Interest on trust accounts to be paid by financial institutions
68B Interest on trust accounts to be paid by financial institutions
Every authorised financial institution with which a trust account is maintained shall pay to the credit of the Interest Account interest on the balance of the trust account at the prescribed rate at such times as are prescribed.
Subsection (1) does not apply to a separate account.
Where a court convicts an authorised financial institution of an offence under subsection (1) and interest required to be paid under that subsection remains outstanding, the court may, in addition to imposing a penalty, order the institution to pay to the credit of the Interest Account an amount equal to the amount of that interest, and any such order may be enforced as if it were a judgment of the court.
In regulations made under section 145 the prescribed rate referred to in subsection (1) may be prescribed by reference to a market rate indicator specified in the regulations.
[Section 68B inserted: No. 59 of 1995 s. 14; amended: No. 47 of 2011 s. 25(4).]
The statute text is free to read above. View Pro plans to unlock the case-law research tools for each provision.