Government Savings Bank (Amendment) Act 1923 (NSW)

GOVERNMENT SAVINGS BANK

(AMENDMENT) ACT.

Act No. 32, 1923.

An A c t t o a m e n d t h e G o v e r n m e n t S a v i n g s B a n k

A c t , 1 9 0 6 , a n d c e r t a i n o t h e r A c t s ; t o va l i ­

d a t e c e r t a i n a c t s of t h e C o m m i s s i o n e r s ; a n d

for p u r p o s e s c o n n e c t e d t h e r e w i t h . [ A s s e n t e d

t o , 1 9 t h D e c e m b e r , 1923 . ;

BE it enacted by the K i n g ' s Most Exce l l en t	by and wi th the advice and consent of t he Legis­
lat ive	Council and Legis la t ive Assembly of N e w South

Majes ty ,

Wales in P a r l i a m e n t assembled, and by t h e au tho r i t y of

t h e same, as follows :—

1. This A c t may he cited as t h e " G o v e r n m e n t

Savings B a n k ( A m e n d m e n t ) Ac t , 1923 , " and shall be

cons t rued with the G o v e r n m e n t Savings Bank Ac t , 1900,

and any Acts a m e n d i n g the same. The Government

Savings B a n k Ac t , 1900, as so amended , is hereinaf ter

called t he Pr inc ipa l Ac t .

for

2. N o t w i t h s t a n d i n g the provisions of t h e Pr inc ipa l

Ac t , t h e salary payable to the pres ident for t h e financial year commenc ing on t h e first day of J u l y , one t housand n ine hund red and twen ty -one , shal l be two t housand pounds , and t h e salary payab le to each of the o the r commissioners for t he same year shall be one thousand

seven h u n d r e d and fifty pounds .

3 .     The Pr inc ipa l Act is amended by omi t t i ng section

eleven and subs t i t u t ing	therefor	t he fol lowing	new
section :—

1 1 . From t h e first day of J u l y , one t h o u s a n d

n ine h u n d r e d and twen ty - two , t he pres ident shall ,

for his services, he paid out of t he funds of t h e hank a salary at t he ra te of two t housand five h u n d r e d pounds pe r a n n u m , and each of the o ther commissioners shall he paid out of t he said funds a salary a t the ra te of two thousand pounds per a n n u m .

(1) The Pr inc ipa l Ac t is fur ther amended by inse r t ing in paragraph (b) of section s ixty-four after the word " s e c u r i t y " the words " n o r more t h a n t h r ee

4.

t housand pounds . "

(2) All advances m a d e by the commissioners

pr ior to t he c o m m e n c e m e n t of th i s Act u n d e r section

s ixty-four of t h e Pr inc ipa l Ac t in excess of two

t h o u s a n d pounds and u p to th ree thousand	pounds are
hereby	val idated.

5. The Pr inc ipa l A c t is fur ther amended—

(a)	by inser t ing in subpa rag raph (iv) of p a r a g r a p h (b) of section forty-seven after t he word " debentures " t he words " or inscribed stock " ;
(b)	by omi t t i ng from section s ix ty-e ight t h e proviso to pa rag raph (b) and by inse r t ing the following proviso in lieu thereof :—

" Provided t h a t such loans m a y be made not­ wi ths t and ing the exis tence of prior charges in

respect of Crown improvements , or wire-
ne t t i ng , or of o ther s t a tu to ry charges upon the
land, so long as t he a m o u n t of a n y such loan,

when added to the a m o u n t owing or legally

claimable in respect of such charges , does not

exceed the l imi ta t ions imposed by pa rag raphs

(c), (d), or (e) of th i s section, respectively " ;

(c) by m a k i n g the following a m e n d m e n t s in sec­

t ion s ix ty-nine :—

(i)   By inserting after the words " Crown Lands A c t s " where first appea r ing the words " and whe the r such loan has been made or such land forfeited before or after the commencement of t he Govern­ ment Savings Bank ( A m e n d m e n t ) Act , 1923 " ;

K (ii)

(ii) in subsect ion one omi t t h e words " n o t

exceeding twelve m o n t h s " and inse r t

in l ieu thereof the words " o f t w o years " a n d by add ing a t t h e end of t he subsect ion t h e words " t ak ing effect

or for such fur ther period as t he Min is te r

for Lands (or t h e W a t e r Conservat ion and I r r iga t ion Commission, if the l and is w i th in an i r r iga t ion area) may allow " ;

(hi) in subsection two after t h e word " f o r ­

fe i ture " inser t t he words " or such fu r ther period as m a y be agreed to b y t h e commissioners " ;

(iv)   in subsection four after the words " to sell t h e land " inser t t h e words " unde r th i s subsect ion or " ;

(v) in subsect ion live omi t t h e words

" twelve m o n t h s " and inser t in l ieu thereof the words " two years or such fu r the r period as m a y have b e e n a l lowed," and a t t he end of t he said subsect ion add the following proviso :—

Provided t h a t a t any t ime before t h e

Minis te r for Lands or t he Commiss ion notifies t he l and as avai lable for a n y class of ho ld ing the commissioners m a y revoke in wr i t ing t h e not ice t h a t t h e y

are unab le to sell t he l a n d ;

(vi) by a d d i n g the fol lowing subsect ions

n e x t after subsect ion five :—

(6) A n y sale u n d e r th i s section m a y

be m a d e on such t e r m s a n d condi t ions

as the commissioners t h i n k fit, a n d	n o
sale m a d e by t h e commissioners pr ior	t o

t h e	c o m m e n c e m e n t	of	t h e	G o v e r n m e n t
Savings	Bank	( A m e n d m e n t )	A c t ,	1923 ,

shal l be deemed to be inval id by reason only of the non-compl iance wi th any of the provisions of th is section.

(7) U p o n a n y sale by t h e commis ­

sioners unde r th is section a p u r c h a s e r shall no t be bound to see or i nqu i r e a s to w h e t h e r a case has ar i sen to au tho r i s e

t he s a l e ; (d)

(d) by inserting the following new section next after section ninety-l ive :—

96. Upon the commissioners be ing served wi th any order made by the High Court of Aus t ra l ia or a jus t ice thereof, or the Supreme Cour t of N e w South Wales , or a j udge thereof, r e l a t ing to inscribed stock or debentures hav ing the effect of ves t ing inscribed stock or deben­ tu res in any person, or hav ing the effect of ves t ing in any person money a t the credit of any depositor, or having the effect of ves t ing in any person surplus money held by the bank after a sale of any securi ty, t he commissioners

shal l car ry such order in to effect :
(e)	by m a k i n g the following a m e n d m e n t s in para­
g raph (e) of section n ine teen , n a m e l y —

(i) by o m i t t i n g t he words " by sections

n inety-one	to one h u n d r e d and th ree of
t he Conveyancing and Law of	P r o p e r t y

Act , 1 8 9 8 " and by inser t ing in l ieu thereof t he words " by Division 3 of P a r t V I I of the Conveyancing Act , 1919 " :

(ii)    by omi t t ing t h e words " n i n e t y - o n e " and inser t ing in l ieu thereof the words " o n e hund red and eleven of t he A c t " ;

(iii) by omi t t i ng t he words " Provided t h a t

t he notice of sale unde r section n ine ty - th ree aforesaid shal l be for three m o n t h s ins tead of six m o n t h s " ;

(f)	by inserting in subsection one of section forty-
two after t he words " h i s es ta te i s " the word

" n o t " ;

(a ) (0 u y inser t ing in pa r ag raph (a) of section

seventy after t he word " mor tgaged " t h e

word " charged " ; and

(ii) by inser t ing in p a r a g r a p h (b) of the same

section after t he word " m o r t g a g e " t h e

word " charge " ;

(h)	by inser t ing in p a r a g r a p h (k) of section e ighty- th ree after t h e words " i n s c r i b e d s t o c k " t h e
word " d e b e n t u r e s . "

6 . The Government Savings Bank Amendment Act,

1913, is amended as follows :—

(a) By inserting in section fourteen as inserted by the Government Savings Bank (Rural Bank) Act, 11)20, after the word "debentures" the words '"' or inscribed stock " ;

(b) by omitting section seventeen;

(c) by omitting from the Schedule the paragraph which amends section eleven of the Govern- ment Savings Bank Act, 1900.

7 . The Savings Banks Amalgamation Act, 1911, is

amended as follows : —

(a) By omitting from subsection one of section twelve the word " t e n " and inserting in lieu thereof the word " twenty " ;

(1)) by omitting subsection four of the same

section.