15 NOVEMBER 2007

NEW ZEALAND GAZETTE, No. 123

(2) The determinations and revocation in this notice take
effect from and including 6 November 2007.

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. Rates of Common Fund interest—(1) The rate of
   Common Fund interest on deposits (other than investment
   deposits repayable at the end of fixed term or protection
   deposits) shall be that specified in Schedule 1 for the
   appropriate type of deposits.

(2) The rate of Common Fund interest on each protection
deposit associated with a particular private training
establishment shall be that specified in Schedule 2 for the
appropriate dollar range of the total of those deposits.

(3) The rate of Common Fund interest payable on
investment deposits repayable at the end of a fixed term
shall be that specified in Schedule 3 for the appropriate
interest payment frequency, term and dollar range.

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

(5) Despite subparagraphs (1), (2) and (3), in particular
cases or classes of case, Public Trust and the depositor may
agree on a rate of interest payable on investment deposits,
protection deposits or special deposits 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
25 October 2007 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 5 November
2007 but otherwise operate as from 6 November 2007.

(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
6 November 2007; but

(ii) do apply to investment deposits repayable at the
end of a fixed term that commenced on or after
6 November 2007.

3243

Schedule 1

Rates of interest payable on deposits (other than

investment deposits repayable at the end of fixed term
or protection deposits)

Schedule 2

Rates of interest payable on each protection deposit

associated with a particular private training establishment

Schedule 3

Rates of interest payable on investment deposits repayable

at the end of a fixed term

Interest payable on maturity

| | $5,000-
$9,999
% p.a. | $10,000-
$49,999
% p.a. | $50,000-
$249,999
% p.a. | $250,000+
% p.a. |
|-------|-----------------|------------------|---------------------|---------------|
| 3 mths | 6.00 | 6.70 | 6.80 | 6.80 |
| 6 mths | 6.00 | 8.15 | 8.15 | 8.15 |
| 9 mths | 6.00 | 8.15 | 8.15 | 8.15 |
| 1 yr | 6.05 | 8.35 | 8.35 | 8.35 |
| 18 mths | 6.00 | 7.90 | 7.90 | 7.90 |
| 24 mths | 6.00 | 7.80 | 7.80 | 7.80 |
| 30 mths | 6.00 | 7.75 | 7.75 | 7.75 |
| 36 mths | 6.00 | 7.70 | 7.70 | 7.70 |
| 4 yrs | 6.00 | 7.60 | 7.60 | 7.60 |
| 5 yrs | 6.00 | 7.60 | 7.60 | 7.60 |

Interest payable monthly and quarterly

| | $20,000-
$49,999
% p.a. | $50,000-
$249,999
% p.a. | $250,000+
% p.a. |
|-------|---------------------|----------------------|---------------|
| 6 mths | 8.15 | 8.15 | 8.15 |
| 9 mths | 8.15 | 8.15 | 8.15 |
| 1 yr | 8.35 | 8.35 | 8.35 |
| 18 mths | 7.90 | 7.90 | 7.90 |
| 24 mths | 7.80 | 7.80 | 7.80 |
| 30 mths | 7.75 | 7.75 | 7.75 |
| 36 mths | 7.70 | 7.70 | 7.70 |
| 4 yrs | 7.60 | 7.60 | 7.60 |
| 5 yrs | 7.60 | 7.60 | 7.60 |

Dated at Wellington this 13th day of November 2007.

GRENVILLE GASKELL, Chief Executive, Public Trust.