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NEW ZEALAND GAZETTE

No. 173

(iii) otherwise than at call (not being a special deposit).

(2) Expressions defined in the Act have the same meaning in this notice as they do in the Act.

3. Rates of Common Fund interest—(1) The rate of Common Fund interest payable on a deposit (other than an investment deposit repayable at the end of a fixed term) shall be that specified in Schedule 1 for the appropriate type of deposit.

(2) The rate of Common Fund interest payable on an investment deposit repayable at the end of a fixed term shall be that specified in Schedule 2 for the appropriate term and dollar range.

(3) Despite subparagraph (1), the rate of Common Fund interest payable on a deposit made pursuant to an enactment shall be the rate (if any) specified in the enactment.

(4) Despite subparagraph (1), in particular cases or classes of case, Public Trust and the depositor may agree on a rate of interest payable on a special deposit that is different from the rate specified in Schedule 1 and the agreed rate then applies.

4. Revocation of notice and transitional provisions—(1) The Public Trust Common Fund Interest Rates Notice 4 December 2003 is revoked.

(2) The rates of interest specified in Schedule 1 to this notice do not apply to any period that ends with 17 December 2003 but otherwise operate as from 18 December 2003.

(3) The rates of interest specified in Schedule 2 to this notice:

(i) do not apply to investment deposits repayable at the end of a fixed term that commenced prior to 18 December 2003; but

(ii) do apply to investment deposits repayable at the end of a fixed term that commenced on or after 18 December 2003.

Schedule 1

Rate of interest payable on a deposit (other than an investment deposit repayable at the end of a fixed term)

Type of Deposit % interest rate p.a.
Agency deposit 3.25
Call deposit 1.75
Investment deposit at call 3.25
Special deposit 5.55
Trust deposit 3.00

Schedule 2

Rate of interest payable on an investment deposit repayable at the end of a fixed term

Term and Dollar Range of the Deposit % interest rate p.a.
Fixed term of 3 months
For the range $5,000 to $9,999 inclusive 4.30
For the range $10,000 to $49,999 inclusive 4.80
For the range $50,000 to $249,999 inclusive 4.85
For the range above $250,000 4.90
Fixed term of 6 months
For the range $5,000 to $9,999 inclusive 4.50
For the range $10,000 to $49,999 inclusive 4.90
For the range $50,000 to $249,999 inclusive 5.15
For the range above $250,000 5.20
Fixed term of 9 months
For the range $5,000 to $9,999 inclusive 4.70
For the range $10,000 to $49,999 inclusive 5.15
For the range $50,000 to $249,999 inclusive 5.20
For the range above $250,000 5.30
Fixed term of 12 months
For the range $5,000 to $9,999 inclusive 4.80
For the range $10,000 to $49,999 inclusive 5.30
For the range $50,000 to $249,999 inclusive 5.40
For the range above $250,000 5.45

Dated at Wellington this 16th day of December 2003.

PAT WAITE, Chief Executive, Public Trust.

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Social Development

Social Security Act 1964

Training Incentive Allowance Amendment (No. 3) 2003

Pursuant to section 124 (1) (d) of the Social Security Act 1964, the Minister for Social Development and Employment establishes and approves the following amendment to the Training Incentive Allowance Programme (as established and approved on 30 November 1998).

Dated at Wellington this 8th day of December 2003.

STEVE MAHAREY, Minister for Social Development and Employment.

———

Amendment

1. Title—(1) This amendment is the Training Incentive Allowance Amendment (No. 3) 2003.

(2) In this amendment, the Training Incentive Allowance Programme is called “the programme”.

2. Commencement—This amendment comes into effect on the day after the date on which it is approved.

3. Interpretation—Clause 2.1 of the programme is amended by omitting the definition of year and substituting the following definition:

“year, in relation to a course for which an allowance is sought or granted, means the period of 52 weeks commencing on the later of:

(a) the date of application for the allowance for the course; or

(b) the date of commencement of the course.”

4. Rates—The programme is amended by revoking clause 6.4, and substituting the following clause:

“6.4 Yearly limit

6.4.1 This clause applies where an applicant:

(a) is granted an allowance for a course (the first course); and

(b) is granted an allowance for a subsequent course within the first course year.

6.4.2 Where clause 6.4.1 applies, no payments of an allowance in respect of those courses may exceed $3,279.20 in the first course year.”

Explanatory Note

This note is not part of the amendment, but is intended to explain its general effect.

In this amendment to the Training Incentive Allowance Programme, which comes into effect on the day after it is approved, clause 3 amends the definition of year so that a year starts on the date of application or the course commencement date, whichever is the later.

Clause 4 amends the programme to make it clear that the maximum limit on course costs applies to multiple courses undertaken during the first course year.

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