act.