Government Savings Bank Act of 1870 No 6a (NSW)

No. XV.

An Act to grant additional facilities for depositing small Savings at Interest with the Security of the Government for due repayment thereof. [6th April, 1871.]

WHEREAS it is expedient to enlarge the facilities now available for the deposit of small savings and to give the direct security	of the Consolidated Revenue to every such depositor for repayment of
all moneys so deposited by him together with interest due thereon
Be it therefore enacted by the Queen's Most Excellent Majesty by and with the advice and consent of the Legislative Council and Legis­ lative Assembly of New South Wales in Parliament assembled and by the authority of the same as follows :—

1. I t shall be lawful for the Governor with the advice of the

Executive Council to authorize and direct any Postmaster or other Officer of the Post Office or the Shipping Master at any Port within
the Colony to receive deposits for remittance to the General Post

Office and to repay the same under such regulations as the Governor

with the like advice may prescribe in that respect.

2. Every deposit received by any Postmaster or other officer

shall be entered by him at the time of such receipt in the Depositors Pass Book and the entry shall be attested by him and by the dated stamp of his office and the amount of such deposit shall upon the day of such receipt be reported by such Postmaster or other officer to the Postmaster General and the acknowledgment of the Postmaster General signified by the officer whom he shall appoint for the purpose shall be forthwith transmitted to the depositor and the said acknowledgment shall be conclusive evidence of his claim to the repayment thereof with the interest thereon upon demand made by him on the Postmaster General and in order to allow a reasonable time for the receipt of the said acknowledgment the entry by such Postmaster or other officer in the Depositors Pass Book shall be conclusive evidence of title for twenty days from the lodgment of the deposit and if the said acknowledgment shall not have been received by the depositor through the post within twenty days and he shall before or upon the expiry thereof demand the said acknowledgment from the Postmaster General then the entry in his book shall be conclusive evidence of title during another term of twenty days and so on from time to time Provided always that such deposits shall not be of

demand as aforesaid.

less amount than one shilling nor of any sum not a multiple thereof

nor of greater amount whether by one or by successive payments than

two hundred pounds to the credit of any one account.

3. On demand of any depositor or person legally entitled to

claim on account of a depositor made in such form as shall be

prescribed in that behalf for repayment of any deposit or any part
thereof the authority for such repayment shall be transmitted to such

depositor forthwith and he shall be absolutely entitled to repayment of any sum or sums that may be due to him at any office where deposits are received and paid within ten days at furthest after such

4. N o officer au thor ized to receive or pay deposits unde r th i s Ac t shall disclose t h e n a m e of any depositor or t he a m o u n t deposi ted or w i thd rawn by such depositor wi thout t he permission of t h e Post­ master Genera l or of such o ther officers or persons as m a y be appointed to assist in ca r ry ing th is Ac t into operat ion.

5. Al l moneys so deposited as aforesaid shall for thwith be paid over to t he Colonial Treasurer and be by h i m placed to t he credit of a Trus t Fund to be called the Government Savings Bank Trus t Fund and m a y be invested in any Government securities having Par l i amenta ry au thor i ty or deposited wi th such Incorpora ted B a n k i n g Company as t h e Governor wi th the advice of the Execu t ive Counci l may from t ime to t ime appoint A n d such moneys shall be a charge; upon the Consoli­ dated Revenue and all sums wi thdrawn by depositors or by persons legally ent i t led to claim on account of depositors shall be repaid to such depositors or persons out of t h e said Trus t Fund or out of t he proceeds of such Government securities th rough the office of t he Pos t ­

master	General .
G. I f a t any t ime the moneys received u n d e r t h e au thor i ty of

th is A c t shall be insufficient to m e e t t he lawful claims of all depositors and persons as last aforesaid it shall be lawful for t he Governor w i th t h e advice aforesaid upon be ing duly informed thereof by t h e Colonial Treasurer to author ize by w a r r a n t u n d e r his h a n d the issue of t h e a m o u n t of such deficiency out of t he Consolidated Revenue of t h e Colony and the Colonial Treasurer shall repor t such deficiency to bo th

Houses of Pa r l i amen t .

7. The interes t payable to depositors shall be fixed and deter­
mined from t ime to t ime by the Governor wi th t h e advice of t h e

Execu t ive Counci l a n d shall no t exceed the r a t e of four pounds pe r

c e n t u m per a n n u m b u t such in teres t shal l no t be calculated on any

a m o u n t less t h a n one pound or some mul t ip le thereof a n d shall no t

commence un t i l t h e first day of t h e calendar m o n t h n e x t following t h e day of deposit and shall cease upon the first day of t he calendar m o n t h in which such deposit is w i thd rawn .

8. I n t e r e s t on deposits shall be calculated to t h e thirty-first

day of December in every year and shall be added to and become pa r t

of t h e pr incipal money .

9. Deposits may be received under this A c t from any minor or
from a pa ren t or other relative of a minor in the n a m e and on behalf

of such minor and such deposits shall be repaid on the appl icat ion in

wr i t ing of such paren t or other relat ive or of the minor himself in case

he shall have made the deposit and the receipt of any such minor	at tested by one witness shall be a sufficient discharge	no twi ths tand ing
the infancy of such minor .

10. Deposits made by a marr ied woman wi thout notice to the Pos tmas ter Genera l of her marr iage may be repaid to he r unless t he husband of such woman in any case where no order has been m a d e by a Court J u d g e or Jus t ices of the Peace protect ing he r earnings or proper ty shall give to t he Pos tmas te r General notice in wr i t ing of such marr iage and shall require paymen t to be made to himself as such husband in which case t he Pos tmaster General may in his discretion pay any such deposit together wi th any interest due in respect thereof or any por t ion of t he same as he shall t h i n k fit to such husband or to such woman respectively.

1 1 . W h e n the Trustees of any bank commonly known as the

P e n n y Savings B a n k shall have determined to close such bank for t he receipt of deposits and shall have given public notice of such in tent ion by adver t isement in a newspaper c irculat ing in the town or district in which such bank is s i tuate such Trustees may if they th ink fit t r ansmi t under the hands of a majority of their n u m b e r to t he Pos tmas ter General

c a

a certified list of such depositors as shall no t have applied to t h e m to receive the i r deposits and of t he amoun t s due to t h e m respectively and t h e Pos tmas te r Genera l m a y the reupon receive as a deposit unde r th i s A c t t he moneys remain ing in t h e hands of t h e Trustees if t h e s u m shal l be sufficient to discharge t he whole of t he liabilities of such Trustees to t h e depositors set forth in t h e said list and the certificate of t h e Pos tmas te r Genera l shall be a sufficient discharge to t h e said Trustees in respect of all such moneys so paid over and all such moneys shall be received and held subject to t he r igh ts and claims of t h e depositors named in such list who shall thencefor th be considered to be depositors unde r t h e provisions of th is A c t and shal l be ent i t led subject to t he requ i rements of th is A c t on present ing the i r pass-books to any Post­ mas te r or other officer authorized by th is A c t to receive deposits to c laim p a y m e n t of t he sums shewn by the said list to be due to t h e m respectively together w i th t he interest accrued thereon.

12. I t shall be lawful for t h e Governor wi th t he advice of t h e

Execu t ive Counci l to m a k e a n d from t i m e to t i m e as occasion shall

r equ i re to a l ter regula t ions prescr ib ing t h e mode of keep ing and examin ing the accounts of depositors and for t h e super in tendence a n d inspect ion thereof a n d also wi th respect to t h e m a k i n g and wi thdrawal of deposits and t h e in teres t t he reon and to t h e a m o u n t of deposits and t h e pos tage a n d o ther charges to be pa id by depositors and to all o ther m a t t e r s inc identa l to t h e adminis t ra t ion of th is A c t A n d all such

regula t ions shal l u p o n publ ica t ion in t he Government Gazette

have t h e full 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 A c t A n d copies of all regula t ions issued under

t h e au tho r i t y of th i s Ac t shal l be laid before bo th Houses of Pa r l i amen t

w i t h i n four teen days from t h e da te thereof if P a r l i a m e n t shall be t h e n

s i t t ing a n d if no t t h e n wi th in four teen days from t h e commencemen t

of t h e n e x t ensu ing Session thereof.

13 . A n a n n u a l account of all deposi ts received a n d paid u n d e r

t h e au tho r i t y of th i s A c t a n d of all expenses incur red d u r i n g t h e year

end ing on t h e thi r ty-f i rs t day of December toge the r w i th a s t a t emen t

of t h e to t a l a m o u n t due a t t h e close of t h e year to al l depositors and of t h e cash a n d securities t h e n held shall be laid before bo th Houses of P a r l i a m e n t no t la te r t h a n t h e thirty-first day of M a r c h in each year

if Pa r l i amen t be t h e n s i t t ing and if no t t h e n wi th in fourteen days from

the commencemen t of t he nex t ensu ing Session thereof.

14. The a n n u a l accoun t s to t h e thir ty-f i rs t day of December in

each year in respect of all moneys deposited and paid unde r t he

au tho r i t y of th i s Ac t shall pr ior to t h e thirty-first day of M a r c h 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 .

15. Al l expenses incu r red in t h e adminis t ra t ion of th is A c t

shall be pa id out of t h e moneys	received	u n d e r	t h e	au tho r i t y of th i s
Ac t .

16. This A c t shal l be styled and may be ci ted as t h e " Govern­

m e n t Savings B a n k A c t of 1870 . "

N o . X V I .