Government Savings Bank Act 1906 (NSW)
Act No. 48, 190G.
An Act to constitute and regulate and provide
for the management of the Government
Savings Bank of New South Wales and its departments; to authorise the said bank to receive deposits, borrow moneys, and make loans and investments; to provide for a Government guarantee of any indebtedness of the said bank; to repeal the Acts dealing with the Government Savings Bank, and with advances to settlers ; to provide for the transfer of certain assets, liabilities, and powers to the said bank; to amend the Acts dealing with Crown lands, the Closer Settle ment Act, 1904, and certain other Acts ; and for purposes consequent thereon or incidental
thereto. [21st December, 1906.]
| BE it enacted by the King ' s Most Excellent Majesty, by and with | Assembly of New South Wales in Par l iament assembled, and by the the advice and consent of the Legislat ive Council and Legislat ive authority of the same, as follows :— |
P A R T I.
P A R T PRELIMINARY.
1 . This Act shall commence and take effect on the first day
of J a n u a r y , one thousand nine hundred and seven, and may he cited
| as the " Government | Savings Bank Act, 1 9 0 ( 3 . " |
2 . This Act shall bind the Crown.
3 . This Act is divided into the following Parts :—
P A R T I . — P R E L I M I N A R Y — s s . 1 - 5 .
P A R T I I . — T H E COMMISSIONERS—ss. 6 - 1 3 .
P A R T I I I . — T R A N S F E R OF ASSETS AND LIABILITIES— s s . 1 4 - 2 1 .
1 . SAVINGS BANK DEPARTMENT—ss. 1 4 - 1 5 . 2 . ADVANCE DEPARTMENT—ss. 1 6 - 2 1 . P A R T IV —ADMINISTRATION OF THE BANK—ss. 22-36 .
P A R T V.—SAVINGS BANK DEPARTMENT—ss. 37-48.
1. DEPOSITS—ss. 37-44.
2. BORROWING—ss . 45, 46.3. INVESTMENT?—ss . 47, 48.
P A R T V I . — A D V A N C E DEPARTMENT—ss. 49-70.
1. ISSUE OF DEBENTURFS—ss . 4 9 - 6 1 . 2. LOANS—ss. 62-70.
P A R T V I I . — S U P P L E M E N T A L — s s . VI -85.
4 . The Acts mentioned in Schedule One this Act are to the
extent therein expressed repealed :
Provided that subject to this Act the provisions cf the Advances to Settlers Acts shall continue in force in respect of advances made thereunder before the commencement of this Act unti l a l l such advances with interest thereon are repaid or are writ ten off in the books of the bank as bad debts.
5 . In this Act, unless the context requires another meaning,— " Advance Department " means Advance Department of the Bank. " Advances to Settlers Acts " means the Advances to Settlers Act,
1899, the Advances to Settlers (Amendment) Act, 1901, and
the Advances to Settlers (Amendment) Act, 1902.
"Advances to settlers board" means the board constituted by
the Advances to Settlers Act, 1899.
" Certificated conditional purchase " means conditional purchase as to which all conditions have been fulfilled except payment of the balance of purchase money.
" Commissioners " means commissioners of the bank constituted
by this Act.
" Crown Lands Acts " means Acts dealing with the disposal and
tenure of Crown lands, and includes the Closer Settlement
Act, 1904. " P a r t " means Par t of this Act.
" President " means president of the Bank.
"Regu la t i ons " means regulations under this Act." Savings Bank Depar tment" means Savings Bank Department
of the Bank.
" T h e B a n k " means the bank constituted by this Act, and
includes a branch or agency of the bank.
" The State " means the State of New South Wales .
" Treasurer " means Colonial Treasurer.
P A R T
P A R T I I . THE COMMISSIONERS.
6 . Three commissioners shall he appointed in pursuance of this
| Act. | One of such commissioners shall he so appointed president. The commissioners for the time being holding office are |
constituted a body corporate by the name of the " Commissioners of the Government Savings Bank of New South W a l e s , " having perpetual succession and a common seal. The seal of the commissioners shall
| be jud ic ia l ly | noticed. |
7 . Each commissioner shall be appointed by the Governor by commission in His Majesty 's name, and shall, subject to this Act, hold 1 his office during abil i ty and good behaviour. He shall devote the whole of his time to the duties of his office, and shall not absent himself from such duties except for an annual leave of twenty-one days, unless by leave of the Governor.
8 . If any commissioner—
(a)
becomes a director or a member of the managing body of any bank, building society, or other company carrying on business
within the S ta t e ; (b) becomes bankrupt or compounds with his creditors ;
(c) is convicted of any criminal offence; or(d) becomes a lunat ic or of unsound mind,
his office shall thereupon be vacant.
9 . In the case of the illness, suspension, or absence of any commissioner, the Governor may appoint some person as deputy to act in the place of such commissioner during such illness, suspension, or absence.
If under this section one of the other commissioners is appointed deputy of the president, the Governor may appoint a deputy of such commissioner.
| Any person while acting as a deputy shall have the powers and the duties of the commissioner in whose place he acts. |
1 0 . A commissioner may be removed from his office for
misbehaviour or inabil i ty to perform the duties of his office only in
the following manner :—
(a) lie may be suspended from his office by the Governor for such al leged misbehaviour or inabil i ty ; and thereupon (b) there shall, within seven days after such suspension, if Parl iament is then sitting, or, if Pal iament is not then sitting, within seven days after the next meeting of Parl iament, be laid before each House of Parl iament a full statement of the
grounds of such suspension.
(c)
(c)
If, within twenty-four sitting days after such statement has been laid before them respectively, the Houses of Parl iament pass resolutions that the commissioner ought to be removed from his office, the commissioner shall be so removed by the
Governor; but if such resolutions are not so passed within
the said twenty-four days, such suspension shall be removed.
1 1 . The president shall for his services be paid out of the funds
of the bank at the rate of twelve hundred pounds annual ly , and each of the other commissioners at the rate of nine hundred pounds annual ly .
1 2 . Any two of the commissioners shall be a quorum for the
exercise of the powers of the commissioners.
The president shall preside at a meeting of the commissioners, and if the votes at any such meeting are equal he shall have a second or casting vote. If at any meeting at which the president is not present the voting is equal, the matter shall be postponed to the next meeting of the commissioners.
1 3 . The Governor, on the recommendation of the commissioners, may, by proclamation, declare that a l l administrative acts of a specified class performed by one commissioner, and a l l documents and wri t ings of a specified class authenticated or signed by one commissioner, shall be of the same effect as if performed, authenticated, or signed by al l the commissioners, and may vary or revoke such declaration. Such declaration may state the commissioner who may perform the act or authenticate or sign the document or writ ing.Any such declaration when notified in the Gazette shall have
the force of law.
P A R T I I I .
TRANSFER OF ASSETS AND LIABILITIES. DIVISION 1 .—SAVINGS BANK DEPARTMENT.
1 4 . On the commencement of this Act, a l l moneys in the Treasury at credit of the Government Savings Bank Trust Fund, and a l l moneys held or deposited in a bank under the Government Savings Bank Act, 1 9 0 2 , or advanced to the Federal Government for the purposes of the said Act, shall be held for the commissioners, and shall be paid to them within three years after the commencement of this Act in such amounts and at such times as may be agreed upon between the Treasurer and the commissioners. A l l securities in which such moneys have been invested, and interest thereon, and a l l books and documents and other property used for or in connection with the
carrying
carrying out of the provisions of the said Act, shall pass to and become vested in the commissioners. Such moneys and securities shall be carried by the commissioners to the Savings Bank Department.
1 5 . ( 1 ) The interest due at the commencement of this Act on
any deposits made under the Government Savings Bank Act, 1 9 0 2 , or any Act amending the same, shall be added to and form part of the principal moneys.
( 2 ) Each such deposit and such moneys shall be subject to
the provisions of this Act and the regulations :
Provided that where under the said Acts any such deposit or any interest thereon is repayable to any person other than the depositor, such deposit or interest may be repaid to the said person.
(3) The person entitled to any such deposit shall be
entitled to a Government Savings Bank book on giving up the deposit
book issued to him under any of the Acts above referred to.
DIVISION 2 .—ADVANCE DEPARTMENT.
1 6 . On the commencement of this Act, al l moneys and
securities for money, and al l books, documents, and other property held by or on behalf of the Advances to Settlers Board or by the Treasurer or any person on his behalf under the Advances to Settlers Acts, shall pass to and become vested in the commissioners, and such moneys, securities, and property shall be carried to the Advance Department.
1 7 . (1) The commissioners shall collect and carry to the Advance
Department a l l repayments of advances made under the Advances to
Settlers Acts, and al l interest on such advances.
( 2 ) The Government guarantees the bank against any loss
or deficiency in collecting the principal and interest of the said advances. Any such loss or deficiency shall, on being certified by the commissioners, be made good to the Advance Department out of the Consolidated Revenue Fund annual ly at the close of each financial
| year of the bank. |
1 8 . ( 1 ) The Advance Department shall issue to the Savings
Bank Department debentures to the amount of three hundred and five thousand pounds, being the amount of stock issued under the Advances to Settlers Acts, and held at the commencement of this Act by the Government Savings Bank, and an equivalent amount of Government stock, transferred by this Act to the Savings Bank Department, shall be cancelled.
( 2 ) The bank shall be liable to the Treasury for the amount
of one hundred and twenty thousand and fifty pounds, being the amount of stock issued and sold to the public under the Advances to Settlers Acts, and outstanding at the commencement of this Act,
| together with all interest payable thereon. | The |
The interest on such stock shall he paid half-yearly by the Advance Department to the Treasurer.
On matur i ty of the stock, the sum required for redemption shall be paid by the Savings Bank Department to the Treasurer, and the Advance Department shall, at the same time, issue to the Savings Bank Department an equivalent amount in debentures.
1 9 . Subject to this Act, but notwithstanding the repeal of the
Advances to Settlers Acts, the following provisions shall apply in respect of advances made under those Acts—
(a) Such advances shall be repaid, and interest thereon shall be paid to the Advance Department at the times and in the amounts prescribed by the said Acts or by any regulation or instrument thereunder : Provided that the commissioners may extend the term for the repayment of any such advance where, by any regulations under the said Acts in force at the commence ment of this Act, such extension might have been granted.
(b) The commissioners may take any proceeding which under the said Acts might have been taken by the Secretary for Lands for the recovery of such advances and interest, except forfeiture under paragraph (i) of subsection two of section nine of the Advances to Settlers Act, 1899, of land held under the Crown Lands Acts, not being freehold land. (c) In respect of the land last mentioned, the power of the Secretary for Lands to forfeit as aforesaid may, on the recommendation of the commissioners, be exercised. Any sums received by or on behalf of the Crown on account of improvements on such land shall (after deducting any moneys overdue at date of forfeiture for rent or instalments) to the extent of the amount owing to the Advance Department for principal and interest and for expenses incurred in connection with the advance, be paid to the said department. (d) The land in respect of which the advance was made shall
with interest thereon in accordance with the Advances to continue to be charged with the repayment of the advance Settlers Acts.
(e)
If any amount of principal or interest due in respect of any such advance is unpaid for a period of three months after the due date thereof the commissioners may, on the expiration of the said period, exercise any powers which, by sections ninety- one to one hundred and three of the Conveyancing and Law of Property Act, 1898, mortgagees may exercise in case of any default mentioned in section ninety-one aforesaid ; and the provisions of those sections shall apply as if the principal money advanced were secured or charged by deed on the
land
land in respect of which the advance was made, although such money may not in fact have been so secured or charged: Provided that the notice of sale under section ninety-three aforesaid shall be for three months instead of six months : Provided also that unless any amount of the principal or interest due in respect of a loan or moi tgage is in arrear for two years or upwards, the consent of the Treasurer shall be necessary 1o the exercise of the powers conferred by this paragraph.
2 0 . Applications for advances under the Advances to Settlers
Acts pending at the commencement of this Act may be dealt with
as applications under this Act for loans from the Advance Department.
Rights of action and securities.
2 1 . Any right of action, accrued to or against, and any agree
ment, mortgage, debenture, bond, guarantee, covenant, or obligation
made or entered into by or with—
(a) the Treasurer, or any person acting on his behalf under the Government Savings Bank Act, 1002, or any Act amending
the same ; (h) the Treasurer, the Secretary for Lands, or the Advances to Settlers Board acting under the Advances to Settlers A c t s ;
may be prosecuted and enforced, by or against the commissioners in
their name, as if the r ight of action had original ly accrued to or against , or the agreement, mortgage, debenture, bond, guarantee, covenant, or obligation had been made or entered into by or with the commissioners.
P A R T IV.
ADMINISTRATION or THE BANK. Duties of commissioners.
22. The bank shall, under this Act, be administered, governed,
and managed by the commissioners.
Departments of the bank.
2 3 . (1) The business of the bank shall be c a r r i r e l in two
distinct and separate departments, namely—
(a) the Savings Bank Department;
(b) the Advance Department.
( 2 )
(2) Al l transactions and accounts relat ing to each such
department shall he kept separate from those relat ing to the other
department.
(3) Subject to this Act, no money belonging to any such
department shall be used for the purpose of the other department, and no l iabi l i ty incurred in respect of any such department shall affect the other department or the funds thereof.
Roicers to hold land.
2 4 . The commissioners may, on behalf of the bank—
(a)
purchase or lease lands and buildings to be used in the business of the bank ;
(b)
hold, until the same can be advantageously disposed of, any property, real or personal, taken by them as security for or in satisfaction, liquidation, or discharge of any debt owing to either department of the bank ; and
(c) sell, lease, convey, assign, and assure such lands, buildings, and property, or any property vested in them by this Act, or
any estate or interest in the same, as occasion may require.
Reserve funds.
2 5 . The commissioners shall, out of the net profits of the
Savings Bank Department earned during any year, set apart such sum, not being less than one-twentieth nor more than one-fifth of the whole amount of interest received by the said department during the said year as they think proper towards a reserve fund for equalising the rate of interest payable on deposits, and for meeting losses : Provided that the Governor, on the recommendation of the commissioners, may suspend the operations of the above provisions for any year . The order suspending such provisions shall be laid before Par l iament without delay.
thir ty pounds five shil l ings and eight pence, transferred from the profit Such part of the sum of fifty-two thousand two hundred and
and ioss account of the bank constituted by the Government Savings
Bank Act, 1902, to the Consolidated Revenue Fund, as upon adjustment between the Treasurer and the president of credits and charges in respect of services rendered appears to fairly belong to the said profit and loss account, shall be carried to the reserve fund constituted by this section.
2 6 . The commissioners shall set apart the whole of the net
profits earned by the Advance Department during any year towards a reserve fund for meeting any loss or deficiency in connection with the transactions of the said department.
Branches
Branches and agencies.
2 7 . The commissioners may establish branches and agencies of
the bank for the receipt of deposits and the payment of deposits and interest thereon and for receiving applications for advances under this Act .
2 8 . The commissioners may, subject to such terms and conditions
as may be agreed upon between the Governor and the Governor-
General, establish branches and agencies of the bank at post-offices.
Audit and accounts.
2 9 . The accounts of the commissioners shall be audited when
this Act comes in force and thereafter annual ly at the close of each financial year of the bank by auditors appointed by the Auditor- General, and shall be so audited at such other times as the Auditor- General may think fit.
3 0 . (1) The commissioners shall annually, within three months
after the close of the bank's financial year , cause accounts and balance- sheets of the respective departments of the bank to be prepared, and shall under their hands certify to the best of their belief the correctness of the same, giving such details as the Governor may prescribe.
(2) Such accounts and balance-sheets, on being certified as
correct by the Auditor-General, shall be laid on the table of each House of Parliament, and published by the commissioners in the Gazette.
Annual report of commissioners.
3 1 . The commissioners shall, at the close of each financial
year of the bank, make and sign and present to the Governor a full
report of the operations of the respective departments of the bank
during the said year, and of such other matters relat ing to the bank as they think fit. Such report shall be laid on the table of each House of Parl iament without delay.
Officers.
3 2 . The Commissioners shall appoint such officers, servants,
valuators, and agents of the bank as may be required. Every such officer, servant, or agent whose duties involve the receipt or custody of moneys or securities shall give such security for the due and faithful performance of his duties as to the Commissioners may seem
proper.
W i t h the approval of the Public Service Board, and on such terms as may be agreed upon, the services of any person in the service of the Crown may in part be made use of by the commissioners.
The commissioners shall fix the emoluments of officers, servants, valuators, and agents.
it The The Commissioners shall control the officers, servants, valuators,
and agents of the hank, and shall, as far as possible, adopt theregulations of the Public Service Board in so far as they are applicable.
3 3 . The salaries and emoluments of officers, servants, valuators,
and agents of the bank, and all expenses incurred in the management of the bank, shall be paid by the commissioners out of the funds of the respective departments of the bank in such proportions as they
may consider fair and reasonable.3 4 . (1) In the first appointment of the officers of the bank, the
persons now employed in the bank constituted by the Government Savings Bank Act, 1902, or under the Advances to Settlers Board, shall, if considered to be fully efficient and qualified, be appointed in preference to other persons.
(2) Any officer of the Publ ic Service who is appointed an
officer of the bank, and whose services are dispensed with by the commissioners within two years after such appointment, shall return to and be an officer of the Public Service, and his service under the commissioners shall count as service as an officer of the Public Service.
(3) A n y officer of the Public Service who is appointed an
officer of the bank, and whose services are not so dispensed with, shall have the same rights under the Public Service Act, 1902, and any Acts amending the same, and the regulations thereunder, to deferred and extended leave and to contribute to the superannuation account, and to be paid a superannuation allowance as if he were an officer of the Publ ic Service; and for those purposes his service as an officer of the bank shall count as service in the Public Service.
Commissioners and officers not to borrow from bank. 3 5 . No commissioner, and no officer, servant, or agent of the
bank, shall, either directly or indirectly, borrow from either department of the bank, or receive, except in pursuance of this Act, any payment, gift, profit, or benefit from the funds of the bank :
Provided that nothing in this section shall prevent a com missioner or such officer, servant, or agent from becoming a depositor
in the bank or from receiving any interest or other profit in respect of his deposit, or carrying out any arrangement or contract made prior to
the commencement of this Act.
A n y commissioner, or any such officer, servant, or agent, who
knowingly contravenes the provisions of this section shall be gui l ty
of a misdemeanour.
3 6 . (1) If any officer, servant, or agent of the bank having in
his possession or power any money or effects belonging thereto, or any
deed or security relat ing to the same —
(a) becomes bankrupt ; or
(b) makes an assignment for the benefit of his creditors; or
(c)
(c)
has any execution, attachment, or other process issued against his land, goods, chattels, or effects ; or
(d) dies,
the commissioners may apply to such officer, servant, or agent, or his assignee or trustee, or to the sheriff or other person executing such process, or to his executors or administrators, or to any other person having legal r ight as the case may be, and may demand that a l l such moneys, effects, deeds, or securities be paid over or delivered up to the commissioners or such person as they may appoint.
( 2 ) The party so applied to and having the same shall on
such demand deliver over to the commissioners, or to such person as aforesaid, al l such moneys, effects, deeds, and securities, and shall pay out of the estate, assets, or effects of such officer, servant, or agent,
a l l money due by him to the bank before any other of the debts of the
said officer, servant, or agent are paid or satisfied, and before the money directed to be levied by such process as aforesaid is paid over to the party issuing the same. Al l assets, land, goods, chattels, estate, and effects of such officer, servant, or agent shall be bound to the payment and discharge thereof accordingly.
P A R T V. SAVINGS BANK DEPARTMENT.
DIVISION 1.—DEPOSITS.
Receipt of deposits.
37. (1) Deposits may be received at the bank subject to the
regulations.
( 2 ) Deposits may be received from minors of the age of
twelve years or upwards, and such deposits shall be subject to the
| provisions of this Act and the regulations relating to deposits. |
( 3 ) The commissioners may direct that no deposit shall be
received from any person whom they may deem it inexpedient to admit or continue as a depositor, and that any deposit made by such person shall lie returned to him.
3 8 . Except where otherwise in this Act expressly provided, no
person shall have; more than one account at the bank :
Provided that this section shall not prevent any person having, bona fide, in addition to his own account—
(a) accounts in his own name in trust for other persons ;
(b) joint accounts with different persons ;
(c)
accounts on behalf of different friendly, charitable, or other societies or institutions not carried on for purposes of trade
or profit. But But the hank shall not he l iable in respect of the performance of any trusts relating to a trust account ; and the receipt of the trustee shall be a sufficient discharge to the commissioners for any payment from any such account : Provided that the Commissioners may, if they deem it advisable, require the s ignature of both the trustee and the cestui que trust before any payment is made.
Interest on deposits.
3 9 . (1) The commissioners shall from t ime to t ime fix the
interest payable to depositors, and may, by regulations, fix differential
rates of interest according to the amount of the deposit:Provided that interest shall not be allowed on any amount above five hundred pounds to the credit of any one account, except the account of—
(a) a friendly, charitable, or other society or institution (including a trades union or an industrial union of employers), not
carried on for purposes of trade or profit; or
(b) the Advance Department.
But the commissioners may in their discretion l imit the amount of the respective accounts of such societies or institutions or any of them :
Provided also that the max imum rate of interest under the regulations shall be paid on the deposit of any of the aforesaid societies and institutions up to five hundred pounds, and above that amount the rate shall be a matter of agreement with the commissioners.
( 2 ) Such interest shall be calculated on every complete
sum of one pound, but shall not commence to run until the first day of the month next following that in which the deposit is made, and shall, with respect to any money withdrawn, cease upon the first day of the
month in which such withdrawal takes place.
(3) Such interest shall be calculated to the thirty-first day
of December and the thirt ieth day of J u n e in every year, and shall
then be added to and become part of the principal money on these
respective dates.
Withdrawal of deposits.
4 0 . No person shall have any claim on the bank in respect of a
deposit which was not made during the office hours of the bank.
On the withdrawal of any money from the bank, a receipt or order in such form as the commissioners may direct shall be signed by the depositor, and such receipt or order shall be a sufficient discharge to the commissioners for the amount therein expressed to be received. A receipt or order so signed by a "minor or married woman shall be a
sufficient discharge to the commissioners. 4 1 .
4 1 . (1) Deposits and interest payable thereon may be with
drawn on application in the prescribed form by the depositor or the
person lega l ly entitled to claim on his behalf.
Where such application is made at the office of the bank, where the depositor's account is kept, the payment shall be on demand.
Where such application is made at any other office of the bank, the payment shall be made on the receipt by the paying officer of authority from the office in which the account is kept.
(2) The accounts of friendly societies in the bank may be
drawn upon by cheque in such form and subject to such conditions as
the commissioners may direct.
4 2 . (1) Where the whole amount at credit of a depositor,
exclusive of interest, docs not at the time of his decease exceed one hundred pounds, the commissioners, if they arc of opinion that such depositor died intestate, but without requiring proof of the issue or production of letters of administration of his estate, may in their discretion pay the said amount, or any part thereof, and any interest due thereon, to or among any of the following persons :—
(a) Any person who has paid the funeral expenses of the depositor.
(b) Creditors of the depositor.(c) The widow or widower of the depositor.
(d)
The person entitled to the effects of the depositor according to the statutes of distribution.
(e)
In the case of foreign seamen, the consular authority of any country with which a treaty has been made relative to the payment of moneys due to such seamen.
(2) The receipt of any of the persons mentioned in this
section shall be a good discharge to the commissioners for the sum paid,
and shall be binding on any widow, widower, or next of kin.
(3) If the commissioners under this section pay money to
any person who is afterwards proved not to have been legal ly enti t led '
thereto, the commissioners shall not be liable at suit of any person
who was so entitled.
| But this subsection shall not affect the remedy of the last- mentioned person against the person who has received the money. | Pass-books. |
4 3 . (1) Every depositor's pass-book shall be deemed to be the
property of the commissioners, and shall be delivered up as and when
required by them.
(2) Each depositor shall once in each year produce, or
cause to be produced, his pass-book at the office of the bank in which
his account is kept, for the purposes of examination and verification
on a day or days to be notified by the commissioners as hereinafter
| prescribed. | Such |
Such notice shall he published in the Gazette, and shall specify the times and places respectively at which the said pass-books shall be produced for the purposes aforesaid. A copy thereof shall be inserted in one or more newspapers circulat ing in the district where such office of the bank is open for the transaction of business, and posted in such places and in such manner as to the commissioners m a y seem expedient.
Guarantee by Crown.
4 4 . The repayment of a l l deposits in the bank, whether made
before or after the commencement of this Act, and the payment of interest thereon, shall be payable out of the funds of the commissioners held under this Part, and is guaranteed by the Crown. Any l iabi l i ty arising from such guarantee shall he payable out of the Consolidated Revenue fund.
DIVISION 2 .—BORROWING.
4 5 . It shall be lawful for the commissioners to borrow, and for
the Governor to guarantee the repayment of, any money which the commissioners may require in order to meet the demands of depositors desirous of withdrawing their deposits; and the Governor shall obtain from the commissioners such security for the protection of any such guarantee as may in his opinion be necessary or advisable.
4 6 . The Governor may, upon l ike security, by warrant under
his hand direct and authorise advances to be made to the commissioners
for the purposes of the bank out of the Consolidated Revenue Fund; but the fact that such advance has been made, and the amount of such advance shall, as soon as possible, be reported to both Douses of Parl iament.
DIVISION 3.—INVESTMENTS.
4 7 . All moneys received by the Savings Bank Department
after the constitution of the bank shall be invested and held, as near ly
as may be, as follows :—
(a)
fifteen per centum of such moneys shall consist of cash and deposits in the Treasury and in banks of issue in the State available at calf or at short notice, and interest thereon ;
(b) the balance of such moneys shall he invested in—
(i) premises used in the business of the commissioners, and in
freehold lands held by the commissioners in pursuance of
this Act ;(ii) upon mortgage of land in the State of an estate of
inheritance in fee simple ;
(iii) Government securities of New South "Wales, or of any other State in the Commonwealth ;
(iv)
(iv) deben tures issued by the Advance D e p a r t m e n t ; and (v) debentures lawfully issued by the municipal council of
Sydney, or t he counci l of any munic ipa l i ty in t h e Sta te . 48.
(1) N o loan from the Savings B a n k D e p a r t m e n t shal l be
made in respect of land subject to a prior mor tgage or charge in favour of any person o ther t h a n the commissioners , or unless the money len t is to be used to pay off such prior mor tgage or charge.
(2) The following provisions shall apply in respect of such
l o a n s —
(a) No loan shall be of less a m o u n t t h a n fifty pounds . (b) The amount of any loans to any one person shall not exceed
twenty-f ive t housand pounds . (c)
the amount of any loan shall not exceed three-fifths of the va lue of the in teres t of t he borrower in t he land and bui ldings,
or o ther p e r m a n e n t improvement s thereon. (d) Security in the form of a mortgage shall be taken for the
loan, and such mor tgage shall be regis tered w i t h o u t delay. (e) Dates shall be fixed for the repayment of the principal sum
and for the p a y m e n t of in teres t thereon. (f)
The whole of the principal sum with interest thereon shall be made repayable wi th in a period to he fixed by the commis sioners.
P A R T V I .
A D V A N C E D E P A R T M E N T .
D I V I S I O N 1 . — I S S U E OF D E B E N T U R E S .
49. (1) The commissioners may from t ime to t ime issue out of
| t he Advance D e p a r t m e n t deben tures | in the form of | Schedule Two or |
| to t h e l ike | purpor t . | ||
|
the reon shal l be a cha rge on all moneys and securit ies held by the commissioners on behalf of the said depar tment , and is hereby guaran teed by the Government . A n y l iabil i ty ar is ing from such guaran tee shall be payable out of t he Consolidated Revenue Fund :
Provided t h a t such charge shall not prejudice or affect the powers of t h e commissioners to reconvey, release, or discharge any of such securities, or the proper t ies comprised there in , or to sell or convey such proper t ies , or to foreclose such securities or propert ies, or to deal
| w i th | t he | same u n d e r | th is | Act . | 50. |
50. The to ta l a m o u n t of such deben tures so issued and uncan celled shal l no t a t any t ime exceed two mil l ion pounds , nor shall any such deben tures he issued whi le the to ta l a m o u n t t h e n issued and uncancel led exceeds by fifty thousand pounds t he a m o u n t of advances
t h e n unpa id .
51. Such debentures may be issued in different series. E a c h
series shall be n u m b e r e d consecutively, beg inn ing wi th t he n u m b e r
one and proceeding a r i thmet ica l ly by uni t s . 52. Such debentures shal l be signed by the commissioners, and
sealed wi th t h e commissioners ' seal, b u t shal l be issued only after t he
Audi to r -Genera l has certified t h a t t h e issue is in accordance wi th law. The deben tures shal l be regis tered in t h e depa r tmen t of t he Audi tor- General .
E v e r y such deben ture which has been s igned and sealed in accordance wi th th i s section shal l be good and valid as aga ins t t he commissioners .
53. Eve ry such deben tu re shall be for t h e sum of fifty-pounds
or some mu l t i p l e thereof, and shall have such cu r rency and shal l bear such in teres t , no t exceeding four pounds per c e n t u m per a n n u m ,
payable half -year ly from t h e Advance D e p a r t m e n t , as t h e commis
sioners m a y fix.
54. Deben tu res shal l he issued a t a m i n i m u m price to be
fixed b y the commissioners , and redeemed ou t of moneys in t h e Advance D e p a r t m e n t a t the i r face values , and m a y he issued to t h e
Savings B a n k D e p a r t m e n t , or sold in t he Sta te or elsewhere. 55. E v e r y such deben tu re shall be t ransferable by delivery
w i t h o u t a s s ignment or endorsement , a n d shall ent i t le t he bearer of t he same to be paid according to t he t enor thereof.
56. (1) Deben tu re s m a y be purchased by the commissioners out
of moneys in t he Advance D e p a r t m e n t a t or below the i r face value.
(2) A l l deben tures redeemed or purchased by the commis
sioners u n d e r th i s A c t shal l be cancelled. 57. I f any deben tu re is defaced by accident , t h e commissioners
m a y cancel t h e same, a n d cause a new deben ture to be made in l ieu
thereof, and such cancelled deben ture shall he filed in t he bank .
Such new deben tu re shall be to t h e l ike purpor t , and be in all respects subject to t h e same rules , me thods , and cont inuance , and bear t h e same n u m b e r , date, pr inc ipal sum, a n d ra t e of in teres t as such
cancel led deben tu re .
58. U p o n proof be ing m a d e on oa th before a J u d g e of t he
Sup reme Cour t by any credible person t h a t a n y d e b e n t u r e issued under th i s A c t a n d held by h im, t h e n u m b e r a n d s u m whereof is specified by h i m in his evidence, has been lost or acc identa l ly b u r n t
or
or otherwise destroyed before t he same has been paid off, and upon such J u d g e cert i fying t h a t he is satisfied wi th such proof, t h e commis sioners m a y cause a new deben ture to he made bear ing the same n u m b e r , date, pr incipal sum, and ra te of in teres t as the deben tu re so lost or destroyed, and to be delivered to such person upon his giving sufficient securi ty to t he commissioners to indemnify t h e m agains t any double p a y m e n t if t he miss ing document should thereaf ter be presented
| for | paymen t . |
59. All debentures issued under this Ac t shall have the s ta tus of " Gove rnmen t Secu r i t i e s " wi th in t he mean ing of t he A c t n u m b e r four of one thousand e ight hund red and n ine ty-e igh t ( the Trus tee A c t of 1898) a n d of any A c t in force for t he t ime being re la t ing to friendly societies ; and all corporat ions, companies , or co-par tnerships , and all t rus tees , executors , and adminis t ra tors , whe the r incorporated, established, or appoin ted before or after t he pass ing of this Act not expressly forbidden to invest the i r funds in t he purchase of Governmen t stock or securit ies by their char ter , A c t of incorporat ion, deed of settle men t , or of pa r tnersh ip , t rus t deed, se t t lement , t e s t amen ta ry or o ther i n s t r u m e n t whatsoever respectively, are hereby author ised and empowered to invest such funds in the purchase of and to hold such debentures as aforesaid w i thou t incur r ing or c o m m i t t i n g any breach
| of t r u s t or of any condit ion, res t r ic t ion, or provision | contained in any |
| such Ac t , char ter , | or other i n s t r u m e n t | whatsoever as | aforesaid. |
60. Deben tu res issued unde r th is A c t shall be inc luded in t he
exempt ions in t he Second Schedule to the S t a m p Dut ies Act , 1898.
61. The proceeds of the issue of debentures shall be carried to
| t h e | Advance | D e p a r t m e n t | and | applied | in p u r s u a n c e | of | this | Act . |
D I V I S I O N 2 . — L O A N S .
62. The commissioners may lend moneys from the Advance
| D e p a r t m e n t — |
(a)
upon mortgage of an estate of inheritance in fee simple in any land in the S ta te ;
(b) upon mor tgage of—
(i) conditional purchases with or without associated conditional l e a se s ;
(ii)
homes tead g r a n t s ; (iii) homestead selections ;
(iv) s e t t l emen t leases ; (v) se t t l ement purchases ;
(vi) condi t ional purchase leases ;
(c)
(c)
on deposit at call or short notice in the Treasury or any hank of issue in the Sta te or on deposit in the Savings B a n k D e p a r t m e n t .
63. (1) N o such loan upon mor tgage shall be made except for all or any of t he following purposes , which shal l be set out in t h e m o r t g a g e —
(a) to pay off ex is t ing encumbrances on or to purchase the land ; (b) to pay off money owing to the Crown in respect of t he land ;
(c) to make improvements on the land, or to improve and develop, or to ut i l ise t h e agr icu l tura l or pastoral resources of the land, or to enable the borrower to c a r r y on agr icu l tu ra l or pas tora l pursu i t s on the land ; (d) to bu i ld homes u p o n the land.
(2) I f any person applies any portion of a loan so made to any o ther t h a n the purpose for which i t was granted , t he commis sioners may cause his estate and interest in t he land to be sold, and the provisions of sections n ine ty- two, ninety-four , ninety-five, and n ine ty- six of t h e Conveyancing a n d L a w of P roper ty Act , 1898, re la t ing to a sale unde r section n inety-one of the said Act shall apply to a sale
u n d e r th is section of this Ac t . (3) N o such loan shall be made upon t h e securi ty of lands of an estate of inher i tance in fee s imple wi th in the boundar ies of a n y city, town, or vi l lage, whe the r so declared by proc lamat ion of t h e Governor or no t so declared.
(4) No such loan will be made on the security of l and held under t h e Crown Lands Acts (except certificated condit ional purchases) wi thou t t he consent of t h e Secretary for L a n d s or some officer appointed by h im in t h a t behalf.
64. To facilitate close se t t lement on pr ivate estates sui table for
t he purpose, t h e commissioners may m a k e advances to assist persons inpu rchas ing lands, and in connect ion wi th such advances t h e following
provisions shall apply : —
(a) The ti t le to the land m u s t be e i ther certificated condit ional purchase or freehold unde r the Real P roper ty Act , 1900.
(b) The amount of any such advance shall not exceed eighty per
c e n t u m of t he commissioners ' va lua t ion of t he secur i ty . (c)
A valuation of a farm for the purpose of an advance may be m a d e upon applicat ion, on the prescribed form, and u p o n paymen t of the prescribed fee.
(d)
A certificate may be issued to either the vendor or the purchaser by the commissioners, se t t ing out t h e a m o u n t t hey are prepared to advance upon a sound t i t le in any such fa rm ; such certificate shal l have force for t he t ime, and be subject
to the conditions there in named . (e)
(e) Condit ions and covenants may be inscribed in the m o r t g a g e deeds to secure close se t t l ement and the m a k i n g of such improvements as may he considered necessary. (f)
In all other respects loans under this section shall be subject to the same provisions as other loans from the Advance D e p a r t m e n t .
65. A l l appl icat ions for loans unde r five hundred pounds shall
have pr ior i ty over those of a larger amoun t .
66. (1) A n y borrower from the Advance D e p a r t m e n t , or unde r
t he Advances to Set t lers Acts , who is not in ar rear wi th t he p a y m e n t of any ins t a lmen t of pr inc ipal or any in teres t due in respect of his loan may on any day fixed for t he p a y m e n t of any such ins ta lment , or interest , repay to t he commissioners the whole of his deb t or any port ion thereof be ing five pounds or a mul t ip l e of five pounds .
(2) W h e r e the loan is repayable by ins ta lments and port ion
only of the loan is so repaid, the commissioners shall allow t h e a m o u n t so repaid to accumula te at in teres t a t a ra te to be fixed by the commissioners.
Such r e p a y m e n t shall not affect the obligation of the borrower
to pay the ins ta lmen t s provided in t h e m o r t g a g e ; b u t when the s u m deposited as aforesaid wi th the in teres t thereon amoun t s to t h e balance t h e n unpa id on the loan, t h e commissioners shall apply such s u m in r epaymen t of the loan and release the borrower and the land from the mor tgage .
(3) I n the case of a loan not repayable by ins ta lments , the a m o u n t of such r e p a y m e n t shall be deducted from the a m o u n t of t he loan, and thenceforward in teres t will only be payable on the reduced amount .
67. The costs and expenses which the commissioners may
| charge in respect of | t he m a k i n g of loans from the Advance | D e p a r t m e n t |
| shall no t exceed— |
(a) fees for stamps, registration, searches, and other expenses out
of p o c k e t : (b)
the prescribed fees for v a l u a t i o n ; (c) for other expenses, not more than two per centum on the
a m o u n t of the advance u p to one h u n d r e d pounds , and thereaf ter one-half per c e n t u m on the a m o u n t above one hundred pounds and u p to five hundred pounds, and one-fourth
per c e n t u m on the a m o u n t above five h u n d r e d pounds . 68. The following provisions shal l apply in respect of loans
| made | by | the Advance | D e p a r t m e n t : — |
(a) N o loan shall be of less a m o u n t t h a n fifty pounds . (b)
(b)
No loan shall he made in respect of land subject to a prior m o r t g a g e or charge , excep t a mor tgage or charge in favour of the commissioners, or unless t he money to be len t is to be used to pay off such pr ior mor tgage or charge .
(c)
A loan on the security of land not being a freehold or a certificated condit ional purchase shall be made repayable wi th in such period not exceeding th i r ty-one years as t he commissioners t h i n k fit by half-yearly ins ta lments w i th
in teres t added commenc ing wi th in n ine m o n t h s f rom the m a k i n g of t he loan. E a c h such r epaymen t to be made on t h e last day of M a r c h and the last day of Sep tember in each year , a n d to consist pa r t ly of pr inc ipa l moneys and par t ly of interest .
(d)
A loan may be granted on the security of a freehold or a certificated condit ional purchase repayable—
(i) by ins ta lments as in t he n e x t preceding pa rag raph provided ;
or
(ii) at the expiration of a fixed term not exceeding five years, d u r i n g which interes t only shall be payable ; or
(iii) by half-yearly i n s t a lmen t s wi th interest added ex tend ing over such period not exceeding th i r ty-one years from the date of expira t ion of the fixed te rm as may be specified in
t he mor tgage .
(e) The amount of any loans to any one person shall not exceed two thousand pounds . (f) The amount of any loan (except in the case of a loan under section sixty-four) shall no t exceed two- th i rds of t he va lue of the in teres t of t he borrower in t h e land and bui ld ings , or o ther p e r m a n e n t improvement s thereon , t h e subject
of t h e mor tgage s e c u r i t y ; b u t w h e n the l and is held as a
condi t ional lease, homes tead grant , se t t l ement lease, home stead selection, se t t l ement purchase , or condi t ional purchase
lease, or a condi t ional purchase as to which t h e first five year 's certificate has not issued, such a m o u n t shal l no t exceed one-half of the holder 's in teres t in t h e value of the improve men t s on t he land. (g) Securi ty in t he form of a m o r t g a g e shall be t a k e n for the loan, and such mor tgage shal l be regis tered wi thou t delay.
(h) Dates shall be fixed for t h e r epaymen t of t he p r inc ipa l s u m
and for t he p a y m e n t of in te res t the reon . (i) I f any interes t or in s t a lmen t is in a r rea r for more t h a n twen ty - one days, t he commissioners shal l charge t h e borrower in teres t on such in teres t or in s t a lmen t a t a ra te one pe r c e n t u m h igher
t h a n the ra te named in t h e mor tgage .
| 69. The following provisions shall apply to t h e land in respect of which a n y loan is made by the Advance | D e p a r t m e n t : — |
(a)
Where such land is held under the Crown Lands Acts, and has become forfeited for non-compliance wi th condit ions unde r those Acts , it shall thereupon vest in t he commissioners , and may be sold by t h e m to any person, who shall hold the same subject to any condit ions prescribed by the Crown Lands Acts b ind ing upon t h e former holder , b u t free from any l iabil i ty for any breach before such sale of any such condit ions, and the purchaser shall have six m o n t h s from the t ime of sale for complying with any unfulfilled improve m e n t condit ions in re la t ion to the land . The proceeds of such sale shall , af ter payment of any ou t s t and ing moneys due unde r the Crown Lands Acts , be appl ied in l iquidat ion of t he claims of the commissioners, any ba lance r ema in ing thereaf ter be ing paid into t he Treasury to the credit of the Lands D e p a r t m e n t . I n t he event of the commissioners fail ing to find a purchaser wi th in twelve mon ths , t h e land m a y be disposed of as Crown lands unde r the Crown Lands Acts .
(b)
Where any such land is so forfeited, any money received by or on behalf of t he Crown on account of t he improvement s on such land shall, to t he ex ten t of the a m o u n t owing to the commissioners for pr incipal and in teres t and for expenses incurred in connect ion wi th t he loan, be paid to t he commis sioners, after deduc t ing therefrom any moneys due a t the date of forfeiture for r en t or ins ta lments unde r t he Crown
Lands Acts . (c)
N o t h i n g in the Crown Lands Acts shall inval idate or affect any mor tgage given under this A c t to secure any loan or interest thereon or t he pursu i t of any remedy for the recovery of such loan or in t e res t ; and such mor tgage may be given and any sale or foreclosure may he effected the reunder ,
no twi ths t and ing t h a t t he land the subject of the mor tgage could not by t h e te rms of t he said Ac t s be transferred,
assigned, or otherwise dealt wi th .70. The following condit ions shall apply in respect of land
| subject | to any | m o r t g a g e | u n d e r | th is | P a r t | :— |
(a) Such land shall not, nor shall any part thereof, he transferred, assigned, let, or sublet w i thou t the previous consent in
wr i t ing of t he commissioners. (b)
A n y transfer, ass ignment , le t t ing , or sub le t t ing of such land, or any pa r t thereof, in cont ravent ion of th i s section, shall be void, and the commissioners may cause t he es ta te and in teres t of t he owner or lessee in such land to be sold.
(c)
(c)
W h e r e the owner or lessee of any such land becomes b a n k r u p t , t he commissioners may cause his estate and in teres t therein to be sold,
P A R T V I I . S U P P L E M E N T A L .
Adcances.
71. If any a m o u n t of pr incipal or interest due in respect of any loan made under the Advances to Sett lers Acts , or by the commissioners in pur suance of th is Act, on t he security by mort gage of land not held unde r the provisions of the Real P rope r ty Act, 1900, is unpa id for a period of th ree m o n t h s after the due date
thereof, the commissioners may, at thei r option, in lieu of t ak ing
proceedings in any court , m a k e appl icat ion to the Regis t ra r -Genera l in
wr i t ing for an order for foreclosure.Such applicat ion shall s tate t h a t such defaul t has been made as aforesaid, and t h a t the land, estate , or in teres t mor tgaged has been offered for sale by publ ic auc t ion by a licensed auct ioneer , and t h a t t he a m o u n t of t he h ighes t bid at such sale was not sufficient to satisfy t h e moneys so due, toge ther wi th t he expenses occasioned by such sale, and t h a t notice in wr i t i ng of the in ten t ion of the commissioners to make such appl icat ion has been given to the mor tgagor or other person enti t led to the equi ty of redempt ion , by leaving the same a t his usual or last known place of abode, if such place he wi th in three miles of the head office of the hank, or by forwarding the same by registered le t ter t h r o u g h the post office if such place be beyond tha t distance. Such applicat ion shall be accompanied by a certificate of the auct ioneer by whom such l and was pu t up for sale and such other proof of the ma t t e r s s tated there in as the Reg is t ra r -Genera l may require . The
s ta tements made in such appl icat ion shall he verified by the s t a tu to ry declarat ion of one of t he commissioners. The Regis t ra r -Genera l may , a t the expense of the commissioners, cause not ice to he published, once in t he Gazet te and once in each of three succeeding weeks in a t least one newspaper c i rcu la t ing in t he distr ict in which the mor tgaged land is s i tuated, offering such land for sale, and shall limit and appoint a t ime not less t h a n one month from the da te of t he publ icat ion in t he Gazet te , upon or after which the Reg i s t r a r -Genera l may issue to t he Commissioners an order for foreclosure unless in the in terval a sufficient a m o u n t has been realised by the sale of t he land to satisfy the pr incipal and interest moneys due and all expenses occasioned by such sale and proceedings.
Every
E v e r y such order for foreclosure unde r the hand of the Reg i s t r a r -Genera l shall, upon regis t ra t ion unde r t he Regis t ra t ion of Deeds Act , 1897, have t he effect of ba r r ing all r i gh t and equi ty of redempt ion in the said land on the pa r t of t he mor tgagor or of any
| person c la iming t h r o u g h | or under | h im. |
72. W h e r e land is sold by the commissioners for non-paymen t of pr incipal or interest of money lent or for breach of any covenant in t he i n s t r u m e n t of mor tgage securing the same, the land shall be freed from any charge in respect of t he loan. B u t where such land was a t the t ime of sale subject to conditions prescribed by the Crown Lands Acts , it shall he held by the purchaser and those c la iming under h im subject to the performance by t h e m of those condit ions. B u t he shall be free from any liabili ty for any breach before such sale of any condition u n d e r those Acts , and shall have six mon ths from the t ime of sale for comply ing wi th any unfulfilled improvement conditions in relat ion to
| t he | land. |
73. The commissioners by regula t ions may prescribe the form of mortgage-deeds under th is Act , and short forms of provisions to be inserted in such deeds, and may s ta te t he legal effect of such shor t forms when so inserted, which thereupon shall have the force of law : Provided tha t where the land, the subject of the mor tgage , is unde r the Rea l P roper ty Act, 1900, such forms shall not be inconsistent wi th t he forms prescribed by or unde r the said Act .
74. W h e r e an advance under the Advances to Sett lers Acts or this A c t has been m a d e upon the securi ty of lands held unde r the Crown Lands Acts , it shal l be the du ty of the person liable to repay such advance to fulfil all residence and o ther condit ions unde r those Acts and to punc tua l ly pay all rents , ins ta lments , or other moneys due to t h e Crown in connect ion the rewi th ; and if he fails to fulfil such condit ions or to m a k e such payments , or to fulfil any other condit ions or covenants unde r the mor tgage deed, t he commissioners may requi re p a y m e n t for thwi th of such of t h e pr inc ipa l moneys advanced as have no t been repaid, and all interest and charges thereon, and the reupon
| the same shall he so payable . |
75. If any a m o u n t of pr incipal or interest due in respect of any loan on mor tgage made by the commissioners is in ar rear for two years or upwards , it shall be the du ty of t he commissioners to exercise t he powers conferred on t h e m for t h e recovery of such amount .
Settlement of disputes.
76. If any dispute arises be tween the Commissioners and any depositor, or any executor , adminis t ra tor , nex t of k in , creditor, or assignee of a depositor who may become b a n k r u p t , or any persons c la iming to be such executor , adminis t ra tor , nex t of kin, creditor, or assignee, or to be ent i t led to any money deposited in the bank, t he
m a t t e r
m a t t e r in dispute shal l be referred in wr i t ing to t h e A t t o r n e y - G e n e r a l ; and wha tever award , order, or de te rmina t ion is made by the At torney- Genera l shall be final.
Bank represented in legal proceedings.
77. The commissioners , by the i r counsel , a t to rney , or agent ,
shal l be en t i t l ed to be beard before any land board or before any cour t in a n y case re la t ing to land in respect of which an advance or loan has been made under t h e Advances to Set t lers Ac t s or th i s Act .
Penalties.
78. A n y person employed in t h e business of the b a n k who direct ly or indirect ly takes a n y fee or reward from any appl icant for a loan unde r this Act , shall be dismissed from his office and be liable to impr isonment for any t e r m not exceeding two years, wi th or wi thou t hard labour.
79. A n y person who —
(a) h a v i n g any pecuniary in teres t in any land tendered as securi ty
for a loan u n d e r th is A c t ; or (b) be ing a p a r t n e r of t h e appl icant for a loan,
acts as valuer or adviser to t he commissioners in connect ion wi th such land or loan, shall be liable to a penal ty of not less t h a n fifty pounds nor more t han two hundred pounds, and shall also be dismissed from his office.
80. A n y person who, in respect of any loan or applicat ion for any loan, bribes, or a t t e m p t s to br ibe or cor rupt ly influence any person appoin ted or ac t ing unde r th i s Act , is liable to impr i sonment for a t e r m not exceeding two years, wi th or w i thou t hard labour.
81. A n y penal t ies imposed b y or unde r th i s Ac t m a y be
recovered before a s t ipendiary or police mag i s t r a t e or any two justices in pe t ty sessions. 82. If any person forges or al ters , or offers, u t t e r s , disposes of,
or pu t s off, k n o w i n g the same to be forged or al tered, any deed, ru le , order, bond, or wr i t ing obl igatory, or any acqui t tance , receipt, release,
account , or s t a t emen t , or any note , bill , or o ther secur i ty for p a y m e n t
of money , or le t ter , or power of a t to rney , or o ther i n s t r u m e n t in wr i t ing , or makes any false en t ry , or knowing ly makes u p any u n t r u e account , which concerns or relates to t h e affairs or business of the savings bank wi th in t en t to defraud, every such offender shall be gui l ty of forgery, and punished accordingly .
Regulations.
83. The commissioners m a y m a k e regula t ions for ca r ry ing ou t
the provisions of th is Act , and pa r t i cu la r ly—
(a) for t he m a n a g e m e n t of t he bank and the regu la t ion of its
b u s i n e s s ; (b)
(b) r egu la t ing proceedings a t meet ings of t he commissioners , and
t h e q u o r u m necessary for t he t ransac t ion of business ; (c)
for the control of the officers, valuators, servants, and agents of t he hank ;
(d) for fixing the emo lumen t s of valuators and a g e n t s ; (e)
for regu la t ing t h e receipt and r e p a y m e n t of deposits and the
p a y m e n t s of interest thereon ; (f) r egu la t ing applicat ions for and the m a k i n g of loans by the b a n k ;
(g) prescribing the fees payable in respect of such applications
and l o a n s ; (h) for t he keeping of the accounts of the bank .
84. Eve ry such regula t ion, when approved by t h e Governor
and publ i shed in the Gazet te , shal l have t he force of law.
85. (1) A copy of every such regula t ion shal l be deposited wi th t he Pro thonota ry of t h e Supreme Court , who shall , w i thou t fee, file t h e same of record in t he Court .
(2) Al l depositors and borrowers and the i r representa t ives
shall be deemed to have not ice of t he regulat ions .
(3) Eve ry copy so filed, or a certified copy thereof, shall be received in all cour ts as evidence of t he regula t ions therein conta ined and of the i r hav ing been duly made and approved as aforesaid.
(-1) A copy of every regula t ion shall be laid before Pa r l i amen t
wi th in four teen days after publ icat ion in the Gazet te , if Pa r l i amen t be t hen in session, and, if not , t h e n wi th in four teen days after the
| c o m m e n c e m e n t | of | the | n e x t | ensu ing | session. |
S C H E D U L E S .
S C H E D U L E O N E .
Repeal of Enactments.
Number of Act. Title of Act. Extent of repeal.
| A c t No. 1, 1899 | ... | Advances to Set t lers Act , 1899 | The whole. | ||
| Ac t No. 1, 1902 | .. . | Advances to Set t lers (Amendment ) Act , 1901 .. . |
|
| Ac t No. 72, 1902 | .. . | Government Savings Bank Ac t , 1902 | .. . | The whole. |
| A c t | No. | 106, | 1 9 0 2 . . . | Advances to Set t lers (Amendmen t ) | Act , | 1902 . . . | The whole. |
| Act No. 20, 1903 ... | Government Savings Bank (Amendmen t ) Act . | The whole. |
1903.
s S C H E D U L E
S C H E D U L E T W O .
N E W S O U T H W A L E S .
N u m b e r
GOVERNMENT SAVINGS BANK ACT, 1906.
£
Debenture.
W E , the Commissioners of the Government Savings B a n k of New South Wales , hereby
acknowledge t h a t the holder of th is deben ture is ent i t led to be paid, on t he day of
, t he sum of pounds, and t h a t un t i l such payment is made we will, a t
the H e a d Office of t he Commissioners a t Sydney, on every day of and
day of , pay to the bearer of this deben ture in teres t on the said sum at
the ra te of per cen tum per annum. The said sum and in teres t are by t he above-mentioned A c t guaran teed by the Government of N e w South Wales .
Given u n d e r the common seal of t he Commissioners of the Government Savings
Bank of New South Wales , in t he S ta te of N e w South Wales , a t Sydney,
th is day of 19 (L .8 . )
Commissioners.
Regis tered a t t he A u d i t Office, Sydney, in t he register of debentures of the Government
Savings Bank of N e w South Wales , folio , this day of 19 .
Auditor-General ,
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