HK Cap. 10D — Official Administrator’s Accounts (Interest) Rules

Official Administrator’s Accounts (Interest) Rules ( Cap. 10, section 72 ) [25 August 1978] (Format changes— E.R. 2 of 2014 ) 1. Citation These rules may be cited as the Official Administrator’s Accounts (Interest) Rules. 2. Estates exceeding $150,000 Where the Official Administrator is administering an estate the total value of which exceeds $150,000 he shall credit to the estate all interest paid to him on moneys belonging to it. ( L.N. 279 of 1983 ; L.N. 126 of 1997 ) 3. Estates not exceeding $150,000 (1) Where the Official Administrator is administering an estate the total value of which does not exceed $150,000, and the administration of that estate is not completed within 3 months of the relevant grant of probate or administration or of the Official Administrator’s decision to administer the estate in a summary manner, the Official Administrator must credit to the estate interest on all moneys in the Official Administrator’s possession that belong to the estate. ( 76 of 1980 s. 24 ; L.N. 279 of 1983 ; L.N. 167 of 2013 ) (1A) For the purposes of paragraph (1)— (a) the rate of interest to be applied is the average interest rate on Hong Kong dollar savings deposits published by the Hong Kong Monetary Authority from time to time; (b) different such rates apply to different periods, and each such rate is to have effect from the day it is published until the day immediately before a different such rate is published; and (c) no interest is to be computed or credited on a fraction of $1. ( L.N. 167 of 2013 ) (2) Where the total value of an estate does not exceed $150,000 and the administration of the estate by the Official Administrator is completed within 3 months, no interest shall be paid by the Official Administrator on moneys belonging to the estate. (3) (Repealed L.N. 167 of 2013 ) ( L.N. 126 of 1997 )