Commonwealth Bank of Australia—Savings Bank Department Regulations (Cth)

STATUTORY RULES.

1913. No. 333.

REGULATIONS UNDER THE COMMONWEALTH BANK ACT 1911.

I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Commonwealth Bank Act 1911 to come into operation forthwith. Such Regulations shall supersede the Provisional Regulations (Statutory Rules 1912, No. 140 under the said Act), made on the fifth day of July, One thousand nine hundred and twelve.

Dated this nineteenth day of December, One thousand nine hundred and thirteen.

DENMAN,

Governor-General.

By his Excellency’s Command,

JOSEPH COOK,

For the Treasurer.

COMMONWEALTH BANK OF AUSTRALIA.—SAVINGS BANK DEPARTMENT.

Regulations.

THESE Regulations shall be construed with reference to the terms and interpretations of the Commonwealth Bank Act 1911, which Act is referred to hereunder as “The Act.”

Interpretation.

1. In these Regulations, unless the context otherwise requires—

(a) “Governor” means the Governor of the Commonwealth Bank of Australia.

(b) “Superintendent” means the officer in charge of the Commonwealth Savings Bank Department in each State appointed by the Governor.

(c) “Savings Bank” means the Savings Bank Department of the Commonwealth Bank of Australia.

(d) “Savings Bank Business” means the receipt of deposits, the repayment of such deposits, and all business incidental thereto.

(e) “Savings Bank Branch” means an office at which Savings Bank business is transacted, and at which ledger accounts of depositors are kept.

(f) “Savings Bank Agency” means an office at which deposits are received and repaid, but at which ledger accounts of depositors are not kept.

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(g) “Savings Bank Officer” means any officer appointed by the Governor to carry on Savings Bank Business. The Governor may arrange with the Minister administering any Department of the Commonwealth for any officer to act as agent of the Bank for the transaction of Savings Bank Business, and any officer acting as agent of the Bank in pursuance of section 52 of the Commonwealth Bank Act 1911 shall be deemed to be an officer of the Bank.

(h) “Savings Bank Year” means twelve months ending on 30th June.

(i) “Month” means calendar month.

(j) Words importing the singular number shall include the plural and conversely.

(k) Words importing the masculine gender only shall include the feminine.

Office Hours for Transaction of Savings Bank Business.

2. The Branches and Agencies of the Savings Bank shall be open for the transaction of Savings Bank business on such days and during such hours as may be directed by the Governor.

By Whom Deposits may be Made.

General Description of Depositors.

3. Deposits may be made by and in the name of—

(a) A person of full age.

(b) A married woman.

(c) An infant.

(d) A trustee or trustees.

(e) Alocal authority, friendly society, co-operative society, club, or other society. In this connexion, the term “other society” may include hospitals, charitable institutions, penny savings banks, and school committees.

Infants.

4. Deposits may be received from or for the use or benefit of any person under the age of twenty-one years. (Section 41, C.B. Act 1911.) For restrictions as to withdrawals, see Regulation No. 29.

Trustees.

5. Deposits may be received from any person (called the “Trustee”) who declares himself willing to act as trustee for any other person, whether that person is under a disability or not. (Section 43, C.B. Act 1911.)

Local Authority, Friendly Society, Co-operative Society, other Society or Club.

6. Deposits may be received from any local authority, friendly society, co-operative society, or any society or club not being an incorporated or unincorporated company or other body engaged in or formed for the purpose of trading or of acquiring pecuniary profit or other gain.

(Section 48, C.B. Act 1911.)

Joint Accounts.

7. Deposits may be made in the joint names of two or more persons entitled to make a deposit.

Trading Companies.

8. An incorporated or unincorporated company or other body engaged in or formed for the purpose of trading or of acquiring pecuniary profit or other gain, shall not be entitled to make any deposit with the Bank by way of Savings Bank Deposit, or to receive any interest on any deposit of that nature. (Section 49, C.B. Act 1911.)

 

PROCEDURE ON MAKING DEPOSITS.

Minimum Amount of Deposit.

9. A deposit may be received of any sum or sums of money not being less than One shilling.

Opening Accounts.

10. No person shall have more than one account with the Savings Bank except as a Trustee.

Opening Accounts at Savings Bank Branches.

11. Any person applying at a Savings Bank Branch to open an account, will be required—

(a) To furnish a specimen of his signature on the form provided for that purpose.

(b) To fill in and sign a deposit slip.

(c) To deliver the deposit slip with the deposit to the Savings Bank officer, who will attest the entry in a pass-book with his initials and the official date stamp.

(d) To receive the pass-book from the Savings Bank officer, and the receipt of such pass-book shall be deemed to be an acknowledgment that the depositor has received a copy of the Regulations of the Savings Bank printed therein.

Opening Accounts at Savings Bank Agencies.

12. Any person applying at an agency to open an account will be required—

(a) To furnish a specimen of his signature on the form provided for that purpose.

(b) To make his signature in the Register of Depositors.

(c) To fill in and sign a deposit slip.

(d) To deliver the deposit slip with the deposit to the Savings Bank officer, who will attest the entry in a pass-book with his initials and the official date stamp.

(e) To receive the pass-book from the Savings Bank officer, and the receipt of such pass-book shall be deemed to be an acknowledgment that the depositor has received a copy of the Regulations of the Savings Bank printed therein.

Deposit Slips.

13. Depositors may be required to fill in the full particulars of each deposit at the time the deposit is made, on the form provided for the purpose, but should the depositor be unable to write, the Savings Bank officer or other person may fill it in.

Depositors who Cannot Write.

14. If a depositor cannot write, he must affix his mark thus his

(John X Cook), and his mark must be witnessed.

mark

Each such “marksman” must furnish a key-word when opening an account, which word will require to be given by the person presenting the pass-book whenever a withdrawal is being made from such account.

The signature of a foreigner which is unintelligible (such as that of an Asiatic) will be treated as that of a marksman.

Deposits Made by Females.

15. When a deposit is made by a female, she must state, when required, whether she is married or single.

When a depositor changes her name by marriage, she will be required to give notice thereof to the Savings Bank.

 

Deposits on Behalf of Infants.

16. When an account is opened by a relative or other person on behalf and in the name of an infant, the prescribed form shall be signed by such relative or other person, and so soon as such infant attains the age of twelve years, and is able to write, he shall furnish a specimen of his signature on the form provided for that purpose.

Accounts Opened by Proxy.

17. Any person may open an account without personally attending at a Savings Bank branch or agency for that purpose, but the pass-book will be withheld until a specimen signature on the proper form, made by the depositor himself, and witnessed by the proxy or other person, is received at the Savings Bank branch or agency.

Accounts Opened by Post.

18. Any person may open an account by post by communicating direct to the Savings Bank branch or agency at which he desires the account to be opened.

The amount to be deposited should be sent by registered letter, prepaid, accompanied by two specimen signatures of the depositor, and full particulars respecting his name, occupation, and address.

Joint Accounts.

19. When an account is opened by two or more persons in their joint names, specimens of their signatures will be required to be made on the form provided for that purpose, and an authority prescribing who shall operate on the account shall also be supplied.

Deposits by Trustees.

20. When an account is opened by one or more Trustees, the title of such account shall include the names of such Trustee or Trustees, as well as of the person or persons on whose behalf the deposits are made; and specimen signatures of the Trustee or Trustees will be required to be made on the form provided for that purpose, and an authority given prescribing who shall operate on the account.

Friendly Societies, Local Authorities, Co-operative Societies, other Societies, and Clubs.

21. Any friendly society, local authority, co-operative society, other society, or club, as defined in Regulation No. 6, by its treasurer or other authorized officer or officers, may pay into the Savings Bank any funds of such friendly-society, local authority, co-operative society, other society, or club.

When an account is opened, the notice appointing persons to operate on such account must be signed by all the trustees or other officers so authorized in the form provided for that purpose.

The trustees, treasurer, or other authorized officer or officers shall furnish—

(a) The name and address of the responsible officer to whom communications from the Savings Bank are to be addressed.

(b) Specimen signatures of such officers as have been authorized to sign withdrawal forms, and an authority prescribing who shall operate on the account.

(c) A specimen impression of the seal or stamp (if any).

 

Deposits by Post.

22. After an account has been opened, a depositor who desires to remit money by post to be placed to his credit, should communicate direct with a Savings Bank branch or agency.

The remittance must be sent by registered letter (prepaid), addressed to the Savings Bank officer, and accompanied by the pass-book.

The amount intended to be deposited must be clearly stated in the letter sent with the remittance.

Pass-books.

23. When an account is opened at a Savings Bank branch or agency, a pass-book will be issued at once to the depositor, except as provided in Regulation No. 17.

In all transactions which a depositor may subsequently have with the Savings Bank—whether depositing, withdrawing, or closing the account—the pass-book must be produced.

Depositors are requested to examine their pass-books every time an entry is made by a Savings Bank officer, and before leaving the counter.

To prevent forgeries and frauds, depositors are requested to keep their pass-books locked up when not being used, and any case of tampering with the figures or initials coming under the notice of depositors or Savings Bank officers should be at once reported to the Superintendent.

The form of pass-book to be issued to any friendly society, local authority, co-operative society, other society, or club shall be such as the Superintendent may from time to time direct.

Loss of Pass-book.

24. In case any depositor shall lose his pass-book, he is required—

(a) To give immediate notice thereof to a Savings Bank branch or agency.

(b) To make a statutory declaration of his loss in the form provided.

(c) To satisfy the Savings Bank officer as to his identity.

The Savings Bank officer will, within fourteen days, if possible, from date of notice, issue to such depositor another pass-book, which shall contain an entry showing the depositor’s balance at credit as last recorded in the ledger, such entry to bear the initials of two responsible officers.

Interest on Deposits.

25. Interest will be allowed on any sum to the credit of a depositor, not being less than One pound, and not exceeding such limitation in the amount, and at such rate as the Governor from time to time declares.

No fractional part of One pound shall be taken into account when calculating interest.

No fractional part of any month shall be taken into account in the calculation of interest, nor shall any interest less than One penny be added to any account.

Interest on Savings Bank deposits shall be calculated once in each year up to the thirtieth day of June, and shall be carried to the credit of the account of the depositor, and shall thereupon become principal and shall, subject to any limitation in the amount on which interest may be allowed, carry interest in all respects as other principal money deposited in the Bank. (Section 39, C.B. Act 1911.)

 

WITHDRAWALS.

26. A depositor shall only be entitled to withdraw moneys standing to his credit in the Savings Bank after notice of withdrawal has been given by him in accordance with these Regulations. (Section 40, C.B. Act 1911.)

The Governor may require such notice of withdrawal as he may deem necessary, but he may, if he deems fit, accept the presentation of the withdrawal form as sufficient notice of withdrawal.

Procedure on Making Withdrawals.

27. Any depositor wishing to withdraw the whole or any part of the sum deposited will be required—

(a) To fill in and sign the prescribed withdrawal form;

(b) To present the withdrawal form with the pass-book to the Savings Bank officer, who will pay the amount and attest the entry in the pass-book with his initials and the official date stamp.

Each depositor when signing the withdrawal form should adhere to the one way of writing his signature, namely, that shown on the specimen signature form, otherwise payment is liable to be refused.

If a depositor wishes his account to be operated upon by one or more persons, an authority must be given on the prescribed form.

The officers of the Savings Bank shall diligently endeavour to prevent fraud, and to identify every depositor transacting business with the Savings Bank; but in case any person presenting a depositor’s pass-book, and producing a withdrawal form purporting to bear the signature of the depositor, or stating himself to be the depositor named therein, shall unlawfully obtain any deposit or sum of money from the Savings Bank during the hours of business, the Commonwealth Bank of Australia shall not be responsible for the loss so sustained by such depositor, nor be liable to make good the same.

Persons Unable to Write.

28. If a depositor cannot write, the prescribed withdrawal form may be filled in by another person, but he must affix his mark in the space provided for the signature, and such mark must be witnessed by some person known to the Bank other than the paying officer of the Bank. When the withdrawal form is presented for payment, the person presenting such must furnish the key-word given when opening the account.

Infants.

29. Withdrawals may be made by an infant when and after he has attained the age of twelve years, or appears to the Savings Bank officer to have attained that age (Section 41, C.B. Act 1911.)

Married Women.

30. Every Savings Bank deposit in the name of a woman, whether made before or after her marriage, shall, as against her husband and persons claiming through or under him, be deemed to be her separate property and to belong to her in her own right as if she were unmarried. (Section 42, C.B. Act 1911.)

Trustees.

31. Withdrawals may be made by a trustee acting for another person, whether that person is under a disability or not, and the receipt of the trustee shall in relation to the deposit and the interest thereon be a discharge to the Bank, but the Governor may if he think fit require the

 

signature of both the trustee and the person on whose behalf the account has been opened before a withdrawal of any amount is made. (Section 43, C.B. Act 1911.)

The Governor or Superintendent may—

(a) Require proof of survivorship to his satisfaction in cases where a withdrawal form is presented signed by the survivor or survivors of the Trustees authorized to sign withdrawal forms, and the original authority requires such withdrawal forms to be signed jointly by two or more Trustees or the survivor or survivors of such Trustees.

(b) Require the signature of the cestui que trust in addition to the Trustee or Trustees.

(c) Allow an alteration in the title of the account by substituting a new name for the name of an existing or deceased Trustee.

(d) Enter the account in the name of the person on whose behalf the deposits are made.

Joint Accounts.

32. Applications to withdraw money shall be made on the prescribed form, either jointly by all the parties, or by any one or more of them, according to the arrangement made when the account was opened.

In the event of death, withdrawals may be made by the person or persons surviving, and his or their receipt shall be a good and sufficient discharge to the Bank. In this connexion the Governor may require proof of survivorship.

Local Authority, Friendly Society, Co-operative Society, other Society or Club.

33. Withdrawal of moneys standing to the credit of a local authority, friendly society, co-operative society, or any society or club (not being an incorporated or unincorporated company or other body engaged in or formed for the purpose of trading or of acquiring pecuniary profit or other gain) may be made by the treasurer of the local authority, society, or club, or an officer of the local authority, society, or club, authorized on that behalf, and the receipt of such treasurer or officer as the case may be shall, in relation to the deposit and any interest thereon, be a discharge to the Bank. (Section 48, C.B. Act 1911.)

When any change is made in the personnel of such officer or officers authorized to sign withdrawal forms a fresh authority prescribing who shall operate on the account, with specimen signatures of the persons so authorized to operate, shall be provided.

It shall not be incumbent on the Savings Bank to examine the rules of any friendly society, local authority, co-operative society, other society, or club to ascertain that the method in which the account shall be operated upon is in accordance with such rules, and the Savings Bank shall not be responsible if such rules are in any respect contravened.

Withdrawals at Savings Bank Branches and Agencies within a State.

34. At a Savings Bank branch where a depositor’s ledger account is kept, such depositor may withdraw any sum up to the amount standing to the credit of his account, but he may be required to give notice of withdrawal.

At a Savings Bank agency a depositor may withdraw on demand up to £10in any one day, provided his specimen signature is recorded at the agency where he wishes to make the withdrawal, but no further sum shall be withdrawn until sufficient time has been given to enable the pass-book balance to be verified by reference to the ledger account.

A depositor wishing to withdraw a sum in excess of £10 may do so by giving notice of withdrawal.

 

Should the depositor so desire the Savings Bank officer may telegraph to the Savings Bank branch or Central office in the State where the ledger account is kept, the cost to be collected from the depositor.

If a depositor wishes to make a withdrawal at a Savings Bank branch or agency other than that at which his specimen signature is registered, he will be required to give notice for all amounts, before payments can be made, to admit of advice being received from the office where his account is kept; but if he can be identified to the complete satisfaction of the Savings Bank officer, he may, at the discretion of such officer, draw any sum not exceeding Five pounds (£5) on demand, but no further sum shall be withdrawn until sufficient time has been given to enable the pass-book balance to be verified by reference to the ledger account.

In such cases, if the depositor wishes to withdraw more than £5, and he so desires, the withdrawal form may be sent by post to the Savings Bank branch or Central office in the State for verification, but the necessary return advice may be obtained by the Savings Bank officer by telegraph, provided that the cost be paid by the depositor, and evidence of identification is given to the complete satisfaction of the Savings Bank officer.

Withdrawals by Post.

35. When a depositor resides in a district in which a Savings Bank branch or agency has not been established withdrawals may be made by post at the depositor’s risk—

In such cases the depositor shall be required—

(1) To fill in and sign the prescribed withdrawal form.

(2) To forward this withdrawal form and the passbook by prepaid letter addressed to the Savings Bank branch where his ledger account is kept.

The cost of forwarding will be deducted from the amount of the withdrawal.

Transfer of Account from one Savings Bank Branch or Agency to Another.

36. If a depositor wishes to transfer his account from one Savings Bank branch or agency to another he will be required—

(1) To attend at a Savings Bank branch or agency.

(2) To fill in and sign the necessary form.

(3) To furnish a specimen signature for registration at the branch or agency to which his account is to be transferred.

(4) To leave his pass-book in the custody of the Savings Bank officer obtaining a receipt therefor.

The depositor may be required to pay exchange on the amount so transferred, if the Governor thinks fit.

Inter-State Transfers and Withdrawals.

37. Any depositor who desires—

(a) To transfer his account to a Savings Bank branch or agency in one of the other States of the Commonwealth; or

(b) To withdraw the whole or any part of his deposit at a Savings Bank branch or agency in one of the other States of the Commonwealth,

Will be required—

(1) To attend at a Savings Bank branch or agency.

(2) To leave his pass-book in the custody of the Savings Bank officer, obtaining a receipt therefor.

(3) To fill in and sign the necessary forms.

(4) To furnish a specimen signature for registration at the branch or agency to which his account is to be transferred.

 

In urgent cases, any sum not exceeding £10 may be withdrawn under this regulation by telegraph upon the depositor proving his identity, and complying with the regulations; but no depositor may so withdraw by telegraph oftener than once in three days.

The current Bank rate of exchange will be deducted from the amount remitted or transferred.

Exchange on Withdrawals.

38. The Governor may debit any depositor’s account with a sum equal to the current bank rate of exchange when a withdrawal is made at any office other than that at which the deposit or deposits were lodged.

Payment on Death of Illegitimate Depositor Intestate.

39. Where a person, being illegitimate, dies intestate, leaving any money deposited with the Bank by way of Savings Bank deposit, the Bank may pay the money to such natural relative of the deceased as, in the opinion of the Governor, has the best claim thereto. (Section 46, C.B. Act 1911.)

Payment after Death out of Deposits not exceeding £100

40. Where a person dies leaving any money deposited with the Bank by way of Savings Bank deposit to an amount not exceeding One hundred pounds, and probate of his will of letters of administration of his estate are not produced to the Bank, or notice in writing of the existence of a will and of intention to prove it, or to take out letters of administration, is not given to the Bank within two months after the death of the depositor, the Bank may, if the Governor thinks fit, apply the money—

(a) In payment of the funeral expenses of the deceased, and

(b) In paying the balance to the widow, or some relation of the deceased.

No person shall have any claim against the Bank in respect of any payment made in pursuance of this section, but nothing in this section shall relieve the person receiving the money from any liability to account for, or apply the money in accordance with law. (Section 44, C.B. Act 1911.)

All claims for moneys of deceased depositors, the amount of which does not exceed £ 100, inclusive of interest, must be made in writing, and addressed to the Superintendent.

A certified copy of the register of death must accompany the claim.

If the deceased was married, the claimant, husband or wife, must furnish with such claim the certificate of their marriage.

If deceased was a widow or widower, a complete list of the surviving children (if any), with their respective ages and addresses, and if no children, or if the deceased was unmarried, then a list of the surviving next of kin, with all particulars, must be supplied.

Payment under Probates or Letters of Administration.

41. Payment of any money deposited with the Bank by way of Savings Bank deposit, and standing in the name of a deceased depositor to any person having probate of the will of the depositor, or letters of administration of his estate, appearing to be in force, shall be a good discharge to the Bank, but nothing in this section shall relieve the person receiving the money from any liability to account for, or apply, the money in accordance with law. (Section 45, C.B. Act 1911.)

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Insanity or Incapacity of Depositors.

42. Where a person, having any money deposited with the Bank by way of Savings Bank deposit, becomes insane, or otherwise incapacitated to act, and his insanity or incapacity is proved to the satisfaction of the Governor, and the Governor is satisfied of the urgency, of the case, the Governor may authorize the payment of the money to the credit of the depositor to any person he thinks proper, and the receipt of that person shall be a good discharge to the Bank. (Section 47, C.B. Act 1911.)

Unclaimed Deposits.

43. All moneys to the credit of a depositor’s Savings Bank account (not being a deposit on behalf of a minor) which has not been operated upon, either by addition or withdrawal, for a period of seven years and upwards shall be carried to an account to be called the Depositors’ Unclaimed Fund, and shall cease to bear interest.

The Governor may, on proof to his satisfaction that any person is entitled to any money which has been carried to the credit of the Depositors’ Unclaimed Fund, direct payment thereof to him, and his receipt shall be a good discharge to the Bank.

A list of the amounts carried to the Depositors’ Unclaimed Fund and not claimed shall be published annually in the Gazette.

All moneys in respect of which a claim is not established within ten years after having been included in any published list shall cease to be claimable, and shall become the absolute property of the Bank, but the Governor may, with the consent of the Treasurer, allow any claim after that period has expired, if he is satisfied that special reasons exist for the allowance of the claim.

(Section 51, C.B. Act 1911.)

Custody of Books and Documents.

44. No ledger, account book, or specimen signature shall be destroyed within ten years of the latest date entered therein or thereon, or at all, without the permission in writing of the Governor.

Deposit slips, receipts, and withdrawals by deputy will be retained in the custody of the Governor for ten years, and may then be destroyed.

All other documents may, in the discretion of the Governor be destroyed after having been kept one year.

Deposit Books to be Produced for Inspection.

45. Each depositor shall once in each year produce his Savings Bank deposit book to the Bank for examination and verification with the books of the Bank at such times and places as the Governor from time to time appoints.

Notice of the times and places at which depositors’ deposit books are to be produced shall be given in accordance with the rules of the Bank. (Section 50, C.B. Act 1911.)

Secrecy.

46. Savings Bank officials are forbidden to give any information except to the Governor or the Superintendent and authorized officers of the Savings Bank as to the name of any depositor or the sum deposited or withdrawn by him.

DENISON MILLER,

Governor

1st December, 1912.

 

Printed and Published for the Government of the Commonwealth of Australia by Albert J. Mullett, Government Printer for the State of Victoria.