Savings Bank Act 1848 (SA)

No. 13.

ORDINANCE enacjed jy t7~e Governor of South Austmlia, mith the adaico

and consent of the Legislative Council thereof.

1'0 amend an Ordinance ( N o. 15, of 184.7,) To estohlish a Savings d4 4

B m k in South Australia, to provide for the Managenzent thereof, -- - -- ---

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and for the seczirity o f Deposits therein." pq_r_ ' ~ J 2 ' -

to p a l antee the repayment, from the Revenues of the Province, of m y Loan which i t might be necessary for the Trustees of the said Bank t~ negociate in order to mcet the demands of Depositors, subject t Q

C30th November, 1848.3

W IIEXEAS an Ordinance of the Governor of South Australia,

with the advice and consent of the Legislative Council thereof, was G~a;;41;,	,,,,
passed on the Twenty-second day of September, One Thousan4 IGglrt Handred and Forty-scven, To establish a Savings Bank "in South Anstralia, to provide for the Management thereof, C; and for the security of Dep~sits therein," whereby it was inter ulin enacted (Sec. 14) that it should be lawful for the Governor SW. 14.

to the provisions therein mentioned: AND WHEREAS doubts have been suggested as to the powers of the Trustees to negociatc such Loan and otherwise, and it is expedient that such doubts should be removed:

BE IT THEREFOBE ENACTED by the GOV~RXOR OF SOUTH AUSTRALIA,

with the advice and consent of the LEGISLATIVE COUNCIL thereof-

T N S ~ ~ of the THAT it shall and may be lawful for the said Trustecs, and they are

Savings Bauk au-

thorised to borrow to hereby authorised and empowered, from tirne to time, to borrow and amount P 5 ~ take up on Bond or otherw&, payable by instalments br otllerwise, at

with the guarantee of

the Governor. such ratea of interest (not exceeding Ten Pounds per centum per annurn) as to them may seem me&, any sums ofTmoney not exceeding in the whole Five Thousand Pounds sterling, far the sole purpose of enabling the said Trustees, in consequence of the em- ployment of the funds of the Savings Bank, to meet the demands made upon them by Depositors desirous of withdrawing their deposits, by granting and issuing to any persons willing to advance such Monies, Bonds or Obligatory Writings, under the hands a i d seals of the Vice-Prcsident, Accountant, and any four of the said Trustees; which Bonds or other Obligatory Writings being guaranteed by the G overnor, by writing under his hand endorsed thereon, in such form and manner as to him may seem meet, shall be called " South Australian

Savings Bank ~ecuhies ," and shall he, and are hereby declared

Such Securities to be

a charge on the Ge- to be, a charge on the General Revenues of the Province; and it

Province. neral.Revenues of the shall be lawful for the Governor, from time to time, to appropriate

any part of the said Revenues to the payment of the sums so

borrowed, and of the interest due thereon.

On noticeof demand,	11.-AND BE IT ENACTED,	that in default of satisfaction of any
Clorernor to issue

Warrant to Colonial

such security, according to the terms and conditions thereof, and on

Treasurer to pay the

notice of demand of payment being served on the Colonial Secretary,

same.

such notice shall be immediately communicated to the G.ovenlor, and thereupon it shall be lawful for thc Governor, and he is hereby re- quired to issue a Warrant, under his hand, to the Colonial Treasurer, to pay the amount of principal and interest due on such security

to the party entitled to receive the same, out of any monies then in

his possession, being part of the General Revenues of the Province, not otherwise appropriated, and such Treasurer shall issue and pay

the same accordingly, and shall in his accounts be allowed credit for

the same, and the receipts of the persons to whom such sums shall

have been so paid shall be to him a full discharge for the same.

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Securitiesliquidated	II1.-AND BE IT ENACTED,	that on such payment being made by
from the Revenues to

become vested in the	the Colonial Treasurer, the said securities shall be delivered up to
CIOWP,	him; and the same, and all sums secured thereby, and all right and
claim thereto, shall be deemed, and are hereby declared to be

assigned

assigncd to and vested in HER MAJESTY, for the public uses of the Province, and may be sued for, recovered, and enforced in like man- ner as any other debts due to, or rights vested in, or belonging to the Crown.

1V.-AND WHEREAS by the said recited Ordinance, it is further AS to recordi~lg of

arid a Memorial of the name of the Accountant for the timc bcing of Accountant.

enacted (Sec. 29) that a Memorial of the name of the Vice-President ~ \ ~ ~ ~ $ & $ ~ ~ ~ ~;

said Savings Bank, in manner and form therein mentioned, shall be recorded in the Supreme Court within Thirty days after the passing of the said Ordinance; and in pursuance thereof, such Memorials have been recorded in form and manner aforesaid, but not within the time so prescribed: BE IT ENACTED, that the recording of such RIemorials shall be good, valid, and sufficient, to all intents and purposes, notwithstanding such Memorials have not been recorded within Thirty clays after the passing of the said Ordinance.

H. E. F. YOUNG,

Lieutenant-Governor.

Passed the Leggislatiw Council this Thirtieth day of November, One thousaad eight hun-

dred and forty-eight.

W. L. ~'HSLLORAN,

Clerk of Council.

Printed by authority, by John Stephens, Hidleydtreet, Adelaide.