OFFICIAL ADMINISTRATOR'S ACCOUNTS (INTEREST) RULES

OFFICIAL ADMINISTRATOR'S ACCOUNTS (INTEREST) RULES

OFFICIAL ADMINISTRATOR'S ACCOUNTS
(INTEREST) RULES

(Cap. 10, section 72)

[25 August 1978.1

1. These rules may be cited as the Official Administrator's
Accounts (Interest) Rules.

2. Where the Official Administrator is administering an estate
the total value of which exceeds 550,000 he shall credit to the
estate all interest paid to him on moneys belonging to it.

3. (1) Where the Official Administrator is administering an
estate the total value of which does not exceed $50,000, 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, he shall credit to the estate interest at the prevailing Hong
Kong Association of Banks rate for savings accounts, on all moneys
in his possession which belong to it.

(2) Where the total value of an estate does not exceed $50,000
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) No interest shall be computed or paid under paragraph (1)
on a fraction of one dollar.
L.N. 194/78. 76 of 1980. L.N. 279/83. Citation. Estates exceeding $50,000. L.N. 279/83. Estates not exceeding $50,000. L.N. 279/83. 76 of 1980, s. 24.

L.N. 194/78. 76 of 1980. L.N. 279/83. Citation. Estates exceeding $50,000. L.N. 279/83. Estates not exceeding $50,000. L.N. 279/83. 76 of 1980, s. 24.

https://oelawhk.lib.hku.hk/items/show/2229

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