Rural Bank (Personal Loans Department) Act 1944 (NSW)

RURAL BANK (PERSONAL LOANS

DEPARTMENT) ACT.

Act No. 3, 1944.

G«oTee VI. A n Act. to provide for the constitution of a Personal Loans Department of the Dural Bank of New South Wales; for this and other purposes to amend the Government Savings Bank Act, 1906, and certain other Acts in certain respects; and for purposes connected therewith. [Assented to, 2 7 t l i March, 1944.]

No. 3, 1344.

BE

Rural Bank (Personal Loans Department) Act.

IPJE it enacted by tbe King's Most Excellent Majesty,	3^944.
I J by and with the advice and consent of the Legis­ lative Council and Legislative Assembly of New South Wales in Parliament assembled, and by the authority of the same, as follows :—-

1. (1) This Act may be cited as the “ Rural Bank siiorttitle

(Personal Loans Department) Act, 1944.”	and com-
(2) This Act shall commence upon a day to be appointed by the Governor and notified by proclamation published in the Gazette.

2 . The Government Savings Bank Act, 1906, as Amendment

amended bv subsequent Acts is amended— or Act

“ . . No. 48, 190ft.

(a)	by inserting after Part VIb the following new xewPart
P a rt:— vie.

PART Vic.

P ersonal L oans D e p a r t .\ie n t .

TOaaa. There shall be a Personal Loans Personal

Department of the Bank. Pepartment.

TOaab. Out of the Personal Loans Department Power to

the Bank may grant fixed or amortization loans f,'amô rtifa-

to any person or persons for such purposes and tion loans,

on such security, personal or otherwise, and at

such rates of interest or discount and subject

to such covenants, conditions and provisions as

the Bank may determine.

70aac. Tlie Bank may through the Personal Insurance-

Loans Department insure against the death of

any borrower or provide for the insurance borrower,

against death of any borrower during the

currency of a loan made to him.

70aad. For the purposes of the Personal Advances

Loans Department moneys may be transferred

by way of advance from the Rural Bank Department.

' Department to the Personal Loans Department.

The moneys so transferred shall be repayable

' with interest at such rates and upon such condi­

tions as the Bank may determine.

70aae. (1) After making such deductions as Ueserv*

the Bank thinks fit from the earnings of the Personal Loans Department in respect of the estimated losses in connection with the opera­ tions of the said Department the net profits

earned

18                   Loan Act.

No. 8, 1944.	earned during? any year sliall be act apart towards a Eeserve Fund to meet any further loss or deficiency in eoimection with the Department.
(2) Any deficiency in the said Re.serve Fund at the end of any financial year of the Bank shall be made good out of moneys provided by Parliament upon such deficiency being certified to by the Bank.
Sec. 3.

(Division (b) by inserting in section three next after the

into Parts.)

matter relating to Part VIb the following words

and figures:—

PART Vic,— P ersonal L oans D e p a r t m e n t

— ss . 70 a.aa- 7 0 aae.

See. 23. (c) (i) by omitting from subsection one of section

< De part- twenty-three the word “ three’' and by

111 eiits of

Die Dank.) inserting in lieu thereof the word “ four” ;

(ii)  by inserting at the end of the same sub­ section the following new paragraph :—

(cl) the Personal Loans Department.

Si.'C. 4S.\,	(d) by inserting next after paragraph (j) of section
(Kiiial Ilsiik

] l.̂ jiii rt- 48 a the following new paragraph:—

J t i e l i t . ) (k) transfer moneys by way of advance to the Personal Loans Department.