Government Savings Bank (Amendment) Act 1903 (NSW)

Act No. 20, 1003.

An Act to amend the Government Savings Bank

Act. 1902. [5th December, 1903.]

BE it enacted by the K i n g ' s Most Exce l len t Majesty, by and wi th t h e advice and consent of the Legislat ive Counci l and Legislat ive

Assembly of N e w South "Wales in Pa r l i amen t assembled, and by the au tho r i t y of t he same, as follows :—

1. This Ac t may be cited as the " Governmen t Savings L a n k ( A m e n d m e n t ) Act , 1 9 0 3 , " and shall be const rued as one wi th the Gove rnmen t Savings Bank Act , 1902, hereinafter called the Pr inc ipa l Act .

2. Sections four, ten, and th i r teen of t he Pr incipal Ac t are

hereby repealed.

3. The Governor may authorise and d i rec t—

case of Fr iendly and Char i tab le Societies and Trade Unions .
(a) such officer of the postal depa r tmen t of t h e	Commonwea l th

upon whom duties in respect of the adminis t ra t ion of t he Pr inc ipa l Ac t have been imposed by and under t h a t A c t ; or

(b) any officer of the State d e p a r t m e n t s ;

to receive deposits not exceeding three hundred pounds , except in t he case of Fr iend ly and Char i table Societies and Trades Unions , for r emi t t ance to the Treasury, and to repay the same unde r such

regula t ions as the Governor m a y presc r ibe :

Provided tha t such deposits shall not be of less a m o u n t t han one
shil l ing, nor of any sum not a mul t ip le thereof, nor exceed a total of
th ree h u n d r e d pounds to t h e credit of any one account , except in t he

4. Subsection two of section live of Hie Principal Act shall not apply to deposits made at head office, h u t the ent ry as prescribed by subsect ion one of t ha t section shall be conclusive evidence, with respect to deposits made at head office, of t he depositors claim to the

r e p a y m e n t of such deposit, toge ther with the in teres t thereon.

5.    In te res t on deposits shall be calculated to the th i r t ie th day of

J u n e and the thir ty-first day of December in every year, and shall be added to and become part of the principal money.

6.    (1) An a n n u a l account of all deposits received and paid unde r

this or the Principal Act, and of all expenses incurred dur ing the year ending on 1he th i r t ie th day of J u n e , together with a s t a t emen t of the to ta l amount due at the close of the year to all depositors, and of the cash and securit ies t hen held, shall be laid before both Houses of Pa r l i amen t not later t han the thir ty-f irs t day of October in each year,

it' Pa r l i amen t is t hen s i t t ing, and if not , t h e n wi th in fourteen days

from the commencemen t of the nex t ensu ing session.

(2) Such a n n u a l account to the th i r t ie th day of J u n e in

each year shall , prior to the th i r t i e th day of September in each year,

be submi t ted for examina t ion and aud i t to the Audi tor -Genera l .