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.
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.
(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.
(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(Repealed L.N. 167 of 2013)