Savings Bank Act 1852 (SA)

No. 7.

I-IEREAS on thc twenty-second day of Scytcmber, oue Preamble

thousand eight llu~ldred i ~ l l l l forty-srvcn, an Urdinnuco was

pwscd by the Governor of Sonth Austrnlia, wit11 the ;dvice mil

consent of the Legislative Courlcil thereof', "To estnblihkl :L f?:avin:;s Ort11ilar:ce SO. 15,

Bank in South Austmli:~, to provide for the imu:~gc~ltent thereof; ' S k i.

and for the security of Deposits tllcrcin;" tl~d oil the thiatictll day

* "

of November, one tllousnud cight hndrcd and Sort. y-eight, an ndl,cc

Ordillancc was ~: tssed bv tllc s: d C ovcrraor, with the 'advice and	is 1s.
consent of the &id ~ou&il, to amend the first'-mentioned Ordilmnce: And whereas it is expedient further to amend the laws relatirlg to the said Savings Uauk:

Ue it therefore Enacted, by the Lieutenant-Governor of South Ipp(nlin:: nll:i.il

t. 0itiinw:ce $ 1 ~ ~

Australia, by and with the aiivicc and consent of the Lcgislntlvo 1,,,,,!, LIIC : L I J l ~ l ~ l: ~ t ou

Council thereof, That so much a d	such p: ~ t	of	t21c	said first-recited	c i ~ ( l. i t z dlld thk:
.~r,~o:uit of I I L I m y tu

Osdirlanee as limits the si-~~ount to be received fi-cm a n y persoil or iclit

lioc gddl

persons in the way of deposit to any sun1 or srmrs of money security by mortgage ofb lands and hereditaments, to the sum of

exceeding Thirty Founds in the whole, cxclusivc of interest, in aiiv

one ycnr, and also SO mueh mid mch part of the last 111entioucd

Five Hundred l'ounds, and also so much and such part of th::

said last-rncntioncd Ordillancc as provides or enacts that no loan or loans outstanding at any time, and gmranteed by the Lientunmt- Governor of the said Province, shall exceed tlw sum of Fivc

Thousand Pounds, without the previous advice and conserlt of the

Legislative Council, shall be and the same are hereby repe:ded.

M 2. And

Deposits not lea than	oue shilling and not 2. And be it Enacted, That it shall and may be lawful for any
exceeding one hun- one or aore of the Trustees for the time being of the said Savings

Bank, together with the Accountant, or, in the event of his absence,

dred one person pou"" n~ily bl:

received.	for any two or more of such Trustees, according to the rules and regulations of the said Bank, to receive from any person or persoas,
in tllc way of deposit, any sum or sums of money not being of value
less than Ono Shilling, nor exceeding One Hundred Pounds in the whole, exclusive of interest, in any one year, from any one person, except as in the said first recited Ordinance is mentioned and excepted.

Power to lend money-	3. And bc it Enacted, That on any day or days at any meeting
on mortgage not ex-

ceeding two thousarld or mcctings to he for that uurpoae appointed by the said Trustees,

pl 'wn, or 011 an? one to any O ~ C it shall be lawful for the Trustees then ancl there present, not being

security. less in number than five, subject to the dircctions hereinafter con- tained, to lend at interest any sum or sums of money out of the

m	fuitds of the said Savings Rank, upoil security by way of niort~zge of any nlessuages, lands, and Ilercclitarnt.nts, of an estate of nr- heritance in fee simple in the said Province, provided such messuages, lands, ancl lleveditaments be fice from all incumbmnces, and from all reservations of mines, minerals, a id royalties; and provided also that no such loan shall exceed the sum of TWO Thousand Younds to tiny onw person, or on any one security; and it s l d l be lrrwful for the said Trustees, so :&ding such lrleetitlg or meetings as :iforesaitl, to direct n \ralunLiuu to he made of the said messuagcs, lands, and hercditnments, the eqeuue of wlricli valuntioi~ shall Isc honv and paid by the pcrsorl or persorls applying for such loan; and all such mcs:mnscs, Ianlds, and 1~c~rc~diz;:uncnts so to be inortpged R S aforc,c:Gti, dial1 bo con\.cvc.tl to thc Ticc-
President fbr the time lxaing of t lx said Snh ings 1h1111: in fk, suls,j~ct
to a proviso for redemption of tllc s m w, OH pnpn:cnt of all principal money and interest, :md there shall he i&crtd in every such mortgage a power of sale in dethult of payincct of tlle lkincili;d
money tl~ereby soc~wed, or tlle interest thereof; on the sc.vcrn.1 &?vs
with a proviso or decL,rtition that s;dr power uf sale shall not p&-
and times thdrein sppoiuterl for ~myloent of tile .;:me r e ~ ~ ~ o a t l ~ ~ c l v,
judice or afkct the right of the said Savings B:~illi LO hrec10~0 the
equity of' retlemption of the mcssuagcs, l a d s, a id l~ereditnmeats
conlprised in any such mortgage.

FllndS of the Bank 4. Alld dlereas it is expedient and necessary to provide other means for the employment of the f~~i lds

be invested in of the said Savings bank,

Gorernment securities

ill the Colony, or be it Enacted, That ally proportion of the funds of the s:iitl

upon securities

guaruntecd by the	Savings Bank ma,y, at the discretiou of the Trustees, and with the
Government.	approval of the Lieutenant-Goverrior of the said Province, be iuvesied
i i 6r upon Govcnimcnt securities, or upon any securities p:mmtecd
by the Government, to be legally issued in the said Province.

Governor may 5. And whereas, in conscquencc of the employment of the fiuds

rased by the	guarantee loan to be of the said Savings Bank as hereinbefore authorized, thc Trustees of
Trustees. the said Savings Bank may, without the assistance of the Gu-icm-

1tl~"ll t,

ment, be unable to meet the demands from time to time made upon them by persons desirous of withdrawing the money deposited in the said Saviugs Bank, and it is expedient that, in case of need, such assistance should be afforded to them, be it therefore Enacted,

That it s l d and may be lawful for the Lieutenant-Governor of the

said Province to guarantee the repayment out of the General Revenue of such Province of any money which it may be necessary far thc Trustees of the said Savings Bank to borrow and take up at interest

in order to meet the dexnauds of persons so desirous of withdrawha

moneys deposited as aforesaid, together with interest on the sum or sums to be so borrowed as aforesa~d: Provided always, that no loan or loans to bc so taken and guamntccd as aforesaid, outstanding at any one timc, shall, without the advice and consent of the Legislative (l&eil of the said Provi11cc first had and obtained, exceed the sum of Eight Thousand Pounds.

JOHN MORPHETT, Speaker.

P(tss~d	the Legislntiue Cozsncil this jiieentlc
d i y of' October, one thorn,snna! eight
li urdred arrdjfty-two.

F. C. SIKGT,ETON,

Clerk of Legislative Council.

111 tlne name and on the behalf of Her Majesty I asscnt to this Act.

11. E. F. YOUNG,

Lieutenan t-Governor.

G overnmcnt Tlousc, A tlclnidc,

211J Nuveluber, 1852.

h s 2 a L u m: Printed by authority, by W. C. Cox, Goveinment Printer, Victoria-square.