4 MARCH

NEW ZEALAND GAZETTE

protection deposit or a special deposit that is different from
the rate specified in Schedules 1, 2 or 3 and the agreed rate
then applies.

4. Revocation of notice and transitional provisions—
   (1) The Public Trust Common Fund Interest Rates Notice
   12 February 2004 is revoked.
   (2) The rates of interest specified in Schedules 1 and 2 to
   this notice do not apply to any period that ends with
   29 February 2004 but otherwise operate as from 1 March

5. (3) The rates of interest specified in Schedule 3 to this
   notice:
   (i) do not apply to investment deposits repayable at
   the end of a fixed term that commenced prior to
   1 March 2004; but
   (ii) do apply to investment deposits repayable at
   the end of a fixed term that commenced on or after
   1 March 2004.

Schedule 1
Rate of interest payable on a deposit (other than an
investment deposit repayable at the end of a fixed term or a
protection deposit)

% interest
Type of Deposit
rate p.a.
Agency deposit
3.50
Call deposit
2.00
Investment deposit at call
3.50
Special deposit
5.55
Trust deposit
3.25

Schedule 2
Rates of interest payable on protection deposits

% interest
rate p.a.
On the whole amount of each deposit
3.25
associated with a particular Private Training
Establishment where the total of those
deposits does not exceed $350,000
On the whole amount of each deposit
3.65
associated with a particular Private Training
Establishment where the total of those
deposits lies in the range of $350,001 to
$1,750,000
On the whole amount of each deposit
4.05
associated with a particular Private Training
Establishment where the total of those
deposits exceeds $1,750,000
Dollar Range of Deposit

Schedule 3
Rate of interest payable on an investment deposit
repayable at the end of a fixed term

% interest
Term and Dollar Range of Deposit
rate p.a.
Fixed term of 3 months
For the range $5,000 to $9,999 inclusive
4.60
For the range $10,000 to $49,999 inclusive
5.00
For the range $50,000 to $249,999 inclusive
5.00
For the range above $250,000
5.00
Fixed term of 6 months
For the range $5,000 to $9,999 inclusive
4.70
For the range $10,000 to $49,999 inclusive
5.25
For the range $50,000 to $249,999 inclusive
5.35
For the range above $250,000
5.35
Fixed term of 9 months
For the range $5,000 to $9,999 inclusive
4.85
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
Fixed term of 12 months
For the range $5,000 to $9,999 inclusive
4.90
For the range $10,000 to $49,999 inclusive
5.40
For the range $50,000 to $249,999 inclusive
5.50
For the range above $250,000
5.55

Dated at Wellington this 1st day of March 2004.

PAT WAITE, Chief Executive, Public Trust.

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The Public Trust Common Fund Interest Rules
Notice 4 March 2004

Pursuant to section 50 of the Public Trust Act 2001 (“the
Act”), the following notice is given.

Notice

1. Title and commencement—(1) This notice may be
   cited as the Public Trust Common Fund Interest Rules
   Notice 4 March 2004.

2. Interpretation—(1) Unless the context otherwise
   requires:
   “agency deposit” means a deposit (not being an
   investment deposit) held as agent or attorney;
   “call deposit” means a deposit (not being an agency
   deposit, an investment deposit, a protection deposit, a
   special deposit or a trust deposit) held in the ordinary
   course of administration, and determined by Public
   Trust to be held at call;
   “deposit” means a sum of money held by Public Trust
   belonging to any estate, which money for the time being
   forms part of the Common Fund;
   “investment deposit” means a deposit held at call or
   otherwise as an investment under section 51 of the Act;
   “protection deposit” means a deposit, held at call, of
   tuition, boarding, accommodation or other fees by or on
   behalf of a student enrolled at a Private Training
   Establishment within the meaning of Part 18 of the
   Education Act 1989;
   “special deposit” means a deposit held other than at call
   on behalf of the Crown, or any local authority within the
   meaning of the Local Government Act 1974;
   “trust deposit” means a deposit (not being an agency
   deposit, an investment deposit, a protection deposit or a
   special deposit) held on trust:
   (i) for persons not of full age or capacity; or
   (ii) for beneficiaries not entitled to payment at call; or
   (iii) otherwise than at call.
   (2) Expressions defined in the Act have the same meaning in
   this notice as they do in the Act.

3. Calculation and payment of Common Fund
   interest—(1) Subject to paragraphs 4 and 5 of this notice,
   interest is calculated and paid on the balance of a deposit
   standing to the credit of any estate at the end of each day.
   (2) Despite subparagraph (1), interest on an investment
   deposit repayable at the end of a fixed term:
   (i) is calculated daily; but
   (ii) is not payable (unless otherwise agreed by Public
   Trust and the principal) until the end of the fixed
   term.

4. Criteria for determining the dates or times for
   starting or stopping Common Fund interest—(1) Subject
   to subparagraphs (2), (3) and (4), interest on a deposit:
   (i) starts on the day the deposit is received by Public
   Trust; and