Savings Bank Act 1872 (SA)

ANNO TRICESIMO QUINTO ET TRICESIMO SEXrrO

A. D. 1872.

No. 17.

An Act to amend The &vings Bank Act qf 1861,

[Assented to, 15th August, 1872.J

$AS it is expedient to amend " The Savings Bank Act Preamble.

W"""' Province of South Australia, with the advice and consent of the of 1861 "-Be it therefore Enacted by the Governor of the	Legislative Co:mcil and IIousc of Assembly of the said Province, in
this present Parliament assembled, as follows:-

l. Clauses 4,7,13, 14, 16,21: 29, 30, ancl 37 of the said " The R C ~ C ~.

Savings Bank Act of 1861 ," are hereby repealed: Provided that nothing herein contained shall invalidatc or annul anything whatso- ever done or executed under any of the said clauses hereby repealed.

2. If any present or future trustee of the said Savings Hanlr shall Disclualification of

become bankrupt, or petition for, or take the benefit of any Act for T"steC'.

the benefit of insolvent dcbtors, 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, or be absent from six consecutive monthly meetings of thc Board, every such trustee shall immediately thereupon cease to be a trustee.

3, The Trustees of the said Savings Bank shall, as occasion may Appointment o f

require, and subject to the approval of the Governor, with the advice and consent of the Executive Council, appoint all such officers, clerks, and servants RS to them shall seem necessary for efficiently conducting the business of the said Hanlr; and, also, subject to such approval as afuresnid, pay and allow to such [Idarioaafo6Fen,

8 officers

52 35" & 36O VICTORIB, No. 17.

The Savings Bank Act Amendment Act.-1872.

officers, clerks, and servants, such salaries and emoluments as to the said trustees shall seem reasonable, and from time to time remove from office any officer, clerk, or servant, and reappoint him, or appoint another in his place or stead; and every such

P P

ment. appointment and removal, or reappointment, shall be signified by the publication of a notice to that effect in the South Australian Govern-

rity. Ofticera to ~iveaecu- ment Gazette, and cvery such officer, clerk, or servant shall give to

the said Savings Bank such security for the due and faithful discharge

of the duties of his ofice as to the said trustees shall scem requisite. Z

Trustoca not to derive

4. No person being a trustee of the said Savings Bank, or being in anywise concerned in the management thered', shall be allowed, save as is herein provided, to borrow money from, or to receive directly or indirectly, any salary, allowance, profit, or benefit mhat- soever from the funds of the said bank, or to act in the capacity of secretary, solicitor, accountant, valuator, or clerk of the said bank:

any advantage.

Proviso.

Provided that nothing herein contained shall prevent such trustee, or the wife, or child, being an infant under the age of twenty-one years, of such trustee, from opening an account as a depositor in the said bank, or from receiving any interest or other profit, fairly and properly due and payable, or allowed in respect of such account.

Limitation of reapon-

5, No trustee of the said Savings Bank shall be personally liaWe, except for his own acts and deeds, or be answerable for any banker, brokcr, or other person, with whom any part of the moneys, effects, or funds of, or belonging to, the said Savings Bank shall be depo- sited or lodged for safe custody, or bc answcrnble for thc insufficiency or deficiency of any security or securities in or q o n which any moneys shall be placed out or invested, or for the defect of title, or value of any lands, or for any ot.her misfortune, loss, or damage which may happen by reason of anything done by him in virtue of his office in the execution of this Act, except in cases where he shall

biiity of trustece.

be guilty of wilful neglect or default.

Receipt of deposits.

6. Any two or more officers of the said Savings Bank, duly

authorized by the said Savings Bank, may receive at the Savings

Bank Building, situated in King William-strcct, Adelaide, or at such place or places, and 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 nay of deposit, any

Minimum and maxi-

sum or sums of money not being of value less than One Shilling,

mum deposit.

nor exceeding Five Hundred Pounds in the whole, exclusive of interest f ~ o m any one person, except in thc cases as hereinafter mentioned, and shall then and there cause the amount 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; and the amount of such deposits, and all other sum or sums of money received into the said Savings Rank shall, with all convenient speed, be paid into such

of thc banks in Adelaide as shall be approved of by the said trustees,

and shall be there placed to the credit of the said Savings Bank, in

an

35" & 36" VICTORIB, No, 17.

The Snvings Bank Act Amendment Act.-1872.

-- --

an account to be kept in such bank for that purpose, and no money	Withdrawal	of
so paid into such account shall be withdrawn therefrom without the	moneys.
written order of two or more trustees, countersigned by the ac- countant for the time being, first had and obtained.

7. The S~~preme Court, or any Judge thereof, by any order, may Moneys under control of the Supreme Court

from time to time direct that any sun1 of money belonging to the	Inay be invested in
estatc of any intestate person or of any person declared insolvent	order of Suprcme Savings Bank by
under or by virtue of any Act or Acts relating to insolvents, which	Court, or a Judge
may have been or shall be received by, or which may be in thc	thereof.
custody or power of any person acting under the direction or control
of, or accountable to the said Court, shall be deposited in the said
Savings Bank, in such manner, and on such account, and for such
purposes, as the said Court, or a Judge thereof, shall direct, and all
and each of such sums of money so to be deposited as aforesaid shall,
from the time of being so deposited respectively, bear interest at and	As to interest thcreon.
after the rate of one-half the amount of' interest allowed to any
ordinary depositor in the said bank: Provided always, that no such	Such moneys only to
sum of money nor thc interest from time to tirnc due thereon, shall	be withdrawn by order
be paid out by, or withdrawn from the said bank, otherwise than by	o f Court or Judge,
order of the said Court, or of a Juclge thereof, for that purpose, unless and until such sum shall have been so deposited in the said bank, and remain unclaimed for the period of six years.

8. At any meeting or meetings of the said trustees, whether Trustees maplend on

ordinary, special, or extraordinary, the trustccs then prcscnt may 'ortga~em

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 hereditaments held in

fee simple, or of any messuagcs, lands, and hercditaments held of an

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

the said Province be equivaleut to an estate in fee simple: Provided

that such mcssuages, lands, and hereditaments are situated within thc

said Province; and thc rate of interest to be paid on such loans or Interest to be paid. -

mortgages, or any existing leans or mortgages, shall be determined 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 mortgage the said trustees may direct a valuation to bc made of the messuages, Valuation.

lands, and heieditaments proposed to be mortgaged, the expense of which valuation shall be paid by the person or persons applying for such loan; and all such messuages, lands, and hereditaments so to be mortgaged as aforesaid shall bcsubject to such provisos for redemp- tion of the same on payment of all principal money and interest, and to such powers of sale in default of p~yment of the principal money or the interest thereof, and to such declarations as to the right of the said bank to foreclose the cquity of rcdcmption of the messuages, lands, and hereditaments comprised in any such mortgage as the said trustees may consider necessary for the security and due protection of the funds of the said bank, so lent on mortgage as aforesaid: W Provided always that no new mortgage shall be taken by the trustees LimiL of amount to bc

so long as one-half of the entire funds of the said bank shall bc lent On m'rtgage~

invested on mortgage. 9. The

54 35" & 36TICTORIX, No. 17.

The Savings Bank Act Amendmegzt Act.--1872.

Trustee0 to haw

power to invest funds 9. The said trustees may at their discretion invest the funds of

in Government secu- the said Savings Bank in or upon Government securities of the said

ritiea+ and	deposit	Province, or in or upon any securities guaranteed by the Government
in the banks.
of the said Province, or in or upon any securities of the Corporation of the City of Adelaide, wheiher s ich securities or thc *interest thereon are or is payable in or out of the said Province; and the said trustees may deposit any portion of their 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 the managers of such bank or banks and the said trustees.

Trustees to establish

a security fund out of	10, The trustees o f the said Savings Bank shall annually set apart any sum of money which they may consider necessary, but not ex- ceeding one-fifth part of the i;et piofits of the said bank, towards the establishment of a rest or security fund, for the purpose of meeting any loss or deficiency which may unexpectedly occur (until such
profits,
until it amounts to	rest or security fund shall amonnt to Five l'ounds per centum of the

posits. total sum deiosited in the said bank), and the i&iainrler of such	$6 per cent. of de-
Interest to depositors, profits they shall annually divide amongst the depositors by way of

interest; and when such rest or security fund shall amount to Five Pounds ;er centum of the total sum deGosited in the said bank, the

whole of thc said profits shall bc ann;olly divided amongst the de-

No interest on sums

above $260,	positors by way of interest, but so long as the balance to the credit of any depositor shall, including principal and interest, exceed the sum of Two Hundred and l?ifty Pouuds. no interest whatever shall
be allowed, paid, or payable on any sum in excess of that amount.

Clauses27 3~47 61 6- 11. The said "l'hc Savings Bank Act of 1861" shall be read and

7, 8 ,9, and 10, to be

tjubsbtutedfor clauses construed as if clauses 2, 3, 4, 5, 6, 7, 8, 9, ancl 10 of this Act had

9 7 7 4 6 + 2 1 2 7 been inserted therein instead of clauses 4, 7, 13, 14, 16, 21, 29, 30,

30, and 37 of '"UN

savings Bank A C ~ of and 37 of the said " The Savings Bank Act of 1861," each for each

1861." respectively.

short title. 12. I n referring to this Act i t shall be sufficient to make use of the expression " The Savings Bank Act Arr~endrnent Act."

In the name and on behalf of the Queen, I hereby

assent to this Bin.

JAMES FERGUSSON, Govcrnor,

Adelaide : By authority, W. C. Cox, Go~ernmont Printer, North-terrace.