Savings Bank Act 1861 (SA)

ANNO VICESIMO QUARTO ET VICESIMO QUINTO

A. D. 1861.

No. 8.

An Act to consolidate and amend the Laws relating to the &wings

Bafi k o f 80uth Australia.

[Assented to, 12th September, l86 l.]

W HEREAS it is expedient to consolidate and amend the Laws Prelmble. relating to the Savings Bank of South Australia-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 House of Assembly of the said Province, in this present Parliament assembled, as follows:-

1. The Ordinance passed by the Governor of the Province of ~ e p c a l of Ordinanoes

and Acts-

passed by the said Governor; with the advice and consent of the said Council, on the second day of November, one thousand eight hundred and fifty-two, further to amend the first-mentioned Ordinance; and an Act passed by the Governor-in-Chief of the said Province, with A C ~	21 Vict#, NO. 8.
the advice and consent of the Legislative Council and Home of Assembly of the said Province in Parliament assembled, on the
fifty-eight, intituled " An Act to consolidate and amend the Laws	twenty-seventh day of January, one thousand eight hnndred and

South Australia, with the advice and consent of the Legislative	No,	16,
Council of the said Province, on the twenty-second day of September, 1847.

one thousand eight hundred and forty-seven, G To establish a Savings Bank in South Australia, to provide for the management thereof, and for the secusity of deposits therein;" and an Ordinance passed by Orhance NO.	13,
the said Governor, with the advice and consent of the mid Council, MM.
on the thirtieth day of November, one thousand eight hundred and
forty-eight, to amend the firstmentioned Ordinance; and an Act Act No. 7,1852.

by the said Governor-in-Chief, with the advice and consent aforesaid,

on the seventeenth day of October, one thousand eight hundred and sixty, intituled " An Act to amend the Law relating to 'the Savings

Proyim. Bank of South Australia," shall be, and the same are hereby repealed: Provided that no thing herein contained shall invalidate or annul anything whatsoever, done or executed under the authority of any of the Ordinances and Acts hereby repealeg.

Name of Bank. 2. The institution hitherto known as the Savings Bank of South

Appointment of	Australia" shall continue to be so designated, and shall be managed
trustees.	by a Board of Trustees, consisting of twelve persons, to be appointed
by the Governor with the advice and conaent of the Executive
Council of the said Province,
First trustsee,	3. The present trustees, namely, Francis Stacker Dutton, of Ade- laide, Member of ths House of Assembly, William Wyatt, of Kuralta, near Adelaide, Esquire, John Bentham Neales, of Glenelg, Esquire, Francis Hardy Faulding, of Adelaide, chemist and druggist, James Rilunro Linklater, of Adclaide, merchant, Arthur Blyth, of Adelaide, Member of the House of Assembly, George Young, of Adelaide, merchant, the Honomble Alexander Hay, of Adelaide, Commissioner of Public Works, R,obert Richard Torrens, of Adelaide, Registrar- General, the Honorable Henry Ayers, of Adelaide, Member of the Legislative Council, Lavington Glydc, of Kensington, near Adelaide, Member of the House of Assembly, and Archibald Jaffrey, of Park- side, near Addaidc, Esquire, shall act as and be the first trustees for the purposes of this ~ c t, and they and their successors, to be appointed in manner hereinafter provided, shall be and they are
Incorporation of	hereby constituted a body politic and corporate by the name and
truntees.	style of 'The Savings Bank of South Australia," and by that name and style shall have perpetual succession, and be able and capable to sue and be sued, plead and be impleaded, and to prosecute and inform in all Courts of Law, as well criminal as civil, and in Courts of Equity, and to accept, purchase, and hold real and personal estzlte of every kind, and to sell, assign, exchange, demise, grant, release, and convey the same; and also to procure, receive, and take, acquire, have and possess, all gifts, benefactions, goods, chattels, and
Common neal.	personal property whatsoever: And they shall have, and use, as occasion may require, a common seal bearing the impression of the Royal Arms of England and having inscribed on the margin thereof, the
Governor may remove	words, &'The Savings Bank of South Australia, ' And the Governor,
trustees and f i l l up
vacancies.	with the advice and consent of the Executive Council, shall and may at any time remove from his office any member of the said Cmporation who shall become incapable ox ncglect to perform the duties thereof, and also to accept tlie resignation of any member desirous to retire therefrom. And as often as any vacancy shall occur by the removal, resignation, disqualification, or death of any of the members of the said Corporation the Governor, with the advice aforesaid, shall and may nominate and appoint some fit and proper person as successor to
the member so removed, resigning, disqualified, or dying, or may
reappoint any member who may have resigned, or have been removed.

And

And the name and description of every person appointed to fill any Names of trustees to ba published in

vacancy among such trustees, or who may be reappointed, shall be a ~ t c.

published in the 8outh Australian Government Gazette; and im-

mediately thereupon the person so nominated and appointed, re- ~~~~$	appointed. or substituted, shall have vested in hini and be invested	t:fi"l;*'~::&,
d i th and possess all the interests, rights, powers, privileges, authori- ties, and capabilities, and perform all the duties of the person in whose place or stead he shall have been so nominated and appointed, reappointed., or substituted.

become bankrupt, or petition for, or take the benefit of any Act for trustees. 4. If any present or future trustee of the said $a7ings Bank shall Disqualification of

the benefit of insolvent debtors, or have any vesting order made against him, or compound with his creditors, or become a lunatic, or be absent from the said Province for the space of six months, every such trustee shall immediately thereupon cease to be a trustee.

5. The trustees of the said Savings Bank shall xeet at the Bank, in ordinar~mectha of

trustees.

King William-street, Adelaide, or at such other place as shall be

appointed by them for that purpose, once at the least in every month,

on such days and at such hours as shall be from time to time fixed by X

the said trustees fox the transaction of the business and the performance of the duties prescribed by this Act, and of a l l other matters con- nected therewith; and the trustees shall have power to adjourn such meetings to any time and from time to time, and they shall also meet for any special or extraordinary purpose vhenever the accountant Special, or extraor-

shall consider such meeting necessary, or whenever any two dillary meete~8.

trustees shall require the accountant to call such meeting, and

, the accountant shall send by post or otherwise, to each trustee, a

notice in writing of the time and place of every meeting and of the special or extraordinary purpose thereof two days at least prior to such meeting; and no business shall be transacted at any ordinary, special, extraordinal y, or adjourned meeting, unless five trustees Fivc Twstee. m t	be
be present at thc commencement of the busmess nnd a t the time prcScnt "tmwt'gs.
wheh a division takes place upon the whole or any part of the

business; and all acts, matters, and things, which the said trustees m. may PBrfOm 811

are by this Act authorized or required to do and perform, shall and matters and things

may be done and performed by any five of such trustees duly as- mpowcred to which the trustees

~lembled at a meeting whereof due notice shall have been given to all

the said trustees.

6. At the first meetixlg of the said trustees held after the commence- Amointment of &h&- man.

ment of this Act, the trustees then present shall elect a chairman from among their number, who shall hold such office for one year, ar. d shall be eligible for re-election, or until a successor shall be t',cancytobe filted"~,

appointed; and after the expiration of such period, or in case of a vacancy arising from any cause in such office of chairman, the trustecs shall elect a chairman at the next succeeding meeting, or at all cxtm-

and POwors df

ordinary meeting to be called for that purpose. The chairman shall diairmqn.

preside at the meetings of trustees and shall not only have a vote as

- a trustee, but whall dso in addition thereto, in case of the equality of

votes,

'	A
provided for. ~ V@W, haye a casting or decisive vote; and in the absence of the ~ Q ~ ~ ~ ~ ~ ~ ~

chairman at the time appointed for any meeting of trustees, some one of the trustees then present shall be chosen by the other trustees assembled, and shall act as chairman of the particular meeting at which he shall be chosen.

Appointment of

officers.	7. The trustees of the said Savings Bank &all, as occasion may require, and subject to the approval of the Governor, with the advice aforesaid., appoint all such officers, clerks, and servants, as to them shall seem necessary fur efficiently conducting the business of the said Bank; and also, subject to such approval as aforesaid, pay and allow to such officers, clerks, and servants, such salaries and emol-txments as to tlic said trustees shall seem reasonable, and from time to time remove from office any officer,
Notice of appoint-	clerk, or servant, and reappoint him, or appoint another in his
ment.	place or stead; and every such appointment and removal, or re- appointment, shall be signified by the publication of a notice to that cffcct in the South Awstmlimz Government Gazette ; and every
Oficere to give WCLP	such officer, clerk, or servant shall givc to the Treasurcr such security
rity.	for the due and faithful discharge of the duties of his office ai to the
said trustees shall seem% requisitc.
General ordm.	8. The said trustees are hereby authorized and required fi*om time to time, as they s h U see occasion, to make and issue general or other orders and rules ~especting the transactions and business of the said trustees, and o f their officers, and for the government and manage- nicnt of the wid Savings Bank, and for the guidance, control, and information, according to the intent and meaning of this Act, of dl agents, accountants, clerks, or other officers, paid or unpaid, acting in the management of the said Bank, and of all depositors therein, in respect of their transactions with such Bank, and for the keeping, cxaminiag, auditin and allowing or disallowing, of accounts of or concerning -?K+ suc ank, and as to the class of securities, and the manner in which the funds of the said B a d are to be invested, and
for carrying this Act into execution in all other respects, m they shall think ploper; and the trustees may, at their dkcretion, f%n

*ltrration of Orders. time to time suspend, vary, alter, or rescind, any such order or rules: Provided that every such general or other order and rule shall be signed by at least five trustees, countcrsigncd by the accountant, and

by Attorney-General. Attorney-General of the said Province to be in conformity with, Orderatobcccrtif icd sealed with the seal of the said Savings Bank, and certified by the

or not repugnant to law: Provided also, that every such order and rule, including any order or rule suspending, varying, altering, or rescinding any order or rule previously in force, shall be approved

App"val nor-in-~bief by is Ere- by thc Govcrnor and Executive Council of the said Province, and after

cutivo Council,	such approval the same shall be laihbefore the LegklativeCouncii and
And by Parliament.	House of Assembly of the said Province, and if not objected to and disallowed by a resolution of the said Legislative Conncil or House of Assembly, witbin one calendar month after such or'der ox rule shall

Operation of orde~? have been laid before them, then and thenceforward the said order or

rule s h d haye the same force and efficacy a8 if inserted .h

this Act.

9, The

9. The said trustees may, at any time at their discretion, by an tgrnthmtof

order, a copy whereof shall be published in the South Australian

Government Gazette, nominate ahd appoint (subject to the approval

of the Governor, as aforesaid), any one or more persons to be the

agent or agents, for the receipt and repayment of deposits on

account of the said Savings Bank; and the said trustees shall make

such general or other orders and rules for the management, guidance, Orders for their

and information of the said agent or agents, and thc depositors and pidance-

others transacting business with such agent or agents, as regards the

repayment of deposits, or the payment of interest or other p~ofits to

the depositors; and shall issue to such agent or agents, from time

to time, proper books, forms of account, notices, and all other mat-

ters proper and necessary for the conduct and management of the

business which may be entrusted to such agent or agents, or shall

authorize and empower such agent or agents to procure the same;

and the said trustees may, subject to the approval of the Governor

as aforesaid, from time to time, remove from his or their office, or

accept the resignation of any such agent or agents, and appoint

another or others in his or their place: Provided that such removal, Removal or resigna-

or acceptance of the resignation of any such agent or agents, shall be tion of agenta.

notified in the South Australian Government Gazette.

The Savings Bank of South Australia," and all lands, tenements, v,t of the lnatitution to 10. The building in King William-strret, Adelaide, known as Lands snapropertr

and hereditaments, moneys, goods, chattels, and effects, and all securities for money or other obligatory instruments, and evidences, or muniments, and all othm effects whatsoever, and all rights, or claims whatsoever, belonging to or had by the said Savings Bank, and now vested or belonging to the said trustees, or the Vice- President of the said Savings Bank, for any purpose or for any trust whatsoever, shall, from arxd after the commencement of this Act, without any assignment or conveyance become vested in the Corpo- ration of the said Savings Bank of South Australia, and shall, for all

purposes of action or suit at law or in equity, subject to the equities affecting the same, be deemed and taken to be, the property of the said

Corporation: And all persons who may be indebted to the trustees

or Vice-President of the said bank, at or prior to the commencement of this Act, in any sum or sums of money on account of the said bank, shall pay the same to the said Corporation, and all moneys due and owing by the said trustzes or Vice-President at the time last aforesaid, shall be paid by or be recoverable from the said Corpora- tion, and all contracts, agreements, bonds, covenants, a d securities made or entered into with the said trustees or Vice-President, may be proceeded on and enforced by the said Corporation, as if the same had been entered into with such Corporation; and all cash, money, bills, notes, cheques, drafts, or other valuable security which shall hereafter be received from the depositors of the said bank, or any other person or persons according to the provisions of this Act, shall v e ~ t in the said Corporation, and shall, for all purposes of action or suit, as well criminal or civil, at law or in equity, be deemed to be the property of the mid Corporation, without further description.

N 11. The

11. The said trustees may expend, from time to time as the same shall be required, out of the rest or security fund belonging to the said Savings Bank, such sum or sums of money as they may consider reasonable and proper for repairing, supporting, and upholding the buildings and premises situate in King William-street, Adelaide, aforesaid, wherein the banking business of the said Savings Bank is carried on.

Bower to trustee6 to

let lands on lease, &c. 12. The said trustees are hereby authorized and empowered to let,

either on lease or otherwise, such portion, if any, of the land, build- ings, and premises, as may not be required for the purposes of the said Savings Bank; and also any messuages, lands, and hereditaments which may be in the possession of the said bank, at such annual rent,

and for such term, and upon such conditions, as the said trustees

shall think fit and direct.

Tmtees atid agents	13. No person being a tr~zstee	or agent of the said Savings Bank,
not to derive any

advantage.	or being in anywisc concerned in the management thereof, shall be allowed, save as is hereill provided, to borrow money from, or to receive directly or indirectly, any salary, allowance, profit, or benefit whatsoever, from thc fi~nds of the said bank, or to act in the capacity of secretary, solicitor, accountant, valuator, or clerk of the said Bank:
Proviso,	Provided that nothing herein contained shall prevent such trustee or agent, or the wife. or child, being an infant under the age of twenty- one years, of such trustee or agent, fXom opening an account as a depositor in the said bank, or froin receiving any interest, or other profit, fairly and properly due and payable, or allowed in respect of such account:
limitation of respon-

sibility of trustsea No trustee W.. t of the said Savings Bank shall be

a	d	agents,	personally liable, except for his own acts and deeds, or be answerable for any banker, broke?, or other person, with whom any part of the moneys, effects, or funds of, or belonging to, the said Savings Barik, shall be deposited or lodged for safe custody, or be answerable for the insuficiency or deficiency of any security or securities in or upon
which any moneys shall be placed out ar invested, or for the defect of title, or value of any lands, or hr any other misfortune, law, or
damage which may ha.ppen by reason of anything done by him in virtue of his office in the execution of this Act, excapt in cases where
he shall be guilty of wilful neglect or default.

Persons entrusted

with moneye, &Q., to 15. Any person who shall have or receive any part of the moneys,

render same when

effects, or fmds of or belonging to the said bavings Bank, or shall

called upon.

in a y manner have been or shall be intrusted with the disposition, management, or custody thereof, or of my securities, books, or papers relating to the same, and an3; person to whom. the same shall have come in any capacity, or in any manner, or to his exesutore, adzuinistmtars, and assigns, shall, upon demand made in pumuance of any order of the trustees of the said Bank, give, in his account or accounts to the person named in such order for the purpose d

receiving the same to be exani.mil and dowed or disallowed by the

auditor

auditor or other officer of the said trustees, and shall on like demand pay over all the moneys remaining in his hands, and assign ilhd transfer or deliver all securities and effects, books, papers, and property in his power or custody to such person so named in such order; and in case of any neglect or refusal to deliver any such h'cg~cct misdemeanor. or refueal a

account or accounts, or. to pay over such moneys, or to assign, transfer, or deliver such account or accounts, securities, effects, funds, books, papers, or property in manner aforesaid, such person so offending shall be deemed to be guilty of a misdemeanor, and on being cbnvicted thereof shall be punished accordingly, and upon such neglect or refusal, it shall be lawful for the said trustees to Tmateee to report.

make a report of the circumstances connected therewith to be verified by the affidavit, affirmation, or declaration of any person or

persons cognizant of such circumstances to the Supreme Court, or supreme Court or

any judge thereof who shall and may proceed thereupon in a sum- Judge mey deal sum-

mwi1y.

mary way, on motion, and make such order therein upon hearing order shall be final and conclusive; and all assignments, sales, and transfers made in pursuance of such order shall be good and effectual

all parties concerned upon any affidavits, or viva voce, as to such

at law and in equity to all intents and purposes whatsoever. v

16. Any one or more of the trustees of the said Savings Bank, Receipt of deposits.

together with the accountant or assistant accountant, or in the event of the absence of the trustees or trustee, the accountant and assistant accountant may receive at the Savings Bank Buildings situated in King William-street, Adelaide, at such time or times as shall be

fixed by the trustees, and at no other time or place whatsoever from

any person or persons by way of deposit any sum or sums of money

not being of value less than One Shilling, nor exceeding Five Hun- Minimum and W&

died Pounds in the whole, exclusive of interest, from an one person, de~Q4ite.

e ~ in the cases as hereinafter menticgned, and shal t &Tnd there t n?'	cailse the cm16f.int of money so received to be entered in a book (to be
provided for that purpose) to the credit of the person making such deposit, or to the credit of such other person as he or she may appoint;
received into the said Savings Bank shall, with all convenient speed, and the amount of such deposits, ahd all other sum or sums of money be paid into such of the banks in Adelaije, as shall be approved of
by the said trustees, and shall be there placed to the credit of the
aaid Savings Bank, in an account to be kept in such bank for that purpose, and no money so paid into such account shall be with- Withdnrwald drawn therefrom without the writtcn order of two or more trustees money& countersigned by the accountant for the time being first had and obtained.
in respect of any deposit, unless such deposit shall be made at the at ofBo8. 17. No depositor shall have any claim on the aaid Savings Bank Depwita made
office of the said bank or other place to be appointed by the said .
trustees during the hours for which such bank or other place so to be appointed shall be open for the r e c w o f deposits.

18, Thc

Infanta may make

deposits. 18. The trustees of the said Savings Bank may receive deposits

of money from or for the use or benefit of any person uniter the age of twenty-one years; and the said trustees may pay such person his share and interest in the funds of the said bank in the manner and upon the conditions hereinafter appointed in the case of other de- positors, and the receipt of such person shall be a sufficient discharge for any money paid to him aforesaid, notwithstanding his incapacity or inability in law to act for himself.

Persons of uns:)und	19. The trustees of the said Savings Bank may receive deposits from any person who shall declare himself willing to act as a trustee on account of any other person disabled by idiotcy, lunacy, or unsoundness of mind, and to allox interest and makc payments, as
mind may make
deposits by trustees.
in the case of ordinay depositors, and the receipt of such person so
acting as trustee shall be a sufEcient discharge to the said bank.
Friendly and Chari-
table Societies may	20. All Friendly Societier legally established, and all Charitable Societies, by their treasurer or other proper oftieer acting in their behalf, may pay into the said Savings Rank, subject to the same condi- tions asdapply to the ordinary depositors therein, all or any portion of the funds of such Friendly or Charitable Society so established respectively, and shall be entitled to receive the same rate of interest allowed by the said bank to the ordinary depositors, and by such treasurer or other yropcr officer to receive back all or any portion of the funds due on such account to such society, and the receipt of such treasurer o;s other officer shall be a sufficient discharge to the said bank in respect of any such payment.
make deposits.

of Supreme Court uaercOntn'm' 21. The Supreme Court or any Judge thereof by any order may be inveated in may, from 'lime to time, direct that any sum of money belonging to saving'BRnkb~Order of Suprem court or a the estate of any intestate person, or of any person declared insol-

Judge thereof.	vent under or by virtue of' any Ordinance relating to insolvents, which may have been or shall be received by, or which may be in the custody or power of any person acting under the direction or
said Savings Bank, in such manner and on such account, and for control of or accountable to the said court, shall be deposited in the

"" in""there0n. such purposes as the said Court or a Judge thereof shall direct, and all and each of such sums of money sn to be deposited as aforesaid, shall from the time of being so deposited respectively, bear interest at and after thc rate of one-half the amount of interest allowed to

hh Ody any ordinary depositor in the said bank: Provided always, that

be withdrawn by orda~

of court or Judge. no such sum of money, nor the interest from time to time due

-

thereon, shall be paidw& by or withdrawn from the said bank otherwise than by order of the said Court, or of a Judge thereof for that purpose.

Rate of intereet on	22. Every person depositing with the said trustees, by one or more payments, any sum not less than Twenty Shillings, o; 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 be entitled to receive interest upon the same, at such rate as s h d be
deponita.

declared

declared fiom time to time by the said trustees, under the conditions

hereinafter established, except as hereinafter exceptcd: Frovidcd PM*o*

that no interest shall be allowed on any sums less than One Pound,

or on odd shillings or pence, and that the interest shall be calculated by months, omitting odd days, but that any sums deposited within the first seven days of a month, shall be entitled fo bear intcrcst for the whole of that month; and the said trustees may and shall pay

such interest as is herein directed, upon all deposits of not less than

Twenty Shillings, out of the net profits of the said bank: Provided Proviso.

also, that in case any depositor shall withdraw the whole of his deposits before the thirty-first day of December in any year, hc shall not be allowed interest on the samc for the period forming part of the current year during which the amount remained deposited in the

said bank.

23. The interest to which any depositor may become entitled under the provisions of this Act, shall be added to and incorporated with i, :~m;t$$tt;$~

applied for.

the sum which may be then standing in the books of the said Savings

Bank, to the credit of such depositor on the first day of January in every year, and shdl bear interest subject to the provisions of this Act, from the fir& day of the said month of January; and interest shall be allowed to him upon the total sum, so long as the same shall remain deposited in the said bank, cmd shall not, including principal and interest, exceed the sum of TWO Hundred m d Fifty Pounds, except as is hereinafter grovidcd with respect to deposits transferred to the Depo~~itors' Unclaimed Fund:" Provided always that nothing in this Act contained shall entitle any person to deposit

in the said bank any sum. exceeding Five Hundred Pounds in the

whole, exclusive of interest, or shall Fe deemed to limit the amount of moneys belonging to the estates of intestate persons, or otherwise, paid into the said bank, under my order of the Supreme Court of the said Province.

24. Any person, being the owner of any sum of money deposited ~~onaitions onwhic~h

deposits may be with-

in the said Savings Bank, or of the interest thercon, or any person & , , , ,

duly authorized by such depositor, or his executors or otlm lawful representative, may claim and receive back sueh sum of money, or any p a t thereof, in the manner and upon the conditions following, that is to say:-If the sum so required to be repaid shall not exceed Fifty Pounds, the claimant thereof shall deliver, or cause to be delivered to the said trustecs or to their accountant, a notice, signed with his name, declaring his intention to withdraw such sum from the said bank at the cxpi&tion of one calendar month from the date of the said notice; and if the sum to be withdrawn shall exceed Fifty Pounds, then three months iioticc shall in like manner be given: Provided, that nothing herein contained shall be con- h.oyim

strued to prevent the said trnstecs fiom dispensing with such notice, in cases when it may to them appear expedient; and, on the with- drawal of any money, a receipt shall be signed by. the party receiving such money, and such receipt shall be a sufficient disehavgc to the said trustees a ~ d their officers for the aum therein expressed to be received.

o 25, The

t	S	n@W	25,	me	trueteee of the said Savings Bank may pay any sum of money
WOmeXk

to a married wonan in respect of any deposit made by her prior to or

&G	after her marriage, unless the husband of such woman shall give to tho
said trustees notice in writing, requiring payment to be made to him.

I

epositom, dying,

26. In case any depositor in the said Savings Bank shall die,

!	/	P	leaving sums under
6100, in m e of

leaving a sum of money in the said bank, belonging to him at the

prQbEk~

administration,	letten of	or	time of his death, not exceeding in the whole, including interest,
notice.	the sum of One Hundred Pounda. and mobate of the will of the deceased depositor (if any will ha& been' made), or letters of ad- ministration of his estate and effects, be not produced to the said trustees, or if notice in writing of the existence of a will, and intention to prove the same, or h take out letters of administration,
be not given to the said trustees within the period of two months
from the death of the said depositor, and in the latter case, unlcss such will be proved or letters of administration taken out within the period of three months from the death of the said depositor, the said trustees are hereby authorized to pay the same to any person who shall amear to such trustees to be the widow, or entitled to the effects

TFnsteea may pay	of suc6 aeceased depositor, according to law; or the said trustees may
debts and funeral	at thcir discretion pa.y, out of such sum of money, all just debts
expenses of deceased	due or owing by such deceased depositor, and defray the expense of his
depositor.	funeral, so far as the said sum of money shall extend, and pay and divide the surplus, if any, after paying such debts and defrafhg such expenses as aforesaid, to or amongst any person or person$ who shall appear to such trustees to be entitled to the effects of such deceased depositor; and the payment of any such sum of money as aforesaid shall be valid and effectual against the demand of any other person as next of kin, legatee, or lawful representative of such deceased depositor, against the funds of the said bank or the

repre

aenta tives.	trustees thereof; but, nevertheless, such next of kin, legatee, or lawful representative, shall have remedy for recovery of such money, so paid as aforesaid, against the person who shall haw un- lawfully received the same.
'Iegitimab

tors.	depi* 27, If any depositor in the said Savings Bank, being illegitimate, illegitimacy of such depositor and of such person or persons, would be entitled to the money due tn such deceased depositor, the said trustees may pay the money due to such deceased depositor to any one or more of the person or persons as in their opinion would have been entitled to the same according to the statute of distributions if the said depositor and such person or persons had been legitimate.	shall die intestate, leaving any person or persons who, but for the
Accounte not	operated

upon for seven years,	28. All depositors' accounts in the said Savings Bank, not being deposits made on behalf of minors, which shall not have been operated upon either by the addition or withdrawal of deposits for a period of seven years and upwards may, with the interest which may have been placed to the credit of such accounts, be balanceI and clused, and
Has be carried t o
depositors' unclaimed	the balances theredf respectively shall bc carried in the names of the
fn~a.	respective depositors to an account to be called the Uepositord

Unclaimed

Unclaimed Fund," which fund may be from time to time lent out and

invested by the trustees of the said bank in the samc manner as the

other funds of the said bank, and any sum transferred to the

depositors' unclaimed fund shall, when duly applied for, be paid	*
thereout to the person entitled to receive the same, bnt without any interest thereon for the period during which it shall have been so transferred and remained to the credit of such fund; and the interest arising from the employment of the depositors' unclaimed fund shall be added to and form part of the general profits of the said bank.

29. At any meeting or meetings of the said trustees whether ~ ~ ~ ~ ~ e m a ~ l e n d On

ordinary, special, or extraordinary, the trustees then present may consider applications for loans, and may lend any sum or sums of money out of the funds of the said Savings Bank upon security by way of mortgage of any messuages, lands, and hcreditamcnts, held in fee simple; or of any messuages, lands, and hereiiitaments held of

an estate which may by any law now or hereafter to be in force

within the said Province, be equivalent to an estate in fee simple: Provided that such messuages, lands, and hereditaments, are situated

within the said Province, and the rate of interest to be paid on such Interest to t 6 paid.

loans or mortgages, or any existing loans or mortgages, shall be deter- mined from time to time by the said trustees at a special meeting to

be duly convened for that purpose; and before making any loan or m a t i o n.

mortgage the said trustees may direct a valuation to be made of the messuages, lands, and hereditaments, proposed to be mortgaged, the expense of which valuation shall bc paid by the pcrson or persons applying for such loan; and all siich messuages, lands, and heredita- ments, so to be mortgagedas aforesaid, shall be subject to such provisoes for redemption of the same on payment of all principal money and interest and to such vowers of sale, in default of na~rnent of the principal money or tge interest thereof, and to sucCdeclnrations as to the right of the said bank to foreclose the cquity of redemption of the messuages, lands, and hereditaments, comprised in any such mortgage, as the said trustees may consider necessary for the security

and due protcction of the funds of the said bank so lent on mortgage

as aforesaid: Provided always, that no new mortgage shall be taken	Limit of amount to be
by the trustees so long as two-thirds, ox more than two-thirds of	lent on mortgage.
the entire funds of the said bank, shall be invested on mortgage.
Trustee8 may inveet In
30. The said trustees may, at their discretion, invyst thc funds of the said Savings Bank in or upon Government securities, or upon	Government Seeuritiea
or depoait in the
any securities guaranteed by the Government and payable in the said	Banke.
Province; and the said trustees may deposit any portion of those funds in any bank or banks in the said Province for such period and at such rate of interest as may be agreed on between thc managers
of such bank or banks and the said trustees.
3 1. whenever i t shall be necessary to execute for and on behalf of the said Savings Bank any conveyance, mortgage, assignment, recon- vepance, lease, release, acquittance, bond, deed, or other instrument in writhg not otherwise specifically provided for in thiq Act, the

same

same shall be executed by being signed on behalf of the said bank

by any three or more of the said trustees and countersigned by the

-8 "

real.

accountant or assistant accountant, and by having tlie common seal

of the said Savings Bank affixed thereto.

be preserved,

8 e c ~ t i e s m 32. All securities for money, or other obligatory instruments, md

evidences, or muniments which mav be taken and reccived for the repayment of any sum or sums of mimey lent by the said trustees from the deposits in the said Savings Bank, shall be and are hereby directed to be registered according to law, and to be preserved in the strong room of the said Savings Bank, or such other place as the Governor may direct or approve of, in an iron chest, having two locks, the key of one of which shall be kept by the accountant, and the other by the chairman of the trustees; and it shall not be lawful far the said parties in whose custody such keys are placed, or either of them, to deliver out of such chest to any person whatsover, any security for money, or any obligatory instru- ment which nzay have been deposited therein, unless the party applying for and* claiming the same shall produce an order for its delivery, signed by three or more of the trustees,

Tma* autbotized

to borrow to tbe 33. The Savings Bank, with the consent of the Governor in

amount Ten *hou- Executive Council, may, and is hereby authorized and empowered,

~ ~ ~ ~ F ~ u n d s w i t h t h e	f i ~ m
time to time, to borrow and take up on bond or otherwise, payable by instdments or otherwise, at such rates of interest (not exceeding Ten Pounds per centum per annum) as to it may seem
uarantee of tho
&emor-b-~hiet.
meet, any money which it may be necessary to borrow, for the sole
purpose of enabling the said trustees, to meet the demands made
upon them by depositors desirous of withdrawing their deposits,
which bonds OF obligatory writings under the hands of any two of the said trustees and the accountant and the seal of the said Savings Bank, and being guaranteed by the Governor with the advice and consent of the Executive Council, in such form and manner as to him may seem meet, shall be called "South Australian Swings
Bank Securities," and shall be, and are hereby declared to be a charge on the General Hevenues of the said Province; and the said Governor with the advice and consent of the Executive Council,
may guarantee the repayment out of the General Revenues of the said Province, of the sums so borrowed, and of the interest thereon, and from time to time appropriate any part of the said
~*I'ov~M~.	revenues to the payrncut of such sums and interest: Provided always, that no loan or loans so to be taken and paranteed, as aforesaid, out- standing at one time shall, without the advice and consent of the Par- liament of the said Province, exceed the surnof Ten Thousand Pounds.

On Goventor notice to of issue demmdt 34. In default of satisfaction of any such security, according to the terms and conditions thereof, and an notice of demand of

D P T	payment being served on the Chief Secretary of the said Province, such notice shall be immediately communicated to the swid Go- vernor and thereupon the said Governor may, and he is hereby
reduired to issue a warrant under his hand to the Treasurer of the A -

said Province, which shall be countersigned by the Chief Secretary,

to pay the amount of principal and interest due on such security to the party entitled to receive the same, out of any moneys then in the possession of the said Treasurer, being part of the general revenues of the said 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 dis- charge for the same.

35. On such payment being made by the said Treasurer the ~; ~ ~, " " r ~ ~ ~ ~ ~ ~ ~,

security so paid shall be delivered up to him, and the same and a11 becorno vested in the

sums secured thereby, and all right and claim thereto shall bc deemed,	Crown*
and are hereby declared to be assigned to and vested in Her Majesty,

for the public uses of the said Province, and may be sued for, re- covered, and enforced in like manner as any other debts due to or rights vested in or belonging to the Crown.

36. The said trustees shall, within six weeks after the close of Trustces to prepare a balance-sheet and to

every year, cause a balance-sheet to be prepared containing a true lay the same before

the in such bank or banks as aforesaid to the credit of the said! Savings Bank, and of all sums of money which may in any manner be due to the said trustees; and they shall certify to the best of their belief .Lhe cor- rectness of the said account or balance-sheet by subscribing the same with their names, and shall., within three clays after such subscription, lay the same before the Gcwernor fox his approval, and shall cause the same, after being by him approved, to be published in the

statement of the receipts and payments on account of the said Savings

8outh Aust~alian Government Gazette.

Trusteee to ettablish

37. The trustees of the said Savings Bank shall annually set apart a ,,U,ty fund out

any sum of money which they may consider necessary, but not profits, exceeding one fifth part of the net profits of the said bank towards the estaglishment o i a rest or se&rity fund for the purpose of meeting any loss or deficiency which may unexpectedly occur (until wtil it	such rest or security fund shall amount to Ten Pounds per centum $10 per cent. of	of the total sum deposited ilp the said bank) and the remainder of dcposib.
such profits they shall annually divide amongst the depositors by Interest to depodm.
way of interest, and when such rest or security fund shall amount to Ten Pounds per centum of the total sum de~osited in the said bank the whole o f the said profits shall be annudly divided amongst the NO interest on aums
depositors by way of interest; but so long as the bdance to the depnaik& 8250:
credit of any depositor shall, including principal and interest, exceed the sum of Two Hundred and Fiftv Pounds. no interest whatever - J
shall be allowed, paid or pyabli on any sum in' excess of that amount.

38. The said trustees shall on or before the first day of Decem- ~ ~ $ $ ~ ~ ~ ~, ~ ~,

her in every year, subject to the approval of the Governor, ap-

point two fit and proper persons as auditors to audit the accounts	;F
of the said Savings Bank and S to examine and iasgect the cleposit

P books

bookh~ of the several depositors; and the said trusteec~ shall cawe the

annual account or balance-sheet of the said bank to be submitted ta the said auditors, to be by them examined and verified with the books of the said bank, and they shall after such examination and verification append a report to the said account or balance-sheet certifying as to the result of such examination, and they shall also report the result of their examination of e f the depositors' books

as may have been produced to them for examination.

D e ~ s i t be

produced for inspec- 39, Each depositor shall, once in every year, produce or cause to Savings Bank, for the purpose of being inwamined, and verified with the books of the said Savings Bank, bv the auditors on such day or days as shall be for that pu&ose n a k h and appointed

tim ~ u d i t days to be produced his deposit book or duplicate at the office of the said

"heab

in and by any notice which the said trustees may cause to be

published in the Soztth Australiun Government Gazette; and such notice shall specify the day or days and the offices and places respectively at which the said deposit books or duplicates shall bg produced for the purposes aforesaid, and the said trustees shall cause

a copy of such notice once or oftener to be advertised in at least

one newspaper published in the City of Adclaide, or in the place where such office of the said Savings Bank is open for the transaction of business, or in its neighborhood, and shall cause a like copy of such notice to be printed, published, and posted in such placcs and in such manner rts the said trustees shall deem expedient.

'" " be inaer(ad

in depwit books,	40. Every depositor in the said Savings Bank, on making his first deposit, and at al l other times when necessary, fihall be fux- nished by the trustees with a deposit book, in which"shall be printed at length a copy of the rules of the said bank; and a copy of such rules, signed by two of the said trustees, shall, from time to time, bc
And exhibited in	exhibited and affixed in the office of the said bank, and shall be open
bad.	to the inspection of every depositor or person intending to be such.

Reccipta, accounts,	41.	All receipts, orders, certilicates, endorsements, books, accounts,
&C., to be in form

aireoted b y t r u a t ~.	returns, or instruments, or other matters OF things whatsoever, which
shall be required for carrying this Act into execution, shall h; made
in such form or manner, and containing such particulars, and under such regulations, as shall from time to time be directed, required, or approved of by the said trustees.

M'*r * *Ute"

be referred to arbitra- 42. If any dispute shall arise between the said Savings Bank,

tion, ' or any person or persons acting on behalf of the said bank, and

" mv individual depositor therein, or any executor or administra-

tor, next of kin, or creditor, o f any diceased 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

may be referred to the arbitration of two indifferent persons, one to be chosen and appointed by the said trustees, and the other by the party with whom the dispute arose; and in case the arbitrators so

appointed shall not w e e, then such matter in dispute shall be

refemed

referred in writing to an umpire having no interest in such matter, or in the said Savings Bank, to be chosen by the said arbitrators; and wlmtcver award, order, or determination shall be made by tde said arbitrators, or by the said umpire, shall be binding and conclusive on all parties, and shall be final to all intents and purposes, without any appeal.

Trustees authorieed

43. Subject to the conditions hereinbefore contained t l ~ c said to pay salaries an3

trustees are hereby authorized and empowered to pay and discharge	chargce.
the salary, allotvance, and charges of every officer and servant em- ployed by them, under the authority of, and in the discharge of the duties imposed by, this Act, and all other expenses, allowmces, and incidental charges which shall necessarily attend the execution of this Act, out of the funds of the said Savings Bank.
No charge for certain

44. All publications required by this Act to be inserted in the publictltions in

South Australian	Governmesit C ~ x e t t e, shall be so inserted frec of	Gcczette,
charge.
Act t o be a Publio

45. This Act shall be deemed and taken to be a Public Act, ancl Act.

shall be judicially taken natice of as such by all Courts, Judges, Justices, and others within the said Province, without being specially pleaded.

46. In referring to this Act, it shall be sufficient to make use of

the expression " The Savings Bank Act of 1861 ."

In the name and on behalf of the Queen I hereby assent to

this Act.

RICHARZ) GBAVES MACDONNELL, Governor.

Goveri~lnent House, Adelaide,

12th September, 1861.

Adelaide : Printed by authority by W, C, Cox, Goyernment l'tinter, Victoria-squaraq