Savings Bank Act 1857 (SA)

No. S.

2 a s - 9?/4 /

An A c t to consolidate m2d amend the Laws re lnt i~t~q to the Snui~zgs - L

l,

Bank of South Australia. ,

/- - /-"

[Assented to, 27th - January, 1858.1 --&$h 4f 2 :,,k7-;-- -

F>

HEREAS, on the twenty-sccond day of Scptcmbcr, one thousand Preamble. d< /<&, &:T--.. -

W eight hundred and forty-seven, an Ordinance was passed by the - .r g.* C AL > y r &

Governor of the Province of South Australia, with the advice and con- / /,* ., , ,"

sent of the Lcgislativc Council of the said Province, "To establish a	L
Savings Bank in South ,4ustralia, to provide for the management thereof, and for the security of Deposits therein;" and on the thirtieth day of Kovember, one thousand eight hundred and forty-eight, an Ordi- nance was passed by the said Governor, with the advice and consent
of the said Council, to amend the first-mcntioncd Ordinance; and ail
the second day of November, one thousand eight hundred and fifty- two, an Act was passed by the said Governor, with the advice and consent of the said Council, further to amend the first-mentioned Ordinance: And whereas it is expedient furthcr to amend the said laws relative to the said Savings Bank, and to consolidate the same in one Act, and to make other provisions respecting such Bank: Be it therefore Enacted, by the Governor-in-Chief of the Province of South Australia, with the advice and consent of the Legislative Council and Iiouse of Assembly of the said Province, in this present Parliament assembled, as follows-

1. The hereinbefore mcntioncd Ordinances and Act (being Ordinances NO. 16,

Ordinances No. 18 of 1847, and No. 13 of 1848, and Act No. 7 of 1847 ; asd No. 13,

; and No. ,,

1852) shall be, and the same are hereby, repealed, exce t as to the 1862, repealed.

institution and establishment of the said Savings ~a*ich shall

be continued in the said Province, for the receipt, management,

and security of such deposits, and shall be regulated according to the

I provisions

provisions hcrrinafter established: Proviclcd, nevcrtl.iclcss, t l d nothing herein contained sllall invalidate or annul any appointment

of Trustees or Accountant, made under thc said Ordiinances or Act,

or any payments or receipts, or proceedings had, or bonds or securi- ties taken or entered into, or m y instrmxrits whatsoever executed, or acts done under the authority of eithcr of the said 0rdinnncc.j aiid Act, but the same respectively shall continue in force, as if rilacle, had, entered into, or cxecntcd, under and by virtue of the provisions of this Act, niicl saving always the effect of the said Ordinances and Act, in regard to any act or deed done or granted, prior to the datc of this Act coming into operation.

Appointment of Prcsi?	2. The Go~ernor	of the said Province for the time being shall
dent, Yice-President,

and 'L'~ustccs.	he Presislcnt of the said Savings Bank, and the nzunagement of the affairs of the same shdl be vested in twelve Trustees, to be appointed by the said Governor, of whorn onc. slitlll be styled Vice- President; and that the said Governor shall and may from time to time remove fiorn office all or any of tllc Trustees of the said Savings Rank, and reappoint the same or any of them, or shall and may appoint others or another in their or his place or stead; and in case
of any vacancy occurring in thr number of such rl 'r~istw~, or of any
appointment, removal, reappointmeut, or fresh appointment, as afore- said, of any such Trustees, thc same sl~all be published in the South
Azcstrnliun Government Gazette, by older of thc said Ciovcrnor,
empowered to do all

Any Evc Trustees 3. All x ts, matters, and things (save as hereinafter excepted),

matters and things	which the said 'E'rustees are, by any of tlrc provisions of this Act,
which the Trustees
are required to do.	authorized or rcquired to do and perform, sliall and may bc done and
l'roviso.	performed by any file of such l'rustees: Provided always, that such fiw 'I'rustees bc for such purpose asscinbled at a mecting, whcreof che notice shall be given to all the said 'l'rustees.
Vicr-?resident or
scnior Trustee to be	4. At all meetings of the said 'l'rustees, t lx Vice-President, or, prcsent shall presidc as Chdirman, and shall not only have a vote, as a 'I'rustee but shall also, in addition thc~eto, in case of the
Chairman at any	in his absence, the senior Trustee in the order of appoint~rwnt
meeting
quality of votes, have s casting or decisive vote.
No Tn~stee
benefit froxu the Bank,

to derive 5. No person, being a Trustee or Treasurer of such Savings shdl borrow any money therefxom, or act in the capacity of Ac- countant or Clerk of snch Bank, or recei~e directly or indirectly any sahry, allowance, profit, or benefit whatsoever, from the funds of such Bank, except as a depositor thc~ein; ancl that any person being n Trustee or Treasarer of t h ~ said Bank, who shall offend in

except as a depositor	Bank, or being in any way concerned in the management thereof,
thrrem.
any one of the said particulars, shall forfeit and yng, for unch offbcc,
the sum of One Hludrfid Pourlds, arid that such penalty may be sued for in thr Supreme court of the mid P~OV~RCC', by any ycrson having money deposited in the said Bank to thc amount of 'Thirty Pounds, the penalty to be paid, one I ~ i f to the Quecn, $ ~ r the uses of the said Province, and one half to the informcr.

Trustees may appoint 6. Thc said Bic.~-Presid&, and any four of the said other

Acoonntnnt, ~llbj~ject to

t t i e approval uf the Trustees,

'Trustees, snbject to the approval of the said Governor, may appoint a fit and proper person to bc the Accountant in Adelaide of' the said Savings Bank, and from time to time to remove from office any such Accountant, and to reappoint him, or to appoint another in his place or stead, in case of any such rerxivval or any vacancy happening, as the said Vicc-Fresident and Trustces shall from tirric to time t h i ~ k fit; and every such appointment, re- appointment, or fresh appointment of any such Accountant, as aforesaid, shall he signified by the pnblication of a notice to that efl'wt in the & ~ t h Australian &ouemrnerzt Gazette; and it shall be lawful for the said Vice-1'1-rsident m d other 'l'rustees to appoint, subject to thc approval of thc said Governor, such salary as they shdl deem fit to be paid to such Accountant, regard being had to the nature and extent of the duties to be peri'orrned, and to the responsibility which may attach to him.

7. Every person who may be appointed as aforesaid to the AwoUUtant to grant security fbr the faithful

office of Accountant of the said 8a~ ines Bank, shall grant security dischargoof hisduties. -

Gs themselves jointly and severally to The Vice-PI-clsiclent and Trust~es of the said Savings Bank of South Australia," in such penal sum as shall be named by thc said Trustees, and he approved by the said Governor.

for tlw duc and faithful discharqe ofUthe dnties of office, by said Accountant in snch bond, and they ancl he shall bincl

bvnd with two or more sufficient sureties, to be approved by the said

8. The said Vice-Prcsidcnt, and any four of the said other Trustem may appoint clerks andothcr subur-

Trustees. subjcct to the approval of' tho said Governor, m::y , , , o ~ c e r a,

appoint clerks and such other subordinate officers of the s a d to the approval of the	Governor.
Savings Rank, as t h y, in their rlisa'ction, shall think necessary for the esec~ltion of tlw several duties and trusts hereby rcposed in thrm; and they may and shall, out qf the interest received by them on moneys lent out as hereinafter directed, pay such salary as s l ~ d be appointccl to be paid to thc saicl Accn~xntant of the said Savings Bank, and also snch other salaries to thc said clerks, and other subordinate officers, as the said Vice-President and any
four of the said other Trustees, by and with the approbation and consent of the saicl Governor, shall fiom time to time think fit anti	allow; and the said Vicil-President and other four Trustees shitll
also, out of the said intcrcst, defray all such incidcntril charges and expenses as shall be necessarily incurred in condtxcting the business and keeping the acco~ints of the said Savings Rank, which shall be allowed and approvcd by thc said Governor.

9. The said Vice-President, and any four of the said other Vice-President and Trustces may franlc

Trustees, attending any arch meeting as aforesaid, shall and may and rc.,liatbns,

make such rules and regulations for the conduct and management of with awrov j l of the

the said Sayings Bank as to them shall seem meet, and may from Governor.

time to time revoke, alter, and modify, any such rules and regulations

respectively: Provided always, that no such rules, rcgulations, or Proviso.

revocations, alterations, or mociifications of rules, shall be deemed

valid, or be acted upon, until the same shall have been submitted to

the Govcmor for his approval, and shall have been' allowed and

confirmed by him, under his hand. 10. All

Rulcsmd ~ d a t i o n s

to be frlit1y transcribed 10, Ail such rules and regulations as may from time to time

on parchment, and de- be made as aforesaid by the Trustees for the management of the

posited ~ff ice. inthe said Savings Bank, after the same shall have been allowed and

confirmed by the said Governor, as hcrcinbefore is directed, shall be fairly transcribed on parchment, and deposited with the Registrar- General of the Province, which transcript shall be filed by such Registrar-General, and preserved amongst the records and muniments

of the said Registry Office, without any fee or reward in respect

thereof; and such rules or regulations, so deposited, shall be binding upon the several members and officers of the said Savings Bank, and upon all depositors therein, and their representatives, all of whom shall be taken and deemed to have full notice thereof; and the transcript of the said rules and regulations, deposited with the 'Registrar-General as aforesaid, or a true copy thereof, examincd with the original and proved to be a true copy, shall be received as evidence of such rules and regulations respectively as aforesaid;

And to be received

evidcnce of tho same. llegistrar-General as aforesaid, shall be made without fee or reward,	and every copy of any such transcript deposited with the said
except the actual expense of such copy.
One Trustee with Ac-

countant, or two Trus- 11. Any one or more of the said Trustees, together with

tees in his absence, may	the Accountant, or, in the event of his absence, any two or
receivc deposits not
less thm One Shilling,	more of such Trustees, at such time and place as shall be fixed
nor exceeding Two	by such rules and regulations, confirmed and allowed as afore-
Hundred Po~mds.	said, and at no other time or place whatsoever, may 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 exceeding Two Hundred Pounds in the whole, exclusive of interest, from any one pkrson, except in the cases aftermcntioned, and shall then and there cause the money so rcceived to be entered in a book (to be provided for that purpose) to the credit of the party making such deposit, or to the3redit of such other person as he or she may appoint; and the amount of such deposits, and all other sum and sums of money received into the said Savings Rank, shall with all convenient speed, be paid into such of the Colonial Banks in
four of the said other Trustees, at any meeting for such purpose to Adelaide as shall be approved of by the Vice-President, and any be convened, and the same shall be there placed to the credit of the
said Savings Bank, in an account to be intituled The Account of the ViceePresident and Trustees of the Savings Bank of South Australia," which said account shall be opcncd and kept in such
Withilrawd of
moneys.	Bank for that purpose; and no money, so paidinto such account in such
Bank, shall be withdrawn thcrefiom without the written order of two or more Trustees, countersigned by the Accountant for the time being first had and obtained.

~ ~ w e r t o lend money

on mortgage not ex- 12. On any day or days at any meeting or meetings to be

cee&gTwoThousand for that purpose appointed by the said Trustees, the Trustees

aecllrity. POunh On W One then and there present, not being less in number than five, subject

to the directions hereinafter contained, may lend at interest any

sum or sums of money out of the funds of the said Savings Bank, . upon

upon security, by way of mortgage,.of any nlesruages, lands, and hereditaments of an estate of lnh~rltarice in fee simple in the said Province, provided such mcssuages, lands, and hereditaments, bc free from all encumbrances, and from all reservations of' mines, minerals, and royalties; and provided also that no such loan shall exceed the sum of Two Thousand Pounds on any one security; and the said Trustees, so attending such nleeting or meetings as aforesaid, may direct a wduation to be made of' the said mcssuagcs, lands, and hcreditaments, the expense of which valuation shall be bornc and paid by the person or persons applying for such loan; and ail such messuages, lands, and heredi- tarnents, so to be mortgaged as aforesaid, shall be corivcyed to the Vice-President for the time bring of the said Savings Rank, in fee, subject to n proviso for redemption of the same, on payment of all principal money and interest, and there shnll be inserted in every such mortgage a power of sale in default of pnymcrlt of the principal money thereby secured, or the interest thcrcof, on the scveral days and times therein appointed for payment of the same rcspcctively, with a proviso or declaration that such power of sale shall not prejudice or affect tlw right of thc said Swings Bank to foreclose the equity of redemption of the mcssunges, lands, and hereditaments comprised in any such i n o r t g a ~ ~; and all bonds, mortgages. warrants of atto]-ney, and other sceuntics, which have been, or shnll or may at any time hvrnf t~ r he taken in the name of any person Vice- President of the said Savings Rank for and on ncc~unt of the same, shall and may be put in suit, and be sued and prosecute-d at law or in cquity, in the name of the Vice-Frcsidcnt for the time being, in whose name thc same may have been taken, or in the name of any person who shall or may have succeeded to that office at thc timc such proceedings shall be instituted, notwithstanding that the name of any such sncceeding Vice-President I I ~ not inserted in such bond, mortgage, warrant of attonlcy, or other such security, as an obligee, rnortgagcc, assignee, or payee, of the sum or sums of money tilerein rncntioned; and the death, resignation, removal, or other act of any such Vice-l'resiclent of the said Savings Bank fbr the time being, in

whose name any such bond, mortgage, warrant of attorney, or other	security, as afbresaicl, shall he so put in suit, shall not abate any
action, snit, or other proceeding had thcreon, bnt the same may be continued whtm i t left off and bc prosecuted and carried on in the name of any person who may have succecded to that office, or may be or become the Vice-I'rcsiclent of the said Savings Bank fur the time being, and the legal estate in all lands and tenements belonging or mortgaged to the said Savings Bank, and all legal rights, and caprtcitics in respect of the said Savings Bank, shall bccome vested in such new Vice-President, as aforesaid to al l intents and purposes, immediately upon the recording of thc memorial of the name of such new Vice-President in the Supreme Court, as hereinafter directed, and so on toties po t i e s wllensoever any new appointmcnt of Vice-President for the time being of the said Savings Bank shall take place, and such new memorial shall bc enrollcd and recorded in
the Supreme Court, as hereafter directed: Provided always, that h u ~ i f i o
whenever any such lands and hereditaments are or sbaU becomc liable

K to

to the dower of the wife of thc mortgagor thereof, she shall join inz

Proviso.	such mortgage for the purpose of releasing the same: Providcd always, that the whole amount to be invested on mortgage shztll not exceed two-thirds of the entire funds of the Bank, and that no new mortgage shall be taken by the Trustees so long as two-thirds or more than two-thirds of the entire funds of the Bank shall be vested
on mortgage.

Power toinvest funds 13. In order to provide other means for the employment of

of the Bank in Govorn-

swwi,e8, , the funds of the said Savings Bank, any proportion of such funds

doposit in the Banks, may, tit the discretion of such Trustees, and with the approval of the said Governor, be invested in or upon Government securities, or upon any securities guaranteed by the Government, to be legally issued in the said Province; and any portion of those funds not exceeding one-third of the whole, may be deposited in any Bank or Banks in the said Province, at such rate of interest as may be agreed on between the Directors of such Bank or Banks and the said Trustees.

Expenditure for

banking premises.	14. The said Trustees may cxpcnd from time to time, and as the same shall bc required, out of the rest or security fimd be- longing to the said Savings Bank, such sum of money, not exceeding in the whole the sum of Eight Thousand Pounds, as the said Governor shall approve of, in and towards the purchase of free- hold land and premises w&i~the City of Adelaide, for the purpose of erecting thereupon, and in, and towards the erecting thereupon of a banking house, building, or premises, wherein to cariy on the busi- ness of the said Savings Bank; and such land and prernises shall be purchased in the name of, and bc convcyed to the Vice-President, for the time being, of the said Bank in fee, on behalf of the said Savings
Bank, wit21 liberty for the said Vice-President, and he is hcrcby
authorized and empowered, with the approbation of the said Gover- nor and the consent of the said Trustees, to let, either on lease or otherwise, such portioir, if any, of such land, erections, and premises, as may not be required for the purposes of the said Savings Bank, at

TrusteesofthcSavings 15, In order to afford assistance to the said Trustees, in case such annual rent, and for such term, and upon such condit~ons said Trustees shall think fit and direct. as the

Bank authorized to	borrow to the amount it should happen that, in consequence of the employment of the
of Ten T h o l ~ ~ a funds of the said Savings Hank, as hercinbefore authorized, the said Pounds with the gua-
tant,eeof*~e~ovemor. Trustees should be unable to meet the demands from time to time

made upon them, by persons desirous of withdrawing the money deposited in the said Savings Bank, the said Trustees may, and they are hereby authorized and empowercd, from time to' time

to borrow and take up on bond or otrl1erwise, payable by irk-

stalments or otherwise, at such rates of interest (not exceeding Ten Pounds per centum per annum) as to them may seem meet, any money which it may be necessary to borrow, for the sole purpose of enabling the said Trustees, in consequence of the employrncnt of the funds of the said Savings Bank, to meet the deinnnds made upon them by depositors desirous of withdrawing their dq~osits, bp granting

and

and issuing, to any persons willing to advance such moncys, bonds, o r obligatory writings, under the hands and seals of the Vice-President, Accountant, and any four of the said Trustees, which bonds, or other obligatory writings being guaranteed by the Governor, by writing under his hand endorsed thereon, in such form and manner as to

him may seem meet, shall be called "South Australian Savings

Hank Securities," and shall be, and are hereby declared to be, a charge on the General Xevenues of the said Province; and the said Governor may guarantee the repayment, out of the General Revenues of the said Province, of the sums so borrowed, and of the interest thercon, and from time to time appropriate any part of the said Revenues to the payment of such sums and interest: Yrovided always, that no loan or loans so to be takcn and guaranteed, as aforesaid, outstanding at one time shall, without the advice and consent of the Parliament of the said Province, exceed the sum of Ten Thousand Pounds.

16. In default of satisfaction of any such security, accordin cy On notice of dcmmd, b. Govcrnor to issue

to the terms and conditions thereof, and on notice of demand oi ,~,~,,t to Treasurer

payment bcing served on the Chicf Secretary of the said l'rovince,	to pay the same.
such notice shall be immediately communicated to the said G overnor, and thereupon the said Governor may, and hc is hereby required, to issue a warrant, under his hand, to the Treasurer of the said Provincc, which shall be couiitersigned by the Chief Secretary, to pay thc anlourlt of principal and interest due on such security to the party entitled to receive the samc, out of any moneys the11
in the possession of thc said Treasurer, being part of the General
Revenues of the said Province not otherwise appropriated, and such Trcasurcr slmll issue and pay thc same accordingly, and shall, in his accounts, be allowed credit for the samc, 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.

17. o n such payment being made by the said Treasurer from sec"itic8'~11idated the Revenrrcs to

the security so paid shall be delivered ux, to him: and the bccorne vested in the

samc, and ill sum; secured thereby, and all right and claim thereto,

vested in 1fc.r Majesty, for the public nses of the said Province, and	shall be deemed, and are hereby declared to be assigncd to and	may be sued for, recovered, and enforced in like manner as any other
debts due to. or rights vested in or belonging to the Crown.

18. If an): dispute shall arise between the said Savings Bank, or &fatter i n a i w t e ?hall

any person or persons acting on behalf thereof, and any individud ti,.

bc referred to arbitra-

depositor therein, or any exccutor or administrator, next of kin, or creditor, of any deceased depositor, or any person claiming to be such executor, administrator, next of kin, or creditor, then and in every such case, the matter so in dispute shall be referred to the arbitration of two indifferent persons, one to be chosen and appointed by the Trustees of the said Savings Bank, and the other by the party with whom the dispute arose; and in case the arbitrators so appointed shall not agree, then such matter in dispute shall be referred in writing to an umpire having no interest Irm such matter, or in the

said

said Savings Bank, to be choserr by t l ~ e said arbitm tors; and whatever award, order, or determination shall be made by the said arbitrators, or by the said umpire, shall bc binding and conclusive on all parties, and shall be final to all intents and purposes, witlimt any appeal.

T ~ ~ ~ e s t 0 p r e p W e a

balance-Aeet, and to	19. Thc said Trustees, or any five of them, shall, within one to be prepared, containing a true state&& of the receipts and paj-- ments on account of the said Savings Bank during the past year., and
lay the same before	calendar month after the close of every year, cause a balance-sheet
the Governor.
of the balance of monev remaining in such Colonial Bank as afore-
said, to thc credit of the said ~ a k i n ~ s Uank, and of all sums of money which may in any manner be due to the said Trustees of such Savings Bank, as such Trustees as aforesnid; and they shall certify to the best of their belief the correctness of the said account or balancc-sheet, by subscribing the same wit11 their names, ancl shall, within three days aftcr such subscription, lay the same before the Governor for the time being, for his approval, and shall cause the same, after being by him ayprowd to be publishet1 in the South Australian Government Gazette.
How securities shall
be preserved.	20. All securities for money, or other obligatory instruments, and evidences or mmlirnents, which may be taken and received for thc rcpaymcnt of any sum or sums of rnol;ey lent by the tlvstecs from the deposits in the said Savings Bank, shall be and are hereby directed to be registered in the General ltcgistry Office, arcording to law, ancl to be preserved in the Treasury, or snch other place as the Governor may direct or approve of, in an iron chest, having two locks, the key of onc of which shall be kept by thc Accountant, and the other by thc 'I'rcasurer; and it shall not bc lawful for the said parties in whose custody such keys are placed, or either of them, to deliver out of such chest to aiiy pcrson whatsoever, any security for moncv, or any obligatory instrunicnt which may have been depositcd thcicin, unlcss thc pnrty applying for and claiming thc same shall produce an order for its delivery, signed by three or more
Proviso.
arisc for the production of any such security, for inspection or other- of the Trustees: Provided always, that as often as occasion shall
wise, i t shall bc lawful for thc Trcasurer, and hc is hereby required to deliver thc same into the hands of the Accountant for such purpose, under the authority of an order signed by any thrcc or more Trustees, stating the purpose for which the same shall be re- quired to bc dclivered out, the Accountant giving a receipt for the same; and thc said Accountant is hereby rcquircd to rcstorc thc same to the custody of the said Treasurer, immediately after the pur- pose for which the same is delivered out shall have been satisfied.
Rate of interest on	21. Every person depositing with the said Trustces, by one or more payments, any sum not less than Twenty Shillings, or the person on whose account the said deposits may have been paid, and to whose credit they are placed in the books of the said Savings Bank, shall bc entitled to receive intcrcst upon the same, at such rate as shall be declarcd from time to tinic by the said Trustees, under the
dcposita,

'.. conditions

conditions hereinafter established, except as hereinafter excepted:

Provided that no interest shall be allowed on any sums less than One P	N	~	~
I'ound, or on odd Shillings or Pence, and that the interest shall be calculated by months, omitting odd days, but that any sums deposited within the first seven days of a month shall be entitlcd to bear interest for the whole of that month; awl the said 'l'rustees may and shall pay such interest as is herein directed, upon all deposits of not less than Twenty Shillings, out of the interest received by them on

sums lent out as fkwinhefore appointd: Provided also, that in case Prorim.

any depositor shall withdraw the whole of his deposits before the thirty-first day of 1)eccrnber in any year, he shall not be allowd intercst on the same for the period fbrmiug part of the current year during which the amount remained deposltecl in the said Savings Bank.

22. Thc said Trustees, or a major part of them, at a general meet- Rate ofinterest may

ing, to be held in the month of January in every year, by and with Le reduced.

the consent and approbation of the said &mxnor, may reduce the rate

or rates of interest on say sum or sums of' money which may be

lent at interest by the sai;l Savings Bank asaforesaid.

23. Out of the net profits of the said Savings 13alik the said Trus- Trustees to establish o security fund.

tecs shall annixally sct apart one-fifth part of the whole amount of such profits towards the establishment of a rest or secxrity fund, for the purpose of rncctiug any loss or deficimcy which may unex- pcctedlv occur, until such rrst or security fund shall amount to the

sum ofi'\wnty 'i'housnnd Pounds, and thc renwinder of such profits

shall be the amount to be annunlly diviclcd amongst thc depositors

byway of interest, and when such rest or security fuud shall amount

to the sun1 of Twenty Thousancl Youncis, the whole of the said pro- fits shall be annually divided amongst the depositors by way of interest.

21. The interest for any sun1 or sums of money deposited, to ~; ? g ~; ~ l i $; ~ ~

which any depositor may become entitled under the provisiom of this 88 i s not applied for.

Act, shall be added to and incorporated with the sum which may be then standing in the books of the said Savings Rank, to the credit of such dcpositor, and shall bear intcrest subject to the provisions of this Act, from the first day of the said rnontli of January, and interest shall bc allowed to h& or her upon the total sum, so long as the same shall remain deposited in thc said Savings Bank: Provided Proviso.

always, that nothing in this Act contained shall entitle any person, except as hereinafter mentioned, by successive deposits, to place in charge of such Trustees any sum exceeding Two Huntlmd Pounds in the whole, exclusive of interest, or be deemed to limit the amount; of moneys belonging t n the estatrs of intestate persons, or otherwise, paid into the said Savings Rank, under any order of the Suprenle Court of the said Province.

25. Any person, being the owner of any sum or sums of ~onditiona on which

deposits may be krith-

money deposited in the said Savings Dank, or the interest thereof, h a m.

L or

or for any person duly authorized by such depositor, or for his or her executors or othcr lawful representative, may claim and receive back such sum or sums of money, or any part thereof, in thc manner and upon the conditioris following, that is to say -if the sum or sums so required to be repaid shall not eucecd FiPty Pounds, thc claimant thereof shall deliver, or cause to be delivered, to the Trustees, or to their Accountant, a notice signed - with his or her name, declaring his or her intention to withdraw such sum from the said Savings Rank at thc expiration of ouc c:tl(.ntl;~r

month from the date of thc said notice; and if the sum to be with- drawn shall exceed Fifty Pounds, then three months' notice s l d l in

Proviso.

like manner be given: Provided that nothing herein contirii-red shall

be construed to yrcvcnt the Trustees from dispensing with such ~iotice

in cascs when it may to then1 appear cxpeclicnt.

Infants may make

depo&.

26. I n case the Trustees of the said Savings Rnnl; shall receive any deposit of money fiom or for the use or benefit of ;my person under the age of twcnty-one years, the said Tr i~s te~?; 11ia$- pay such person his or her share and interest in the f ~ m ~ l s of' the said Savings Bank, in the manner and upon the conditions hcwinbefow appointed in the case of other depositors; arid tht. receipt of such person shall be a sufficient discharge for any illoncJy p i t 1 to him or her as aforesaid, notwithstallcling his or hcr incilpacity or inability in law to act for himself or hcrself.

; C I t m ~ ~ s under control 27, The Supreme Court, or any Judge of the said Court,

of Suprcrnc Court

may 6e invested in	from time to time, and at all times hereafter. In- a n v ordcr or	,	d	4
the Savings Bank, by

ordcr of Court.

orders, may direct that any sum or sums of ~noncy belonging to the estate or estates of any intestate pcrson, or of any pcrsou declared insolvent under or by virtue of any C)rdinal~ce rc~latirlg

to insolvents, which may have been or shalf be rccrivnd by, or

which may be in the custody or tower of an! person acting under the direction or control of, or accountable to, the Supreme Court,

in such manner, and on such account or a.ccaunts, and for such shall be invested in the Savings Bank of South Australia at Adelaide,

purpose or purposes, as the said Court shall by its order or orders

As to interest upon

direct; and that all and each of such sums of mouev SO to be invested

sums invested.

as aforesaid, shall, from the time of being so invkted respectively, until the period when the same shall be withdrawn from the said

Slioh moneys to be

Savings Bank, bear interest at and after the rate allowed by the rulm

withdrnwn by order

and regulations of the said bank: Provided altlwavs, that nu such

of Court only.

sum or sums nf money, nor the interest fiom t&e to time due

thereon, shall be paid out by, or withdrawn from, the said Sa~ings

Bank, otherwise than by older or orders of the said Court, or of a

Proviso a8 to interest

to he paid on moneys

Judge thereof, for that' purpose first had and obtained: Provided

belonging to intes-

also, that no interest shall be demandable in respect of any moneys

tates, or paid in by

ordcr of the Supreme

which may be so deposited in the said Saving3 Bank as ;tforesaitl,

Court.

unless when the interest payable to the other depositors at the close of any year shall exceed the yearly rate of Fivt: Pounds for every One Hundred Pounds; and when the interest so payable shall e x c e d

that

that rate, the balance of divisible profit, if any, shall be :~pplieci to the payment of interest on the sums so deposited on behalf of the estates of intestate and insolvent persons, or otherwise, by ordcr of the Snprcme Court: And provided further, that the rate of interest ~; ~ r ~ ~ ? t ~; ~ ~

payable in respect of such last-mentioned moneys shall never exceed trllowcd to other

four-fifths of the rate of interest payable to the other drpositors. dcpo"tore.

28. In case any depositor in the funds of the said Savings As persons to d ~ ~ o e i b o f dcccnsud h i n g

Bank shall die, leaving a sum of money in the said Savings Bank, ,de,	$loo.
which with the interest thereon shall not exceed in the whole One Hundred Pounds, the said Trustees arc hereby authorized :md permitted (in c a s ~ such Trustees shall be satisfied that no will was made and left by such deceascd depositor, and that no letters of administration will be taken out of the goods and chattels of such depositor), to pay the same at any time after the ctc~ceasct of such depositor, according to the rules m d regulations of the said s
Savings Bank; and in the event of thew being rlo rulcs ant1 regulatiorrs made in tlmt behalf, then the said 'l'rilstees arc hereby authorized and permitted to pay out of such sum of money a11 just dchts due or owing by such deceased depositor, and to dofray; thc expense of his or her funcrnl, so far as the said sum of rnorwy slnall estcnd, nntl to pay and divide the surplus, if any thew bc, after paying such debts, ;m1 defraying sudl cxperiscs as aforesaid, to ant1 :mongst the person or persons entitled to the effects of thc rieccascil ixitcstatc, according to thc statute of distributions.

29, I n casr m v depositor of moncy in the said Savings lSank ~5 to h o ~ i t f i of

perxms rlrccnsrd ax-

s l d dic, l e i i a n sum or sums of money in the said Umk, or ccc<ling loo.

there ~ k ~ i l be any clivitlends or interest due thereon belonging to hiin

or her at the time of his or hcr death, which shdl excced in the whole

the sum of One Hundred Younds, the same shall not be paid to any

person or pcrsons claiming to be the representative or representatives,

or next of' kin, or creditor or creditors of such depositor, unless sucb

person or pcrsons shall deliver or cause to be delivcrcd to the said Trustees, or to the Accountant of the said Savings Bank, a notice in	writing, signed with his, her, or their names, in the prcscnce of two
credible witnesses, setting forth the grounds upon which he, she, or they clairn to be entitled to receive the said slim or sums of money belonging to the said depositor at the time of his or her death, or any
part or parts thereof: Provided always, that the said notice shall P,,,;,,,
have been previously published thrice or oftener in the South
Azcst~-nliccn Governrn~,tt Gazette, and in some one or mow of the
newspapers of the Colony, at the rliscrc\tion of the Trustccs, a i d three calcridar months at least shall have ~ laps td subsequontlq to such last publication, before payment be made in satisfaction of any swh claim or demand: And provided also, that if any crerlitor of h'ot to.intcrfere u ith
the cleceascd, whosc debt shall not escccd the sum of Ten Pounds, legal title. ~ I i i t U put in his or her claim to be paid, it shall be lawful for the said 'Trustccs to pay the same without such public notice as aforesaid:
And pmvidml f ~ r t h r r, that the above regulation shall not bc taken proviso.
to intt!rferc 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 administration of his or her

Proviso.	effects: Yrovided also, that if any payment shall be made fro~n the funds of the said Savings Bank by the Trustees thereof, as herein- before directed, and the party or parties claiming and receiving the same shall afterwards bc proved not to be the l s d u l relsrescntativc or representatives of the clcpositor so cleccascd as aforwaid, or othcrmisc not entitled to the same, such pnymcnt shall bc valid against any demand of any other person or persons as rcprcscntativc or repre- sentativcs of such deceased depositor, or any oilier person or persons whomsoever: Nevertlleless, such lawful representative or rcy)resent- atives, or othcr person or persons, shall harc remedy for such money so paid as aforesaid, against the person or persons shall have so wrongfully received the sanle.
All moneys t o b e i	30. All lands, messuages, and hereditamentr3. and all moneys, and obligatory instruments, and evidences or muniments, and all othcr property or effects whatc~cr, and all rights or claims belongFg to, or had by, the said Savings B,.tnli, shall be vestd in the 1 ice- President thereof, for the tin& being, for ---.-_- the use and benefit of the
vested i n V~ce-Presi-	goods, chattels, and eEects whatsoever, and all securities for money

dent for	ttno
being.

erein, according to the pro\~isions of this Act,

and, after the death, resignation, or removal of any such Vice-Presi- dent, shall vest in the succeeding Vice-Yresident for the same estate and interest as the former ~i&- resi sic lent had therein, ancl subject

to the same trusts, without any assignment or coilveyance whatever:

Proviso.	Provided always, that all sum or sums of money, paid on thc redeinp- tion of any lands and hereditamcnts, may bc received by any one Trustee, togethcr with thc Accountant, for the timc bcing, of tllc: said Savings Rank, and all receipts and other acqnittanres for the same may be signed by one Trustee, together with the said Accountant, in the name of, and for a d on behalf of the said Vice-President of the said Savings Bank, and such receipts and accluittances, so signed as
aforesaid, shall be deemed and taken to be as valid and effectual. at law and in equity, as if the same had been signed by the Vice-
President of the said Savings Bank; and the said Vice-President may institute any action, suit, prosecution, and other proceedings at lam and in equity, by, and on behalf of the said Savings Bank, or wlierein the said Savings Bank is, or shall, or may be concerned, against any pcrson or persons, body or bodies politic or corporate,

' and whctllcr such person or persons shall be a Trustee or officer of the said Savings Bank or otherwise; and such action, suit, plasecu- tion, and proceedings, shall be commenced or instituted, and carried on, in the name of the Accountant of the said Savings Bank for the time being, as the nominal plaintiff, complainant, or petitioner, for and on behdf of the said Savings Bank:; and a11 actions, suits, or proceedings as aforesaid, to be commenced, instituted, or prosecuted against the said Savings Bank, shall be defended by the Vice-Presi- dent, but the same shall be commenced, inst,ituted, and prosecuted against t,he said Accountant for the time being of t,he said Savings Bank, as the nominal defendant for and on behalf of the said Savings

Bank;

Bank; and all prosecutions for fraud upon or agninst the said Bank, or for embezzlement, robbery, or stealing the bills, notes, I-,oids, moneys, goods, chattels, effects, or property of the said Bank, or for any dther offence against the said Bank, dud1 or may be so cum- menced, or instituted, and carried on, in the nairie of the said Acco~mtant for the time being of the said Bank; and in all inctict- mcnts and informations it sl~all be lawful to state the property of the said Bank to be the property of the said Acconntant fbr the timc being; and any offence committed with intent to injure or defraud the said Bank, shall and lawfully may, in any prosecution oil account of the same, be ststcd or laid to have becri committed with int.erit to injure and defraud such Acconntant for the time Feiiig of the said Bank, m c l any offender or offelidrrs inay t l ~ e u p o n be lawfully con- victed of any such offence; and in a11 other allegations and indict - mcnts, informations, and other yroceeclings, it shall and rnay be lawful and sufficient, from and after thy passing of this Act, to state the name of such Accou~itant; 2nd no such suit, action, or prosecution shall be discontinued or abated by the cleat11 of such -

Sccoontant, or by his resignation or rcmoral &on1 office which he held at the time when slxt:h action, suit, or prosecution was coin- inenced, but the sarne shall and may be procccdecl with in the narrw of any pn-son who may be or become Accouutant of' the said Savings Bank for the time being, and such person shall pay or reccive lilw costs, as if such action or suit had becn comrnlc.ncPtl in his nan~c, for the benefit of, or to be reimbursed from, the funds of the said Savings Bank.

31. -4 memorial of the mmt: of the Vice-President, and a memo- 3fkn1('r;i1iq (lf n n n l c. F

of V I ~ (3-l'rc sltlent suti

rial of' the nmlc of the Accountaiit for the f ime 1 w i 1 ~ ~ of' the said iic~c~ir~llt,~llt to

.J r c -

Sarinq5 Dauk. in the form or to the effect for that purlwse set ~,l:~'$~,l:~;:~~ l"

fbrth, 111 the Schedule Ilwennto nnncxecl, signed by at least four of

the said 'l'rustec~s of thc said Savings Rank. shall rospcctively bc: recorded upon oatli in the Supreme Court of South Australia, within thirty days after the passing of this Act, and wl~en and as often as any ice- re sic tent shdl bc appoiiited by the said Governor, ns	hereinbefore directed, or any Accountant of the said Savings Uank
shall be newly-elected Accountant thereof, a inenno~.isl of the nanw of
such ~ewly-appointed Vice-President, or such newly-elected Ac- countant, in the same form, or to the same c?ffect, as thc above-men- tioned nzemorial, signed by such newly-appointed Vice-President, or such newly-elected Accountant, as the case may be, a d by four of
the said Trustees of the said Savings Bank, shall in like rriariner
be recorded upon oath in the said Supreme Court of' the said Pro- vince, within thirty days next after such Vice-President shall be appointed, or such Accountant shall be so elected, as the case may be.

32. Until a memorial of the name of the Vice-President, or of the Until auch record m d r, no artion t o be

Accountant for the time being, be recorded in the manner hcrein brol,ght,

directed, no action, suit, or other proceeding, shall be brought by the

said Savings Bank, in the name of the Vice-President, or of the

Accountant of such Bank as aforesaid, under the authority of t,his

Act. M 33. The

Vice-President and

Accountant to be com-	33. The said Vice-President or Accountant, being thc plaintiff, complainant, petitioner, or defendant in any action, suit, petition, or other proceedings, as aforesaid, on bchalf of the said Savings Bank, shall not prevent or affect the competcncy of any such Vicc- President or Accountant, so as to prevent him from beiilg a witness in such action, suit, petition, or other procceding, in the same manner as he might have been if his name had not been made use of as such plaintiff, complainant, petitioner, or defendant in any such action, suit, petition, or other proceeding.
petent witnesses.
Vant of proof of
record of memorial	34. I n any action to be brought in the name of the said Vice- this Act, the plaintiff therein shall not be Lonsuited, llor shall a verdict be given against him for want of proof of the record of such memorial or memorials as hereinbcfore mentioned; but i11 case the defendant in any such action shall mrtlrc it appear on such trial that no such memorial or memorials as hcrcinbcfore mentioned has or have been recorded, then a nonsuit shrtll be entered in such action,
&all not noneuit	President or Accountant of the said Savings Bank, by virtue of
plaintiff.
Limiting reaponsi-	35. Any oric or more of thc said Trustees shall not bc answerable or ac~ountablt. for the other or others of them, but each and every of them only for his and their own acts, receipts, nrglccts or defkults respcctivcly; and that thcy or any of them, shall not be answerable or aclcountablc for any banker, broker, or other pcrson with whom and in whose hands or custody any part of the said trust moneys shall or may bc deposited or lodged for safe custocly, or oihern-ise, in the execution of the trust hereby in them reposed; and that they or any of them shall not be answerable or accountable f i x the ins~zfficiency or deficiency of any secnrity or securities in or upon which any molleys shall be p1acc.d out or inr-esttd, or [or the ciefect of title or value of any laids, nor for any other misfbrtune: loss or damage which may happen in the execution of thc afbresaid r l
bility of Trurteerr.
Lrusts, or in relation tllereunto, except tllc same shall h;~ppcn by or
through their own wilful neglect or default respectively.

Executors, &v., of

otficers of Savings 36. If any person holding any office in the said Savings Rnnli,

Bank to pay money	and having in his liands or possession any moncys or efiects
due to Savings Bank
bof'ore any otller	belonging to such bank, or any deeds or securities rdating to the
debts.	same, shall become banirrupt or inso1.r-cnt, or shall nmkc any assign- ment of his lands, goods, chattels, or effects, for the benefit of his creditors, or shall haw his lands, goods, chnttcls, or cffccts taken in execution, or by attachment, or other process; or if any such officer shall die, then, and in any such case, it shall and may be lawful for any two or more of the Trustees of the said Sal-ings Bank respectively, to apply to such offiecr, or to his assignees, or to thc Sheriff, or other pcrson executing such process, or to his executors or adminis- trators, or to any other person or persons having 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 same shall be paid over or delivered up to the said Trustees or to such person as they shall appoint; and the party or parties so

applied

applied to, and having thc same, shall, within forty clays after such demand as aforesaid, deliver over to such rI'nlstees, or to any pcrson

or persons -\+horn they may appoint to rcceive the same, all monc)-S.

vfkrts, or othcr things belonging to such Savings Bank and h 1 dceds, securities, or papers relating to the samc, and s l d l pay out of the estates, assets, or effects of such person so being or having beon an officer of such Bank all sums of money belonging or tluc by R U C ~ oficer to such Hank before any othcr of' tlic dcbts of the said officer are 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, lands, goods, chattels, estates, i t x d cffects, s l d l be bound to the payment and discharg,rc

thereof ac~o~dlngly.

and shall bc judicially taken notice of as such by all Juclgtls, .Justices, -4ct. 37. This Act shall be decmed and taken to be a public Act, Act to be a public

and others within the said lJrovince without being spcciully pleadcd.

38. In referring to this ,4ct, it shall be sufficient to make use of ~ h o ~ t title.

the expression " The Savings Bank Act."

39. This Act sllall be in force and takc effect from and after Cornmrnccmentofthir /' ,,

the first day of January, one thousand eight hundred and fifty-eight. A't. #,$,-A / 7: -- -7

- - LT*,

SCHEDULE

SCHEDTJLK REFETZREI) TO.

Memorial of the name of the Vice-President (or fhe Arrounfnnt nr the cwsr ~crly Or/

of'the Savings Bmk of South Australia, pursuurlt to att Avt of' L I W I':l~lrarnarit c i f South Australia, (No., 18 ), To condit la ta a l ~ d :irrjrr~(l the IAU rviatirig to the Savings Hank of South Australia."

C. D.. a

1.:. F.; (

G. H.,	rustees.
1. K.,

I,. M., of Adelaiilc, gentleman, mtiketh oath saith. thnt he wn.i present and

did see the foregoing Memorial signed by the ahol c,-narntd Vicr-Pi c41lrr1t for

Accountant as the case my b ~ ) and Trustees respecti~ely, who-r n:mes apprar

thereto.

I,, M.

Sworn this (lay of j

A. 1). j

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Adelaide: Printed by authority, by W. C. Cos, G0.i