Savings' Bank Act 1832 No 11a (NSW)

No. XIII.

An Act to establish a Savings' Bank in New savikqs- bank .

South Wales and to provide for the Manage­ ment thereof and for the Security of Deposits therein. \^th March, 1832.]

TH ERE AS it is desirable for the encouragement of frugality that Proambie.

Y V persons possessing small sums of money beyond what they

require for the supply of their immediate wants should be afforded an opportunity of depositing the same on good security to accumulate at compound interest and to form a provision for themselves and families

2 p Be

298	No. 13.	2" GUL. IV.	1832.
Savings' Bank.

Estalblisliing a

Be it therefore enacted by His Exeelleney the Governor of New South

Savings’ Bank.

Wales by and with the advice of the Legislative Council That an Institution to he called the “ Savings’ Bank of New South W ales” shall he established in New South Wales for the receipt management and security of such deposits and shall bo regulated according to the provisions hereinafter to he established.

Govcrnov to be

President.

2. And he it further enacted That the Governor of New South

Wales for the time-being shall he the President of the said institution

Management vested and that the management of the affairs of the same shall he vested in

o” whonTto brŝ tyied Trustces to hc nominated by the said Governor of whom one shall

Vice-President. ̂

be stylod Vicc-President and that all or any of such Trustces shall and may from time to time he removed from office and re-appointed or another or others appointed in his or their place or stead in case of any such removal or any vacancy happening as the said Governor shall from time to time think fit and every such nomination re­ appointment or fresh nomination of any such Trustee or I’rustecs as aforesaid shall hc signified by the publication of an order to that effect in the Neio South Wales Government Gazette.

Trustees to frame

Vice-President and 3. And be it further enacted That tlic said Vice-President and

rules	other Trustees w hose nomination shall have been so publicly signified shall and may ]U’oceed to frame such rules and regulations for the conduct and management of the said Savings’ Bank as to them shall seem meet and may from time to time alter and modify tlic same as
to be submitted for
the Governor’s	occasion shall require Provided always that no such rules or regula­
approval.	tions shall he deemed valid or he acted upon until the same shall liave been submitted to the Governor for his approval and shall have been confirmed and allo-wed by him under his hand.

farther enacted That it shall and may be lawfful

on certain days to be foi’ aiiy two 01’ moi’c of sucli Ti’ustees at sucli time and place as shall appointed by rules flxcd by sucli rulcs coiifii’mcd and allmved as aforesaid and at no

other time or place whatsoever to receive from any person or persons in the way of deposit any sum or sums of money not being of value less than one shilling nor more than thirty pounds and shall then and there cause the same to he entered in a hook to be provided for that purpose to the credit of the party making such deposit or of such other person as he or she may appoint and one or more of the

and tlie same to be

paid over to the	Trustees by wdiom such deposits were received shall on the same day
Colonial Treasnrer.	pay the entire amount of the same to the Colonial Treasurer who is hereby authorized and required to receive and give a discliarge for such amount and to place the same to the credit of the Vice-President and Trustees of the Savings’ Bank of New South Wales in an account to be opened and kept by him for that purpose.

General meetings of 5 . ^jyd bc it further cnactcd That on a day to be appointed in quarterly for produo-the first w’eek respectively oi tfie montfis ot January April July and tion of accounts Octobci’ in evcry year there shall bc a general meeting of the said

Trustees at which the Vice-President and at least one-half of the other Trustees shall attend or in the necessary absence of the Vice­ President at which five of the Trustces shall attend for the purpose of placing out at interest on security to bc approved by them and under the conditions hereinafter described such sums of money as may have been deposited during the three months last preceding and at such meeting the Vice-President or presiding Trustee shall produce and exhibit the Treasurer’s accounts containing a statement of the sums received by him during that period on account of the Savings’ Bank and of the balance remaining in his hands to the credit and in

such meetings to favoui’ of the afoi’csaid Vice-President and Trustees and it shall

nnmkroll'"ecurities lawful foi’ tlio I' îcc-Pi’esidcnt OT otliCT I’l’iistccs attending such

per cent.

at not less than £8 general meeting or the major part of them out of the lialancc in the

hands of the said Treasurer to discount, at a rate of interest not

less

1832.	2̂ GUL. IV.	No. 13.	299
Savings’ Bank.

less than eight pounds per centum per annum bills of exchange or promissory notes of an amount not exceeding five hundred pounds and hearing the names of not less than three persons to be approved of at such meeting and payable at a period not exceeding six calendar months from that time or to bargain and agree to lend the same upon the security of any real properties in the said Colony of Now South Wales to an amount not exceeding two-thirds of the value of such property as estimated by the majority of the Trustees then and there present or in such manner as they may think proper to direct and in case the Trustees then present shall direct a valuation of the premises to he taken the same shall be at the expense of the person applying for such loan and an adjourned meeting if necessary may hc held at anytime within fourteen days then next following for determining the same and in case such m(;eting or adjourned meeting as aforesaid shall approve of making any such loan either on hills of exchange or promissory notes as aforesaid or on the security of any such properties as aforesaid the same shall he made at interest not less than eight

pounds per centum per annum to he paid half-yearly Provided always no loan to ono

that no sum or sums of money belonging to the depositors in the fjijXocî iionnds*

Savings’ Bank so lent to any ono person or at any one time in his

])osscssion sliall exceed five hundred pounds in the whole and provided a mortgago bond

also that for each and every sum so lent on the security of any real be* taken

property as aforesaid a mortgage he given on the said property and on rcai'proiierty.

also a bond in double the amount with a warrant of attorney to con­

fess a judgment thereon shall he granted by the borrower and that if

the interest on any such loan shall he at any time more than three

months in arrear and shall not ho paid on demand the said Trustees

shall cause judgment forthwith to hc entered up on the said warrant

of attorney and execution to hc sued out thereon.

6 . And he it further enacted That the said Trustees or tlie Balance sbect to be,

Government Gazette.

major part of them shall within one calendar month from the close remaining in the hands of the Treasurer on their account as well as of all sums of money which may in any manner he due to them as Trustees of such Savings’ Bank and shall certify the correctness of the said account or balance sheet by subscribing the same with their names and shall within three days after such subscription lay the same before the Governor for his approval and shall cause the same after being by liim approved to be published in the

of every year cause a balance sheet to he prepared containing a papers,

true statement of their receipts and payments on account of the

7. And be it further enacted That it shall not he lawful forCoioniaiTreasmcrto

the Colonial Treasurer to make any payment in the name or on account ”̂" 4̂ 0X 0^0 0̂1 ̂

of the Vice-President and Trustees of the Savings’ Bank except in Trustees, muniments which may bc taken and received for the re-payment of "o t to be delivered 1 i 1 j o XI 1 • j • up Without Trustees

conformity with the terms of an order to that effect which shall he

signed by three or more of the said Trustces and also that all seen- Securities &«. to bo

any snm or sums ot money lent by the Trustees trom the deposits in order, shall not ho lawful for the said parties in whose custody such keys arc placed or for any of them to deliver out of such chest to any person whatsoever any security for money or any obligatory instrument which may have been deposited thereiir unless the party applying for and claiming the same shall produce an order for its delivery signed by three or more of the Trustees.

tlie Savings’ Bank shall hc and arc hereby directed to he preserved in

the Colonial Treasury in an iron chest having three locks the keys of

two of which shall he kept by the Vice-President and the next senior

300	No. 13.	2*̂ GUL. TV.	1832.
Savings' Bank.

Deposits above £1 to	8. And be it further enaeted That every person depositing with
receive £5 per cent,

out of interest re­	the Trustees by one or more payments any sum not less than twenty
ceived by tlie Bank	shillings or the jierson on whose account the said deposits may have been paid and to whose credit tliey are placed in the books of the bank shall be entitled to receive interest upon the same at the rate of five pounds by the year for a hundred pounds and in the same propor­ tion for any shorter time provided that no interest shall be alloAved on any sums less than one pound or on odd shillings or pence and that the interest shall be calculated by months omitting odd days but that any sum deposited within the first seven days of a montli shall be entitled to bear interest for the whole of that month and the Trustees may and shall pay such interest as is here directed upon all deposits not less than twenty shillings out of the interest received by them on sums lent out as hereinbefore directed and they may and shall out of the same also defray such reasonable charges as may l)e necessary for conducting the 1 justness and keeping the accounts of the bank as shall bc first sanctioned l)y the Governor for the time-ljeing and thereupon if at
and any surplus	the close of any year a surplus over and above the sum of tAvo hundred

divided rateabi and shall remain aftci’ siicli interest and charges as aforesaid shall	above £2(X) to be
placed to depositors’ liavc 1)0611 paid they may and shall direct the same to be divided and

placed to the credit of the several persons having deposits in the bank in proportions corresponding ivitli the amount of such deposits at the close of the preceding year and ivith the number of days in such year during Avhich they may ha\"e remained inscribed in the names of the scA'eral depositors.

Interest to bo paid

in the month of 9. And be it further enacted That the said interest at the rate

January and if not	of five pounds by the year on every one hundred pounds deposited in
claimed to be added
to principal.	the bank and the proportionate interest on any smaller sum subject to the rules above-mentioned shall bc payable on any days appointed for receiving deposits in the month of January in every year and if such interest shall not be applied for by the person to Avhom it is due or by any person duly authorized on his behalf on any of the days so fixed for the payment thereof the amount so left unclaimed shall bc added to and incorporated Avith the sum already standing in the books of the bank to the credit of such party and shall bear interest subject to the rules aforesaid from the first day of the ensuing month of ^February and interest at the rate above fixed shall be alloAvcd to him or her upon the gross or total sum so long as the same shall be con­
But not to accumu­	tinued in charge of the Trustees Provided ahvays that nothing in
late above ono
hundred pounds.	this Act contained shall entitle any free person by any successive deposits to place in charge of such Trustees any sum exceeding one hundred pounds in the Avholc or to have credit gi\'en him for any interest on interest forborne to bc claimed AA'hen the sums deposited by him shall amount to one hundred pounds.

Depositors may	10. And be it further enacted That it shall and may be laAvful
receive back the

principal on notice	for any free person being the oAvner of any sum or sums of money
and certain con­	deposited in the SaA'ings’ Bank or for any person duly authorized by
ditions.	such depositor or for his or her executor or other lawful representative to claim and receive back such sum or sums or any part thereof in the manner and upon the conditions folloAving that is to say if the sum or sums so required to be repaid shall not exceed five pounds the claimant thereof shall on some day appointed for the meeting of the Trustees deliver or cause to be delivered to them or to their Clerk or Accountant a notice signed with his or her name declaring his or her intention to AA'ithdraAV such sum from the bank at the expiration of seven days from the date of the delAery of the said notice and if the sum to be AvithdraAvn shall exceed five pounds but be not more than twenty pounds then fourteen days notice shall in like manner bc given and a

notice

1832. 2 ’ GUL. IV. No. 13. 301

Savinffs’ Bank.

notice of twenty-eii^lit days when the sum to l)c Avithdrawn shall

exceed twenty pounds.

11. And he it further enacted That no person or persons being No Trustee or person

a Trustee or Treasurer of such hank or heing in any way concerned

in the management thereof shall hc allowed to deposit any sum or depositor or derive

sums of momty therein or to borrow any money from or to hceomc

security for any person horroudng from the said hank or to derive any

benelit from any deposit tnado in such hank hut that tlie persons

depositing money therein shall have the sole hcnciit of such deposits

and the produce thereof Provided nevertheless that nothing herein but Trustees may

contained shall rtuider it itnlaAvful for the Trustees A v ith the sanction 1’'® f^oyemor’s

/ » , ! / - , j 1 i.* 1 I t sanction (letray (MM--

01 the (jovemor to deiray any necessary charges oi management and tain expenses for

to remunerate the person A\ho shall hc aiA})ointed Clerk or Accountant Clerk or Accountant.

of the institution and also provided that no Trustee shall act in such

capacity of Clerk or Accountant or receive directly or indirectly any

salary alloAvanec jtrolit or henetit Avhatsoever 1‘rom the funds of the

hank.

12. And he it further enacted That all such rules and regula- and rcguia-

shall he filed hy such Chief Clerk and preserved amongst the records and muniments of the said Supreme Court Avithout any fee or rcAvard in rcs|Kx;t thereof and such rules and regulations being so de})osited shall he binding upon the several nicmhers and olllccrs of the said institution and upon all depositors therein and their representatives all of whom shall he taken and deemed to have full notice thei’eof and the transcrqit of the said rules and regulations deposited Avith the Clerk of the said Siqu'emc Court as aforesaid or a true copy thereof examined with the original and proved to he a true copy shall hc received as i'\ idenee of such rules and regulations respcctAely as aforesaid and I'very copy of any such transcript deposited Avith the said Clerk of the said Supreme Court as aforesaid shall he made without fee or reward except the actual expense of such copy.

tions as may iroin time to time bc made by the Trustees lor the i,i supreme Comt

manag<'ment oJ‘ the said institution afttn- the same shall have been

conhrmi'd and allowed hy the Gov'ernor as hci-eiuheforc is directed

shall h(i fairly ti’anscrihcd on ])archmcnt and deposited Avith the Chief

I d . And hc it further enacted That in case the Trustees of t h e infanta to bo ailnwcd

said Savings’ Hank of Aew South AVah's shall receiA'C any deposit of

money from or for the use and henelit of any person under the age o f own names.

tAveuty-one years it shall he hiAvful for the said ’frustecs to ]>ay such

person his or her share and interest in the funds of such institution

in the manner and upon the conditions hereinbefore appointed and

the rec('ij)t of such jierson shall he a sufllcieut discharge notAvith-

standing his or her incapacity or inability in law to act for him or

herself.

I t . And he it further enacted That in case any depositor in the Persons claiming to funds of the aforesaid Savings’ Bank shall die leaving any sum or ''op''os'ytative3 of sums ot money m the said lunds or any dividends or interest due to give notice of their thereon belonging to him or her at the time of his or her death

exceeding in the Avhole the sum of tiventy pounds the same shall not he paid to any jierson or persons claiming to be the representative or representatives of such depositor unless such jierson or jiersons shall deliver or cause to he delivered to the Trustees or their proper otficer a notice in writing to he signed hy their names in the jircsenee of two crcdihlc Avitnesses setting forth the grounds upon AAdiich they claim to bc entitled to receive the said sum or sums of money belonging to the said depositor at the time of his or her death nor unless the said notice shall have been published thrice or oftener in the Government Gazette and in one or more of the newspapers of the Colony at the discretion

302 No. 13. 2° GUL. lY . 1832.

Savings' Bank.

of the Trustees and three calendar months at least shall have elapsed subsequently to such last publication before payment he made in satisfaction of any such claim or demand.

Not to extend to	15. Provided always and be it further enacted That the above
executors or

administrators	regulation shall not be taken to interfere with the legal title and claim of any representative or representatives of such depositor deceased who shall produce probate of the will of the same or letters of
but payments to
executors &c. to be	administration of his or her effects Provided also that if after due
valid and the party	publication of notice as hereinbefore directed or upon the production
ultimately entitled
to have remedy	of such probate of will or letters of administration as aforesaid any
against such	payment shall he made from the funds of the said Savings’ Bank hy
executors &c.	the Trustees thereof and the party or parties claiming and receiving the same shall afterwards he proved not to he the lawful representative or representatives of the depositor so deceased as aforesaid such pay­ ment shall bc valid against any demand of any other person or persons as representative or representatives of the same deceased depositor hut nevertheless such lawful representative or representatives shall have remedy for such money so paid as aforesaid against the person or persons who shall have received the same.
All securities &c to

be vested in Vice­ 16. And he it further enacted That all monies goods chattels

President and Trus­	and effects whatever and aU securities for money and obligatory instru­
cessors who may
tees and their suc­	ments and evidences or muniments and other effects whatever and all
institute and defend	rights and claims belonging to or had hy the Savings’ Bank of New
proceedings in the	South Wales shall he vested in the Vice-President and Trustees
names of the Vice-	, . r, p , . , . . .

President and Clerk thercot for the time-being tor the use and benefit of the respective

which shau n o t ^ b a t e p r o v i s i o n s of tliis Act and after

by death or other- the death resignation or removal of any such Vice-President or of all

or any of the Trustees shall vest in the succeeding Vice-President and Trustees for the same estate and interest as the former Vice-President and Trustees had therein and subject to the same trusts without any assignment or conveyance whatever and the said Vice-President and Trustees may institute or defend any action as well criminal as civil in anywise touching the effects so vested in them and may sue and bc sued with relation to the same in the Supreme Court in the joint names of the Vice-President and Clerk or Accountant of the said Savings’ Bank for the time-being or in the name of either of them and no such suit action or prosecution shall be discontinued or abated by the death of such person or persons or by his or their removal from the offices which they held at the time when such action suit or prosecution was commenced hut the same shall and may be proceiided with in the name of either of them as such Vice-President and Clerk or Accountant and such succeeding Vice-President and Clerk or Accountant shall pay or receive like costs as if the action or suit had been commenced in their or his names or name for the benefit of or to be reimbursed from the funds of the said Savings’ Bank.

Liability of Trustees. 17. And be it further enacted That no Trustee shall be person­ ally liable except for his own acts and deeds nor for any thing done by him in virtue of his office in the execution of this Act except in cases where he shall bc guilty of wilful neglect or default.

Trustees to receive 18. And be it further enacted That it shall and may be lawful

mTdfin any Sav'ings’ lo ^ud fox* the Said lYustecs by the order of the Governor of the said

Bank or Friendly Colony to reccivc any sum or sums of money that may have been herc-

Coion̂ .™ tofore received and deposited in any Savings’ Bank or Friendly Society heretofore established in this Colony from the Treasurer or Trustees of such Savings’ Bank or Friendly Society and to place the same in the Savings’ Bank of New South Wales in the name or names of the person or persons to whom the said sum or sums of money so to be transferred shall respectively belong and to give credit in the accounts of the said Savings’ Bank to the several depositors for the

several

1832. 2° GUL. IV. No. 14. 303

Customs' Oaths Abolition.

several and respeetive sums to which they may he entitled at the time of such transfer and to pay interest for the sam(3 in the same manner as if the said several sums had ])cen respectively deposited in the Savings’ Bank of New South Wales hy the several individuals to whom the same shall respectively belong.

19. And hc it furtlier enacted That it shall and may he lawful Prisoners of tho

to and for the Trustces by i he order of tlie Governor of the said Colony dc™rsureYceedĥ ^̂ Colony or its Dependencies any sum or sums of money whatsoever althougli the amount tlicrcof with or without any accumulated interest thereon sliall exceed the sum of one hundred pounds and pay over to every such prisoner the principal and interest in such sums and at such times as the said Governor hy any writing under his hand shall direct.

for the time-being to receive from or on l)chalf f)f any prisoner of the £io<».

20. And he it further enacted That it shall and may he lawful

for ihc said Trustees or a major part of them at the general meeting may reduce; tiie rate to he held in tin; month of January in any year hy and with the con- of interest as well ou sent and approbation of the Governor of tho said Colony to reduce the deposited,

rate or rates of interest hereinhefore mentioned as well on any sum of money which may bc so lent out at interest hy the said hank as afore­ said as also upon any sums standing in the hooks of the said hank as received hy way of deposit as aforesaid or cither of them Provided ure„”ent*’̂oYe'*gÛ^̂ ̂

always that three calendar months notice of any such reduction hc th ree m onths pre-

previously given hy advertisement to hc published in the Govermnent'̂ '̂ '̂ '"'̂ '̂

Gazette of the said Colony.

21. And he it further enacted That this Act shall he in force commencement of

and take effect from and after the passing and publication thereof. Act.