Administration of Estates Act, 1965 (Act No. 66 of 1965)Chapter V: The Guardian's Fund88. Interest on certain moneys in guardian's fund |
| 1) | Subject to the provisions of sub-sections (2) and (3), compounded interest calculated on a monthly basis at the rate per annum determined from time to time by the Minister for Justice and Constitutional Development, in consultation with the Minister of Finance, shall be allowed on each rand of the principal of every sum of money received by the Master for account of any minor, mentally ill person or person with severe or profound intellectual disability, unborn heir or any person having an interest therein of a usufructuary, fiduciary or fideicommissary nature. |
| 2) | No interest shall be allowed on any sum of money— |
| a) | in the case of money which became legally claimable before the first day of April, 1962, in respect of any period after it became so claimable; |
| b) | in the case of money which became legally claimable on or after the said date, in respect of any period after the expiration of five years after it became so claimable, unless it is legally claimed before such expiration. |
| 3) | Interest shall be calculated in the case of any sum of money held by the Master on the first day of April, 1962, from that date, and in all other cases from the first day of the month following that in which the money has been received by the Master, until— |
| a) | in the case of any sum of money claimed after the expiration of a period of five years after it became claimable, the last day of the month preceding the month during which such period expires; |
| b) | in all other cases, the last day of the month preceding the month during which the money is paid out. |