Act No. 72, 1902.
An Act to consolidate the Acts relating to the Government Savings Bank. [9th September, 1902.]
| BE it enacted | t h e advice and consent of t h e Legis la t ive Counci l and | Legis la t ive |
| by t h e K i n g ' s Mos t | Exce l l en t | Majes ty , by and | wi th |
| Assembly of | New | South W a l e s in P a r l i a m e n t assembled, and by | the |
au tho r i t y of t h e same, as follows :—
| 1 . | This A c t m a y be cited as | t he | " G o v e r n m e n t | Savings | B a n k |
| 2 . (1) The Acts ment ioned in t h e | First | Schedule to th i s A c t |
are to t h e ex ten t there in expressed hereby repealed.
| (2) Al l persons appoin ted u n d e r t h e Ac t s hereby | repealed |
and ho ld ing office a t t h e t ime of t h e passing of th i s A c t shall be
deemed to have been appoin ted he reunder .
| (3) | All regula t ions | m a d e | u n d e r | t h e | au thor i ty | of any A c t |
| he reby repealed a n d being in force a t t h e t i m e of t h e pass ing | of | th is |
| A c t shal l be deemed to | have | been m a d e | u n d e r | t h e | au thor i ty | of | th i s |
| Ac t . | 8. |
3 . The Governor may , by ag reemen t wi th t h e Governor-Genera l
of t h e Commonweal th , m a k e a r rangement s for t h e execut ion and performance as f rom t h e da te on which in pu r suance of the Common wea l th of Aus t ra l ia Const i tu t ion Act t he Pos ta l D e p a r t m e n t of New
| South W a l e s was t ransfer red | to the Commonwea l th , by officers of | the |
Posta l D e p a r t m e n t of the Commonwea l th of t h e duties in respect of the adminis t ra t ion of th is A c t hereinaf ter imposed on such officers, and
| for | t h e r a t e of p a y m e n t | for t he | same. |
4 . The Governor may author ise and d i rec t—
| (a) | any such officer of t he | Pos ta l | D e p a r t m e n t | of | t h e | Common |
| weal th ; or |
( 6 ) i n Sydney any officer of t h e Treasury ; or
(c) t h e sh ipping-master a t any port in N e w South Wales ;
| to receive deposits for r e m i t t a n c e to t he | Treasury , and to repay t h e |
same unde r such regula t ions as t h e Governor m a y prescribe :
| Prov ided t h a t such deposits shal l no t | be of | less | a m o u n t | t h a n |
one shi l l ing, nor of any s u m not a mul t ip l e thereof, nor of greater a m o u n t w h e t h e r b y one or by successive p a y m e n t s t h a n two h u n d r e d pounds to t h e credit of any one account .
5. (1) Eve ry such officer shall , on t he receipt of a n y such deposit, fo r thwi th enter t he same in t he depositor 's pass-book, and shall a t tes t such en t ry unde r his h a n d a n d by t h e da ted s t amp of his office, a n d shal l r epor t t he a m o u n t of such deposit upon t h e day of its receipt to t he Colonial Treasurer .
(2) The acknowledgmen t of t h e Colonial Treasurer , signified by t h e officer w h o m he shall appoin t for t he purpose , shall be for thwi th t r ansmi t t ed to t h e depositor, and the said acknowledgmen t shall be conclusive evidence of his c laim to t h e r e p a y m e n t thereof w i th t h e in teres t t he r eon upon demand made by h i m on the Colonial Treasurer .
| ( 3 ) | I n order to allow a reasonable t ime for t h e receipt of t h e |
| said acknowledgmen t , the en t ry by such officer in t he depositor 's pass book shall be conclusive evidence of t i t le for t w e n t y days from the lodg | m e n t of t he deposit, and if the said acknowledgmen t is no t received by |
| t h e depositor t h r o u g h the post wi th in twen ty days, and he before or upon |
| the expi ry thereof demands t he said acknowledgmen t from t h e Colonial Treasurer , t hen t h e en t ry in his book shall be conclusive evidence of t i t le du r ing ano ther t e r m of t w e n t y days and so on from t ime to t ime . |
6 . (1) Deposi ts m a y be received under th is A c t from any minor
| or from a pa ren t or o ther re lat ive of a minor in t h e n a m e a n d | on |
| behalf of such minor . |
(2) Such deposits shall be repaid on the appl ica t ion in wr i t ing of such pa ren t or other relative, or of t h e minor himself in case he m a d e the deposit.
( 3 ) The receipt of any such minor a t tes ted by one witness
| shal l be a sufficient | d ischarge no twi th s t and ing the infancy of such |
| mino r . | 7 . |
7 . Al l moneys so deposited as aforesaid shal l for thwith he paid
over to t h e Colonial Treasurer , who shal l p lace t h e same to t he credit of a Trus t F u n d to he called t h e Governmen t Savings Bank Trus t F u n d .
| 8. On demand of any depositor or person legally ent i t led to c la im on account of a depositor, m a d e in t he form | prescribed in | t h a t |
| behalf | for r e p a y m e n t | of | deposits, t h e | au tho r i t y | for | such | r e p a y m e n t |
| shal l | be t r a n s m i t t e d | to | such depositor for thwi th , | and | he shall be |
| absolutely ent i t led to r e p a y m e n t of any s u m due to | h i m | a t | any | office |
| whe re deposits a re received and paid w i th in | t en days a t fur thes t | after |
| such demand as aforesaid. |
9 . (1) The Governor shall from t i m e to t ime fix t he in teres t
payable to depositors, b u t t h e ra te thereof shall no t exceed four pounds
| per | c e n t u m | per | a n n u m . |
| (2) Such in teres t shal l not be calcula ted on any | a m o u n t |
less t h a n one pound or some mul t ip l e thereof, and shall no t commence un t i l t h e first day of t he m o n t h n e x t fol lowing t h e day of deposit, and shall cease upon t h e first day of the m o n t h in which such deposit
| 1 0 . | I n t e r e s t on deposits | shall | be calcula ted | to | t he | thir ty-f irs t |
day of December in every year a n d shal l be added to and become pa r t
| of | t h e pr inc ipa l | money . |
1 1 . (1) Moneys deposited u n d e r this Ac t shall be a charge
| u p o n t h e | Consolidated | Revenue | F u n d . |
(2) The Colonial Treasurer m a y inves t such moneys in any
| Gove rnmen t | securit ies | h a v i n g | P a r l i a m e n t a r y | au thor i ty , | or m a y | deposit |
| t h e same w i t h such incorporated bank as t he Governor m a y from | t ime |
| to t ime | appoin t . |
(3) Al l sums w i t h d r a w n by or on account of depositors
shall be repaid t h r o u g h the Treasury out of t h e Governmen t Savings
B a n k Trus t F u n d or out of t h e proceeds of such Governmen t securit ies.
| 1 2 . | (1) | The Governor m a y m a k e | r egu la t ions— |
| (a) | prescribing the mode of keeping and examining the accounts |
| |
| ( 6 ) | | for the super in tendence and inspec t ion thereof ; | and | |
| (c) | | w i th respect to t he | m a k i n g a n d | w i t h d r a w a l | of | deposits | and | |
| t h e in teres t thereon, and to t h e a m o u n t | of | deposits | a n d | t h e | |
pos tage and o the r charges to be paid by depositors ; and
| (d) | | w i th respect to all o ther ma t t e r s inc identa l to t he | adminis t ra | |
| |
| (2) Al l such regula t ions shall upon publ ica t ion in | t he |
Gazet te have t h e ful l force of law to t h e same ex ten t as if such
| regula t ions formed | pa r t of th i s | Ac t . |
| (3) Copies of all regula t ions issued unde r the | au thor i ty |
| of | th i s | A c t | shal l | be | laid | before | b o t h | H o u s e s of | P a r l i a m e n t | w i th in |
four teen
| four teen | days from | the date thereof | if P a r l i a m e n t | is t h e n | s i t t ing , | and |
| if | not , t h e n | w i th in | fourteen | days from | the c o m m e n c e m e n t | of t he | n e x t |
| 1 3 . ( 1 ) A n a n n u a l account of all deposits received and | paid |
| unde r th i s Act , and of all expenses incur red du r ing the year | end ing |
| on t h e thi r ty-f i rs t | day of December , | t oge the r | w i th a s t a t emen t | of | t he |
to ta l a m o u n t due a t t he close of t he year to all depositors and of t he cash a n d securit ies t hen held, shal l be laid before bo th Houses of P a r l i a m e n t no t la ter t h a n the thir ty-f i rs t day of M a r c h in each year
| if P a r l i a m e n t is t h e n | s i t t ing, and | if | not, | t hen | wi th in | four teen | days |
from t h e commencemen t of t he nex t ensu ing session.
| ( 2 ) | Such | a n n u a l | accounts | to | t he | thir ty-f i rs t | day | of |
December in each year in respect of all moneys deposited and paid unde r th is A c t shall prior to t he thir ty-f irs t day of March in each year
| be submi t t ed for examina t ion and aud i t to t h e Aud i to r | General . |
| 1 4 . | Al l expenses | incur red | in t h e | adminis t ra t ion | of | th i s | A c t |
shal l be paid out of the moneys received u n d e r th is Ac t .
| 1 5 . | I f a t any t ime t h e | moneys | received u n d e r t he au thor i ty of |
th i s A c t are insufficient to mee t all lawful claims of depositors, or persons legally ent i t led to claim on account of depositors, the Governor, upon be ing du ly informed thereof by the Colonial Treasurer , may au thor i se by war ran t under his h a n d the issue of t he a m o u n t of such deficiency out of the Consolidated R e v e n u e F u n d , and the Colonial Treasurer shall repor t such deficiency to both Houses of Pa r l i amen t .
| 1 6 . N o officer au thor ised to receive or pay deposits unde r | this |
A c t shal l disclose t he n a m e of any depositor or t h e a m o u n t deposited or w i t h d r a w n by such depositor wi thou t t he permission of t he Colonial Treasurer or of such o ther officers or persons as m a y be appointed to
| assist in ca r ry ing th is Act in to | operat ion. |
| 1 7 . ( 1 ) W h e n the t rus tees of any bank commonly known | as |
| t he P e n n y Savings Bank have de te rmined to close such bank for | t he |
| receipt of deposits, and | have | given publ ic not ice of such in ten t ion by |
| adver t i sement in a newspaper | c i rcula t ing in t h e | t o w n | or district | in |
which such bank is s i tuate , such t rus tees may , if t hey t h i n k fit, t r an smi t unde r the hands of a major i ty of thei r n u m b e r to t he Colonial Treasurer a certified list of such depositors as have not applied to t h e m to receive the i r deposits and of the amoun t s due to t h e m respectively.
( 2 ) The Colonial Treasurer may the reupon receive as a
deposit unde r th is Ac t the moneys r ema in ing in t he hands of the t rus tees , if t he s u m is sufficient to discharge t he whole of the liabilit ies of such t rus tees to the depositors set forth in t he said list, a n d t h e certificate of t h e Colonial Treasurer shall be a sufficient d ischarge to t he said t rus tees in respect of all such moneys so paid over.
( 3 )
| ( 3 ) Al l such moneys shal l he received and he ld subjec t | t o |
| t h e r igh ts a n d claims of t h e | depositors n a m e d | in such list, who shal l |
| t hence fo r th | be considered to be depositors u n d e r t h e provisions of | th is |
| Ac t , and | shal l be ent i t led, subjec t | to | t h e r equ i r emen t s | of th i s | Ac t , | on |
p resen t ing their pass-books to any officer au thor ised by th i s A c t to receive deposits to c la im p a y m e n t of the sums shown by the said list to be due to t h e m respect ively toge ther wi th t he in teres t accrued thereon.
S C H E D U L E .
| R e f e r e n c e | to | A c t . | T i t l e | or | short | t i t l e . | E x t e n t | of | repea l . |
| 3 4 | V i c . | N o . | 1 5 | . . . | G o v e r n m e n t | S a v i n g s | B a n k | A c t | of | 1 8 7 0 . . . | T h e | w h o l e . |
| A c t | N o . | 7 9 , 1 0 0 0 . . . | G o v e r n m e n t | S a v i n g s | B a n k | ( C o m m o n w e a l t h | T h e | w h o l e . |
| A r r a n g e m e n t s ) | A c t , | 1 9 0 0 . |