Savings’ Bank Act 1853 No 24a (NSW)

1853.	17̂ ̂ VIC.	N o. 24.	2709
Savings' Bank.

No. XXIV.

An Act to amend and consolidate the Law savings’ bank .

relating to the Savings’ Bank of New South

Walesf [10̂ /̂ , Ocioher, 1853.]

^ 1 7 IIEKEAS it is expedient to amend and consolidate the Law

VV relating to tlic Savings’ Bank of New South Wah'.s Be it

therefore enacted hy l l is Excellency the Governor of New South Wales Avith the advice and consent of the IjCgislatiAm Council thereof as folloAVS :—

1. The Act of Council ])assed in the third year of the reign of Ropeiiiofs Victoria

Her present Majesty numbered tAvelve the Acd of Council passed in the i^yic^No la rtvspcctively twcnty-tive and thirty-three and the Acts of Council passed in the elcA ênth year of the said reign numbered respectively twenty-live and forty shall be and the same are hereby repealed except as to the institution of the said Savings’ Bank Avhich said Savings’ Bank shall be continued for the receipt management and security of deposits therein according to the provisions hereinafter contained ProA’ided that nothing herein contained shall alfect the appointment of the present Vice-President and Trustees or annul iuA’alidatc or prejudice in any manner otherwise than as herein expressly enacted any act deed matter or thing laAvfully done; performed or executed under the autho­ rity of or I'cndered valid by any of the said Acts of Council.

fourth year of the said reism numhered llftcen the Act of Council o vic. No. 5

passed in the iifth year of the said reign numbered tWe the Act of gyjg; ^,,’3 k-; 33

Council passed in the seventh year of the said reign numbered six the it vic. Nos. 2r, 40.

2. 'file present Vice-President and Trustees of the Savings’ Tm.stees incorpo-

Bank of New South Wales and tlunr successors in oflico shall be and they arehcrebyincorporatedinto one body corporate or politic under the namci and style of “ The Trustees of the Savings’ Bank of N oav South Whales” and under that name shall and may have perpetual succession and shall be capable in laAV to sue and be sued and to implead and be; impleaded ansu cr and be ansAvered unto defend and be defended in all Courts and places Avhatsoever and shall have a common seal.

3. A ll lands tenements and hereditaments which ]row do or Lands vested in

hereafter may belong to the said Savings’ Bank for any estate or term tai?e’hdd*anT'’̂ '̂

the said Bank is or shall be in any Avay interested or entitled by virtue

of any mortgage release grant or otherwise hoAvsoever and in the name

or names of Avliomsoevcr the same respectively now do or shall or may

stand or Ite held in trust for or on behalf of the said Bank shall be A'csted

in laAV in the said d'rustecs of the said Bank as such body corporate

as aforesaid and all lands tenements and hereditaments intended to

he conveyed assigned or assured to the said Bank shall be convcyial

assigned and assured to the said Trustees and their successors as a

body corporate for such estate or term as in any deed or indenture

ex^iressctl or thereby intended to be conveyed and all such lands

tenements and hereditaments so to he vested conveyed assigned or

assured as aforesaid nevertheless to be to the use of the said Trustees

and tlicir successors but for the benclit of the depositors of the Bank

and the said Trustees and their successors shall and may and they

ai’c hereby empoAvered to accept take and liold sell exchange let

convey r(H!onvey assign reassign surrender assure reassure and otlun’-

of years as or in the nature of a security or otherwise or in or to which convey. in point of alienation all such lands tenements and hereditaments and

also

2710	N o. 24.	ir VIC.	1853.
Savings' Bank.

also all other lands tenements and hereditaments belonging to the said Bank and such sale exchange lease conveyance reconveyance assign­ ment reassignment surrender assurance reassurance and disposition shall he valid and effectual in the law without livery of seisin being made or any bargain and sale to vest possession being executed Provided that all such conveyances reconveyances assignments and reassign­ ments surrenders assurances and reassurances of lands tenements arid hereditaments shall be executed by the said Trustees under their common seal in the presence of one of the said Trustees but the same shall not operate by virtue of such execution until one of tlio said Trustees shall have attested the said execution and the Managing Trustee or Accountant shall if any consideration money be expi-essed therein have certified upon the said instrument under his hand that such consideration money has been duly paid to the said Bank.

All sccaritle!i &c. to	4.	All bonds mortgages warrants of attorney and other securities
be sued on by and

vested in Trustees. which have been at any time taken in the name of the Vice-Presid('nt of the said Savings’ Bank for and on account of the same shall and may be put in suit and may be sued and prosccut('d at Law or in Equity in the name of “ The Trustees of the Savings’ Bank of New South "Wales ” and all such bonds mortgages and other securities so taken in the name of the said Yice-President and all bonds mortgages and other securities which may hereafter be taken by the Trustees of the said Savings’ Bank on account of the said Bank or the depositors therein and all moneys goods chattels property and effects whatsoever belonging to or vested in or held by the said Bank or the said "N̂ ice- President or the said Trustees or any other person whomsoever on behalf of the said Savings’ Bank or the depositors therein shall be vested in and held and possessed by the said Trustees as such corporate body as aforesaid.

Governor to be Prosi- 5. The Govemor shall be President of the said Savings’ Bank

filnk to be managed the affairs and business thereof shall continue to be managed by

Trustees.

" a Board of Trustees the number of whom shall not exceed eighteen

besides the Managing Trustee hereinafter mentioned and of whom one

shall be styled “ Vice-President ” and all such Trustees shall hereafter

be appointed by the Governor. *

Managing Trustee to	(]. Jt shall be lawful for tlic Ti’ustoes at a meeting convened for
be appointed.

the purpose to nominate subject to the approval of the Governor and for the Governor to appoint some fit person to be Managing Trustee of the Savings’ Bank and such Managing Trustee when so approved and appointed if already a Trustee shall continue or otherwise shall become a Trustee but he shall not vote on any question affecting his personal interests.

Five Trustees (one 7. Every uct (except as herein otherwise enacted) which the or Mana*̂ 4/?t̂ *bê â Trustccs are authorized and required to do by and undtu’ this Act may quorum'!*’"̂'̂ ° “ be donc by any five Trustees (of Avhom either the Yice-President or

the Managing Trustee shall bo one) assembled at any duly convened

jneeting of the Board.

Wlio to be Chair­ 8. At every meeting of the Board the Vice-President or in his

man.

absence the Trustee then present whose appointment shall have been first in date or order shall be Chairman and such Chairman shall in addition to his vote as Trustee have a casting vote in case of an equality of votes.

Trustees &c. not to

deposit or borrow.

9. It shall not be lawful for any Trustee or other person in any way concerned in the management of the Savings’ Bank to deposit therein or to borrow therefrom any money nor shall any Trustee except the Managing Trustee as such receive directly or indirectly any salary or emolument whatever from the funds of the said Bank.

Accountant Clerks

&c. to be appointed.

10. It shall be lawful for the Trustees to nominate subject to

the approval of the Governor and for the Governor to appoint a fit

person

1853.	17 ̂ Y IC .	N o.	24.	2711
Savings’ Hank.

person to he Accountant of the Savings’ Bank in Sydney and it shall he lawful for the said Trustccs to appoint subject to such approval as aforesaid such Clerks and other subordinate officers as the said Trustees shall deem necessary for the due conduct of the affairs and business of the Savings’ Bank.

11. Every appointment or approval hy the Governor of any Appointmcnis to

Trustee Accountant Clerk or other officer shall he hy order under liand and every such order shall he published in the Government

Gazette. ,

12. The Managing Trustee and Accountant of the said Savings’ Managing Tnisteo

Bank shall before acting in his office give security for the due and g"4‘slcnritjn”*̂

faithful discharge of the duties thereof in a bond to the Trustees with

such sureties and in such penal sum as shall he named hy the Trustccs

and approved hy the Governor.

13. One clear day’s notice at least of every meeting of the Notice of meetings.

Board of Trustees shall he given to all the Trustccs by circular letter to he addressed by the Managing Trustee or in his absence hy the Accountant to all the other Trustees respectively at their usual offices or places of abode which said letters may he transmitted hy post and whenever it is intended to appoint or nominate any person to any office or to fix the amount of any proposed salary or to advance or invest money on any security such intention shall he expressed in the notice.

11. It shall be lawful for the Trustees to fix and name and for Salaries tn re fixed

the Governor to approve such yearly salaries to be paid to tiiê

Managing Trustee Accountants Clerks and other officers respectively Governor and paid as

as they sliall think lit regard being had to their respective duties find

responsibilities and all such salaries and also all charges and expenses interest or dividends,

incurred in the conduct and management of the affairs and business

of the said Savings’ Bank under the sanction of the Trustees or Avhich

shall he approved of by them shall be defrayed and paid hy the Trus­

tees out of the interest or dividends received hy them on moneys

invested in any manner herein provided.

15. It shall be lawful for the Trustees to confirm all or any of the rules and regulations iieretolorc duly made and approved or to ̂ami rcguia-

j 1 I -1 l i* 1 1 l x tions to l)c trtiincd aUowed.

alter the same or any of them (all laAvfully subsisting rules and regu­ lations in the meantime remaining in force) and to frame such otlicr rules and regulations for the conduct and management of the affairs and business of the Savings’ Bank as they shall deem expedient Provided that no altered or new rules or regulations shall be valid until allowed hy the Governor under his hand.

16. A ll rules and regulations Avhen so alloAved shall be tran- n̂d when recorded

scribed on parchment and deposited Avith the Frothonotary or Chief to bhl’i

Clerk of the Supreme Court Avho shall without fee or reAvard file and

evidence.

preserve the same among the records of the said Court and all such rules and regulations AAfficn so deposited shall he binding on the Trustees and Officers of the Savings’ Bank and upon all depositors therein and their representatives aaTio shall all he deemed in law to have full notice thereof and every transcript so deposited or a certified copy thereof shall be received in all Courts of Justice as eAudence of the rules and regulations therein contained.

17. It shall he lawful for the said Managing Trustee or any By whom deposits to

other single Trustee together Avith the Accountant or in his absence for any tAvo Trustees at such time and place as shall he fixed hy any rule or regulation and at no other time or place to receAe from any person hy AA'ay of deposit any sum of money not being less than one shilling xheii- amount,

nor more Avhether hy one or hy successive payments than two hundred pounds to the credit of any one account except as herein otherwise provided and every sum of money so received shall he immediately

2 G—VOL. 4. entered

2712	N o.	24.	17° V IC .	1853.
Savings' Bank.

entered (in a book to be kept for that purpose) to the credit of tin;

How to 1)0 paid in

dcpositoi’ Or of sucli othci* pei’son as be may appoint and every such deposit and all other money received into the Savings’ Bank sliall within twenty-four hours of the receipt thereof be paid into such Bank in Sydney or into one of such several Banks in Sydney as shall be appointed by the Trustees to receive moneys and shall be there placed to the credit of the Savings’ Bank to an account intituled “ Account of the Trustees of the Savings’ Bank of New South Wales”

And drawn

and such accouiit shall be opened and kept in such Bank and no money paid into the same shall be withdrawn without the written order of two or more Trustees countersigned by the Managing Trustee or in his absence by the Accountant.

Investments in Colo- i g . It shall bc lawful for tlio TTustecs at their discretion and

or public securities, ■witli tlio approval 111 eacJi casc 01 tlic (jovcmor signined m writing under his hand to deposit any portion of the funds of the said Savings’ Bank in the Colonial Treasury upon such terms and subject to such conditions as shall be agreed upon between the Governor and the said Trustees or to deposit any portion of the like funds in any Bank of tlie Colony at such rate of interest if interest can bc obtained for the same as may bc agreed upon between the Directors of such Bank and such Trustees or to invest any portion of the like funds in the purchase of

What deemed piihiie Or by Way of loau upoii tlic Security of any publics securities Provided

seeunties. public securitics shall for this purpose be construed to comprehend all debentures or other forms of security issued or granted by tiie Government of this Colony or of any other part of the British Dominions and secured upon the General Territorial or Casual Ileve- nues thereof and every public debt contracted under Legislative authority by or on behalf of any such Government and all shares and other securitics bearing a fixed rate of interest guaranteed by any such Government either permanently or until payment of an ascertained principal sum.

Investments onmoi t-	19. It shall also bc lawful for tlic Said Trustees in their dis- (O’ctionto lend any portion of the like funds upon mortgage of any lands and liercditaments in the Colony of an estate of inheritance in fee simple free from all diarges and incumbrances other than quit rent Pro­ vided that no loan upon mortgage as aforesaid shall exceed the amount of five thousand pounds to any one person and that not more than one half of the whole moneys deposited in the said Bank shall be lent on such mortgages as aforesaid and all lands and hereditaments so mortgaged shall be conveyed or assured to the said Trustees as sueli body corporate as aforesaid in fee simple subject to the usual proviso for redemption reconveyance or reassurance on payment of principal and interest and with power to insure' and ivith the usual power of sale in default of such payment as aforesaid Provided that in cases in which the mortgagor shall not be legally capable' of giving such power of sale it shall be competent te> the Trustees if they shall deem it expe- elient so to do to make loans upon mortgages without such power.
gage of i-eal estates.
rities.
Loans on City secu­	20. It shall also be lawful for the said Trustees with the approval of the Governor signified as aforesaid to lend any portion e)f the like funds by way of mortgage to the Corporation of Sydney or to any other body legally constituted for the management of the afiairs of the City Provided that every sum so lent shall be secured as a first cliarge upon tbe Eevenue of the said City.

Investments on Bank 21. It shall also be lawful for the Trustees with the like

hills. a])proval signified as aforesaid to purchase; with any portion of the like funds not exceeding one-fourth p;irt thcreoi' any Bills of Exchange' drawTi by any Bank within the Colony duly chartered by Her Majesty or incorporated or regulated by Act of Council upon any Bank or Agent in Grc'at Britaiir wliicli by reason of the discount thereon maj/

offer

1853.	17'̂ V IC .	N o.	24.	2713
Savings’ Banh.

offer a profitable investment of sucli funds and proper measures shall be adopted by the said Trust(v;s for the return to the Colony of the proceeds of every such bill so soon as the same shall have been realized.

2 2 . The receipts in Avritiug of anyone of the said Trustees Rccipts of one

together Avith the said Managing Trustee or the Accountant for any of any mortgage or othcrAviso hoAvsoever shall to all intents and pur­ poses AAdiatsocver and as against all parties Avhomsoever be full suffi­ cient complete and effectual discharges and ('xonerations both at LaAV and in Equity for the sums of money expressed therein to have been received oii belialf of the said B:ink or of the Trustccs thereof.

sum of money du(f or payable to or receivable by the said Bank or the ant to be binding on

2 3 . I f any person iioaa" or hereafter holding any office in the Uqnesentatives of

said Savings’ Bank or any hranch thereof and having in his hands or !!f/,ft,?savings’m possession any moneys or effects belonging thereto or any deeds or 'Tiy other securities reliiting to the same shall become bankruj)t or insolvent or '

shall make any assignment of Ids lands goods chattels or effects for the benefit of bis creditors or against Avliose. lands goods chattels or effects any execution attachment or other process shall have issued or if any such officer shall die then and in any such case it shall be laAAlul for any Iaa'o or more of the said Trustees to apply to such officer or to his assignees or to the Sheriff or other person executing such process or to his executors or administrators or to any other person or persons liaA'ing legal right as the case may require and to demand that such moneys or effects belonging to such Savings’ Bank and all deeds securities or papers relating to the sanitf or belonging to the said Bank shall be paid over or delivered up to the said Trustees or such person as they shall appoint and the party so applied to and having the same shall Avithin forty days after such demand as aforesaid deliver oA'er to such Trustees or to any person Avhom th(;y may appoint to receive the same all effects or other things belonging to such Savings’ Bank and all deeds sfxmrities or papfu’s relating to the same or belonging to the said Bank and shall pay oul', of the estate assets or effects of such officer of the said Bank all sums of money belonging or due by such officer to the said Bank before any other of the debts of the said officer arc paid or satisfied or before the money directed to be levied by such process as aforesaid is paid over to the party issuing such process as the case may be and all assets kinds goods (diattels estates and effects shall be bound to the payment and discharge thereof accordingly.

21. The said Trustees shall Avithin one calendar month after the Trustees to prepare a close of every ye<ar cansc a balance sheet to he jtrepared containing a ĵ yX̂ sameSfê oro true statement of the deposits in the said Savings’ Bank at the end of tiie tjovemor.

the past year and of the balance of money at that period remaining in :iuy such chartered or incorporated or regulated Bank as aforesaid to the credit of the said Sa\ungs’ Bank and of all sums of money due to the Trustees of such Savings’ Bank and they shall certify to the best of their belief the correctness of the said account and balance sheet under their hands and shall Avithin three days thereafter lay the same before the Governor for his approval and sliall cause the same aftei- being approved by him to be published in the Government Gazette.

2 5 . Every person aaI io shall have deposited any sum of money Kate or interest on

not less than twenty shillings in the said Savings’ Bank or the person 'leposits.

on whose account any such de])osit may have b(?en made and to Avhose

credit it is placed in the books of the said Savings’ Bank shall be

entitled to receive interest upon the same at the rate to be from time

to time fixed by the said Trustees but it shall be in the poAver of the

said Trustees to limit the interest so as not to he payable on the

surplus of any account exceeding one hundred pounds Provided that

no .

2714	N o. 24.	i r VIC.	1853.
Savings' Bank.

no interest shall be allowed on any sum less than one pound or on odd shillings or pence and that the interest shall be calculated hy months omitting odd days hut that any sum deposited within the first seven days of a month shall hear interest for the Avhole of that month and the Trustees may and shall pay such interest out of the interest

Paymont of interest received hy them on sums which they shall have lent out and such

as L nofailpii’ĉ ̂ iiitcrest sliall subject to the rules and regulations aforesaid ho added to and incorporated with the sum which may be then standing in the hooks of the said Savings’ Bank to the credit of the depositor.

R :st or Security 20. Out of the profits of the Imsiness of the Savings’ Bank tin;

Fimd. "

Trustees shall and may annually set apart such sums not being less than one-twentieth nor more than one-fifth part of the whole amount of interest produced during the year as such Trustees may think proper towards the establishment of a Rest or Security Bund for the purpose of meeting any loss or deficiency which may occur until such fund shall amount to one-tenth part of the whole sum which shall at that time he in deposit in the said Bank.

Conditions on ivliich 27. It shall he lawful for any person being the depositor or

deposits limy )jc

withdrawn.

owner of any sum of money deposited in the said Savings’ Bank or the interest thereof or for any person duly authorized hy any such depositor or owner or for his executors or other lawful representatives to claim and receive hack such sum of money or any part thereof in the manner and upon the conditions following (that is to say)—If the sum so required to be repaid shall not exceed live pounds the claim­ ant thereof shall on some day appointed for the meeting of the said Trustees deliver or cause to be delivered to the Managing Trustee or Accountant a notice signed with his name declaring his intention to withdraw such sum from the Bank at the expiration of seven days from the date of the said notice and if the sum to he withdrawn shall exceed five pounds hut not more than twenty pounds then fourteen days notice shall in like manner he given and a notice of twenty days Avhen the sum to he withdrawn shall exceed twenty pounds and a notice of thirty days for any larger amount Provided that the said Trustees may in their discretion dispense with such notice.

Governor inny

guarantee loan to be 28. It shall he lawful for the Trustees to borrow and for the

raised by the '1 rns-	Governor to guarantee upon the security of the General Bevenue of the
tces not to exceed
£50,000 without	Colony the repayment of any money the loan of which it may at any
consent of Legisla­	time become necessary for the said Trustees to negotiate in order to meet
tive Council.	the demands of depositors Provided that no loan or loans outstanding at any time and so guaranteed shall exceed the sum of fifty thousand pounds without the previous advice and consent of the Legislative Council.
Infants may make
dcpo.sits.	29. In case the said Trustees shall receive any deposit of money from or for the use and benefit of any person under the age of twenty- one years it shall he lawful for them to pay to such person the amount of such deposit and the interest thereon in the manner and upon the con­ ditions hereinbefore appointed in the case of other depositors and the receipt of such person shall ho a sufficient discharge for any money paid as aforesaid.
As to tlie deposits of
prisoners.	30. It shall he lawful for the said Trustees hy order of the Governor to receive any deposit from or on behalf of any person serving under any sentence for a criminal offence and to allow interest thereon in the like manner as on other deposits as aforesaid and to pay over to any such person the principal sum and interest thereon at the expi­ ration or upon the remission of his sentence.

Funiis of other 'll- H shall he lawful for the said Trustees hy the order of the

Saviiiis' Ranks Govcmor to I'eccive in deposit anv sum of money that may have been

Friendly Societies i - , n , • j i • j i • %

&c. may ho received, or may lie hercatter received and deposited in any other Savings

Bank or Priendly or other Society established within the said Colony

from

1853. VIC. N o. 24. 2715

Savings' Bank.

from the Treasurer or Trustees of such Savings’ Bank or Priendly or otlier Society or other person competent to pay the same and to give credit in the hooks and accounts of the said Savings’ Bank of New South Wales to the institutions to which the said sums of money so to he transferred shall respectively belong for the several and respective sums whicli shall have been so received and to pay interest for the same in the same manner and at the same rate as if the said sums had been originally deposited in the said Savings’ Bank of New Sout h Wales hy the individuals to whom the same shall respectively belong.

32. In casc any depositor in the funds of the said Savings’ As to deposits of

Bank shall die leaving a sum of money therein which with the interest êin""undeT72o

tlicreon shall not exceed in the whole twenty pounds it shall be hnvful (o Oeo. iv. c. 92

for the said dTustces in case they shall bc satislied that no will was ®

made and left by such deceased depositor and that no letters of

administration will be taken out of tlu' goods and chattels of such

do])ositor to pay the sanu' at any time after the decease of such

dc])Ositor according to the rules :ind regulat ions of the said Savings’ Bank

and in the event of there beinir no ruh's and reg-ulations made in that

bcdialf then the said Trustees are hereby authorized to pay out of such

sum of money all such debts due or OAving by such deceased depositor and

to defray t lu; expenst's of his funeral so far as the said sum of money

slnall extend and to pay and divide the surplus if any there be after

]>aying such debts and defraying such expenses to the person or

amongst tin; jx'rsons Avho shall appc'ar to them to be entitled to the

effects of the deceased intestate according to the Statute of Distribu­

tions.

3 3 . In casc any depositor of any money in the funds of As to deposits of

Government Gazette some one or more of the neAvspapers of the Colony at the discretion of the Trustees and that three calendar months at least shall haan ('lapsed subsequently to the last publication And provided also that if any creditor of the deceased whose debt shall not exceed the sum of ten pounds shall put in his claim to lx; paid it shall be laAvful for tlic said Trustees to pay the same Avithout such ])Liblic notice as aforesaid Provided also that if any payment shall be made from the funds of the said Savings’ Bank by the Trus­ tccs thereof as directed by the tAVO next preceding clauses hereof and the party claiming or receiving tin; same shall aftcrAvards be proved not to bc laAvfully entitled to the same such payment shall be valid against any demand of or by any other person as representative of such deceased depositor or any other person Avliomsoe er nevertheless such laAvful representative or other person shall hava; remedy for such money so paid as aforesaid against the person avI io shall have so Avrongfully received the same.

the said Savings’ Bank shall die leaving any sum of money in the 'xcc”to'^£2â of tAvo crcilible Avitnesses setting forth the grounds upon Avhich he claims to be entitled to receive the said money or any part thereof Provided ahvays that before payment shall be madt; in satisfaction of any such claim or demand the said notice shall have been publislu'd thrice or oftener in the

said funds or there shall be any dividends or interest due thereon

belonging to him at the time of his death exceeding in the Avhole

amount the stun of twenty pounds the saint; shall not bc paid to any

person ajiplying for the same unless he be a duly constituted

executor or administredor of the deceased depositor or unless he shall

dtdiver to the said Trustees or tt> the said Managing Trustee or

31.                 If any dispute shall arise betAÂ een the Trustees of the said M atter in dispute

Savings’ Bank or any person acting on behalf thereof and any indi­ vidual depositor therein or any executor or administrator next of kin or creditor of any deceased depositor or any person claiming to be such

executor

2716	N o. 24.	17̂ ̂ VIO.	1853.
Savings’ Bank.

executor administrator next of kin or creditor then and in every sudi case the matter so in dispute shall he referred to the arbitration of two indifferent persons one to he chosen and appointed by the said Trustees and the other hy the party with whom the dispute arose and in casc the arbitrators so appointed shall not agree then such matter in dispute shall be referred in writing to an umpire having no interest in such matter or in the said institution to be chosen by the said arbitrators and whatever award order or determination shall be made by the said arbitrators or by the said umpire shall be binding and conclusive on all parties and shall be final to all intents and purposes,

aiwiabfrexcrrtfor Trusteos and the District Trustees hereinafter

wiMnegiect. ̂ mentioned shall not be answerable or accountable the one for the other or others of them but each and every of them only for his and their own acts receipts neglects or defaults and they shall not be answerable or accountable for any banker broker or other person with whom or in whose hands or custody any part of the said trust moneys shall or may be deposited or lodged for safe custody or otherwise in the execution of the trusts hereby in them reposed and they shall not be answerable or accountable for the insufliciency or deficicncry of any security or securities in or upon which any moneys shall be placed out or invested or for the defect of title or value of any lands nor tor any other misfortune loss or damage which may happen in the execution of the aforesaid trusts or in relation thereunto except the same shall happen by or through their o v̂n wilful default respectively.

Appointment of 36. It shall be lawful for the Governor from time to time; as

District Trustees.	occasion may require to appoint proper persons to act as Savings’ Bank Trustees for the Districts of Parramatta Liverpool Campbelltown Berrima Goulburn Bathurst Penrith Windsor llichmond Maitland Port Stephens Port Macquarie MMllongong and for such other Districts as to the said Governor shall seem meet to be signified by the publi­ cation of an order to that effect in the Government Gazette which said Trustees shall be appointed for the receipt respectively of deposits in the said Savings’ Bank in order that the same may l)e transmitted to and invested by the Trustees of the Savings’ Bank of Xew South Wales in Sydney for the benefit of country depositors in the like manner and suliject to the same; regulations as hereinl;efore provided touching and concerning other depositors Provided that such Dis­ trict Trustees shall not become members of the Corporation hereby created.
Appointment of Dis­
trict Accountants.	37. An Accountant or Clerk may be appointed by the Trustees of the Savings’ Bank of New South 'Wales at Sydney for each District respectively and every such Accountant or Clerk shall give reason­ able security to the satisfaction of the said Trustees for the duly accounting for such moneys of depositors as shall come to his hands and such Accountant or Clerk shall in the presence and not otherwise of one or more of the District Trustees so appointed as aforesaid receive deposits from persons residing within his District at srudi times and places as the District Trustees shall appoint and give proper vouchers to the parties depositing the same signed by him and by any one of the District Trustees present at the receipt thereof and it shall be the duty of such District Accountant or Clerk and he is hereby required on the first post day in every month or oftener if directed so to do by the Trustees in Sydney and in such manner as they shall appoint to remit all sums of money so deposited to the Managing Trustee of the Savings’ Bank of New South Wales in Sydney togetlier with an account verified by one or more of the District Trustees respectively of the names residences and descriptions of the depositors and of the sums received by him as aforesaid in order that such depositors may be entitled to the benefit of this Act and in case there

shall

1853. 17 ̂ VIC. N o. 24. 2717

Savings' Bank.

shall l)e at the place of such deposit any Branch of any such chartered or incorporated or regulated Bank as aforesaid such Accountant or Clerk shall within twenty-four liours of the recci])t of every such deposit pay the same into such Branch Bank to his credit as sucli Accountant or Clerk.

;iS. It shall and may he laAvful for any free person being the AVitiuirawing- depo-

OAvner of any sum of money deposited Avith any District Accountant or Clerk foi- transmission for his benefit to the N cav South Wales Savings’ Bank in Sydney or for any other person duly authorized hy such depositor or for his executor administrator or other laAAful repre­ sentative to claim and receive hack such sum or sums of money or any part thereof in the manner folioAving (that is to say) if the sum or sums so required to he repaid shall not exceed tAc pounds the claimant thereof shall on some day to be appointed hy the District Ti'ustee or 'frustecs rcspectiA'cly deliver or cause to he delAcred to the District Accountant or Clerk a notice signed AAutli his name declaring his int(aition to AA'ithdraAV such sum from the Bank at the expira­ tion of fourteen days from the date of the said notice and if the sum to he witlulraAvn shall excciul fivĉ pounds hut he not more than tAventy ])ounds then tAventy-onc days’ notice shall in like manner be given and thirty days’ notice Avhen the sum to be AvithdraAvn shall exceed twenty pounds and upon receipt of such notice the District Accountant or Clerk shall fortliAvith transmit the same verified under the hand of one of t he said District Trustees to the Managing Trustee of the Savings’ Bank in Sydney in order that proper steps may he taken for the jiayment of the amount under deposit to the party laAvfully claiming the same Provided that the said District Trustccs may in their discretion dispense AAotli such notice as aforesaid.

39. In casc any district dejiositor in the funds of the Savings’ Depositors in country

Bank of Iscav South Wates shall die leaving any sum of money in the ŝ fĝ lî ̂twneyTn

said funds or any dividend or interest due thereon belonging to him the Bank.

at the time of his death the same shall be paid only on the conditions

bercinbefore provided touching and concerning like cases.

40.    No District Trustee shall be a llo A v ed to deposit any sum of District Trustees to

monev iu the Bank or Branch of which he shall be such Trustee or to

, ,, J 1 • 1 r-j /■ 1 -V m the funds of the

ItorroAV any money irom or to derive any beneiit Irom any deposit Bank,

made therein or receive directly or indirectly any salary allowance

])rofit or benefit Avhatsoever from the funds of the said Bank or Branch.

41. It shall be laAvful for the Trustees of the Savings’ Bank of charges onnanage-

N cav South Wales in Sydney to defray any necessary charges of managcmtBit in tlie Districts aforesaid and to remunerate the persons who shall bo appointed District Clerks or Accountants rcsjiectively.

No. XXV.