Purchase deposit accounts
39 Purchase deposit accounts
A tenant may deposit with the Board an amount of $20 or any multiple of $20 which shall be credited to an account to be opened in the name of the tenant called a "purchase deposit account".
All amounts which are deposited with the Board from time to time as aforesaid shall be credited with compound interest, calculated yearly at the thirtieth day of June at the rate fixed for that year by the Board by notice published in the Gazette more than one year before the date of calculation, or in default of any such notice at the rate last so fixed.
The deposits and interest accumulated in a tenant's purchase deposit account shall be available in payment of any rent, interest or other moneys payable to the Board by the tenant and if the tenant makes default on payment thereof the Board may appropriate the deposits and interest or any portion thereof accordingly.
When a tenant ceases to hold as such by death, transfer, or otherwise he or his personal representative shall be entitled, subject to any appropriation by the Board under subsection (3) of this section to payment of the amount standing to the credit of his purchase deposit account.
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