Savings Bank Act 1875 (SA)

ANNO TRICESIMO OCTAVO ET TRICESIMO NON0

A. D. 1875.

No. 22.

An Act to consolidate and amend the Laws relating to the 8aviap

Bank of South Australia.

[Assented to, 15th October, 1875.1

HEREAS it is expedient to consolidate and amend the Laws Preamble.

fore Enacted by the Governor of thc Province of South Australia,	W relating to the Savings Bank of South Australia--BC it therc-
with the advice and consent of the Legislative Council and House of Assembly of the said Province, in this present Parliament assem- bled, as follows:

1. The Savings Bank Act of 1861 " and The Savings Bank

Act Amendment Act " shall be and the same are hereby repealed.

2. The institution hitherto known as "The Savings Bank of South Nameof Bank.

Australia" shall continue to be so designated, and shall be managed

by the Governor.	by a Board of Trustees, consisting of twelve persons, to be appointed $EEF~
3. The present trustees, namely, William Wyatt, of Kurralta, near near Adelaide, President of the Legislative Council; Charles 'l'odd, of Adelaide, a Companion of the Most Distinguished Order of present Trustees to be
Adelaide, Esquire; the Honorable TYilliam Milne, of Sunnyside, first Trusteee. Hanorable Alexander Hay, of Adelaide, a member of the Legis- lative Council; Josiah Boothby, of Adelaide, Under Secretary; the Honorable Sir Henry Ayers, of Adelaide, a Knight Commander of the Most Distinguished Order of Saint Michael and Saint George, and a member of the Legislative Council; Caleb Peacock, of Adelaide, Esquire; Edwin Thomas Smith, of Kcnt Town, near Ade- laide, a member of the House of Assembly; the Honorable William

BB Mor g an

38O & &g0 VICTORIIZE, No. 22.

The Savings Bank Act.-1875.

Morgan, of Adelaide, a member of the Legislative Council; William Henry Charnock, of Adelaide, Esquire; the Honorable John Colton, of *%delaide, a member of the House of Assembly; and John Sames Duncan, of Watervale, a member of the House of Assembly, shall act as and be the first trustees for the pur- poses of this Act, and they and their successors, to be appointed in manner hereinafter provided, shall be and they are hereby

Incorporation

constituted a body politic and corporate by the name and 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 estate

of every kind, and to sell, assign, exchange, dcmise, grant, release,

and convey the same; and also to procure, receive, and take, acquire,

have, and possess, all gifts, benefactions, goods, chattels, and personal

property whatsoever. And they shall have, and use, as occasion

Trustees.

Common seal. may require, a common seal bearing the impression of the Royal Arms of Xngland, and having inscribe6 on the margin thereof the words L' The Savings Bank of South Australia." And the Governor

Governor mayremma shall and may at any time remove from his office any member of the	trustcos and fill up
vacancies. said Corporation who hall beconic incapable or neglect to perform the duties thereof, and also accept the 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 shall and may nominate and appoint some fit and proper person as successor to the member so removed, resigning, disqualified, or dying, or may reap- point any member who may have resigned, or have been removed.
Nameof Trustecsto And the name and description of every person appointed to fill any
be published in
Gazette. vacancy among such t~nstees, or who may be reappointed, shall be

published in the Gooernmen t Guxette ; aud immediately thereupon

Of person

appointed to fill	h e person so nominated and appointed, reappointed, or -substituted,
vacancies.	shall have vested in him and bc invcstcd with and possess all the interests, rights, powers, privileges, authorities, and capabilities, and perform a11 the duties of the person in whose place or stead he shall
have been so ncminated and appointed, reappointed, or substituted.

Disqualification of 4. If anv present or future trustee of the said Savings Bank shall

Trustees.	become a birector of any Banking Company transacting business
in the said Province, or become bankrupt, or petition for, or take
the benefit of any Act for the benefit of insolvent debtors, or have any vesting order made against him, or cornpuund 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 the Board, every such trustee shall imme-
Proviso,	diately thereupon cease to be a trustee: Provided always that it shall be lawful for the Board of Trustees to grant to any trustee leave of absence for any period not exceeding one year.

Ordinary msetinga of 5.

The trustees of Jthe said Savings Bank shall meet at the bank, in

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

appointed

Trwtees.

38" & 39" VICTORIB, No. 22.

The Savin,qs Bunk Act.--1 875.

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 hy the said trustees for the transaction of the business and the performance of the duties prescribed by this Act, and of all other matters con- nected therewith; and the trustees shall have power to adjourn such nary	special	meetings.	or extraordi-
meetings to my time and from time to time, and they shall also meet for any special or extraordinary purpose whenever the accountant shall consider such meeting necessary, or whenever any two 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 mceting 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, extraordinary, or adjourned meeting, unless five trustees Five Trustees must be

be present at the commencement of the business and at the time pres"tatmeetiw

when a division takes place, upon the whole or any part of the

business; and all acts, matters, and thing&, which the said trustees who may perform all

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

may be done and performed by any five of such truste~s duly as- ~ ~ ~ ~ ~ ~ ~ ~ u e

sembled at a meeting whcrcof due notice shall have been given to al l

the said trustees.

6. The present chairman of the trustees, the said Sir Henry AppointmentofChair-

Ayers, shall be the first chairman of trustees under the provisions man*

of this Act, and he shall hold such office for one year, and shall be

eligible for re-election, or until a successor shall be appointed; and V80snaytobe Blledup

after the "expiration of such period, or in case af a vacailcy arising

from any cause in such office of chairman, the trustees shall elect

a chilirman at the next succeeding meeting, or at an extraordiunry

mceting to be called for the pulpose. at the meetings of trustees, and shall not only have a vote as a Chairman. The chairman shall presidc Duties and powers of

trustee, but shall also in addition thereto, in case of the equality of

votes, have a casting or decisivc vote; and in the absence of the Absence ,,hairman

chairman at the time appointd. for any meeting of trustees, some providedf~r.

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.

7. The trustees of the said Savings Bank shall, as occasion may Appointment of

require, and subject to the approval of the Governor, appoint all OffiCBr'.

such officers, clerks, and servants as to them shall seem necessary

for efficiently conducting the business of the said bank; and also, salaries of oEcera,

subject to such approval as aforesaid, pay and allow to such 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 leappoint him, or appoint

another in his place or stead; and every such appointment and Notice of appoint-:	removal, or reappointment, shall be signified by the publication of ment.
a notice to that effect in the Government Gazette; and every such
officer, clerk, or servant shall ~ i v e to the said Savings Bank such to give
security for the due and faithful discharge of the duties of his office riB.
as to the said trustees ahall seem requisite. 8. The
104 38" & 39" VICTORIX, No. 22.

The Savings Bank Act.-1 87 5.

Tmstees maydec1are

officers on fixed	8. The said trustees may from time to time, by notice in the so appointed is, or has been for (he number of years men- tioned in such notice, on the fixed establishment of the said bank; and the legal personal representative of any such officer, clerk, or servant so declared to be on the fixed establishment of the said bank who may thereafter die while in the service of the said bank, although h i s death may have occurred, or may occur, during
establishment.	Government Gazette, declare that any officer, clerk, or servant
Officers on fixed
establishment, on	his absence on leave; and every such officer, clerk, or servant, on
death, removal, or
resignation, to receive	being removed fiaom or permitted to resign his employment on
account of illnes~, infirmity, age, abolition of office, or any other
one month'a salarv for

every year they h e cause whatsoever except &isc&duct o l pecuniary embarrassment,

been in service.

shall be entitled to and shall be paid by the said Savings Bank a

sum equal to one month's salary for-every iear, and a pro$wtio~ate

sum for any period less than a year that he may have been, or been

declared to have been, on the said fixed establishment of the said

bank; and the average salary received by any such officer, clcrk,

or servant during thc three years n ~ x t preceding such death,

resignation, or removal from office shall be taken to be the

salary of such officer, clcrk, or servant for the purpose of

calculating the amount to be paid by the said Savings Bank

Proviso.

as aforesaid: Provided that this clause shall not apply to any officer, clerk, or servant who shall be permitted to resign his office except upon a medical certificate of illness or infirmity, before he shall have attained the age 'of sixty years, or been, or been declared to have been, twenty years on such fixed establishment.

vant not to assign 9, It shall not be lawful for any officer, clerk, or servant in the	O f l ~ r, c ~ ~ r k ? o r ~ ~ ~ -
any sum of money he employment of the said Savings Bank to assign, transfer, make over,
under this Act. may be entitled to or otherwise part with (either by way of mortgage or absolutely),

except by his last will and testament, any sum of money which he

~ e e a purporting to may be positively entitled to or have in expectancy under the

qame void provisions of this Act; and any deed or instrument (other than a last will and test~ment) purporting to assign, transfer, make over,

Money not to pass to or part with any such sum of money as aforesaid, shall be void both

creditors,	at law and in equity; and any sum of rnoncy to which any such officer, clerk, or servant, or the executors or administrators of any such o'fficer, 'clerk, or servant shall be so entitled as aforesaid shah not pass to the creditors of, or be in any way liable to or chargeable with the payment of any of the debts, liabilities, or engagements of, any such officer, clerk, or servant, or be levied, or attached, or taken in execution by virtue of any process.
Leave of absence for
recreation or on ac-	10. The trustees may, at such times as they may deem convenient, grant to any officer, clerk, or servant, whether declared on the fixed establishment or not, leave of absence for recreation not exceeding in the whole three weeks in each year, and. in cases of illness or other pressing necessity, such extended leave not exceeding three months, on such terms as they may think fit.
count of aioknens.
Leave of absence.	11. The trustees may grant to any such officer, clerk, or servant, who has been or been declared to have been at least ten costinuous

~ ~ ~ l years on such fixed establishment, not exceeding he lve months o ~ ~ ~ ~ ~ ~ ~ ~ i ~ .

leave

38" & 39" VICTORIX, No. 22.

The 8aving.v Bank Act.-1835.

leave of absence on half salary, or not exceeding six months leave

of absence on full salary; and to any such officer, clerk, or servant

who has been or been declared to have been at least twenty	Twenty years' service.
continuous years on such fixed establishment, not exceeding twelve
months leave of absence on full salary: Provided that nothing	Proviso.
herein contained shall prevent the said trustees, in case of pressing necessity, from granting such leave of absence, as they may think fit, upon such terms and conditions as they may think advisable, to any officer, clerk, or servant.
12. All questions arising respecting leave of absence or retiring allowances shall be settled by the Trustees, vhose decision shall be	A11 quelestions to be
decided by trustaes.
final.

13. The said trustees are hereby authorized and required from General orders.

time to time, as they shall see occasion, to make and issue general and other orders and rules respecting the transactions and business of the said trustees, and of their officers. and for the ~overnment

and management of the said Savings ~ & k, and for thg guiddnce, control, and information, according to the intent and meaning of this Act, of all 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 kceping, examining, auditing: and allowing or disallowing, of accounts of or concerning such bank, and as to the class of secu- rities, and the manner in which the funds of the said bank are to bc invested, and for carrying this Act into exccution in all other res- pects, as they shall think proper; and the trustees may at their discretion, from time to time suslmd, vary, alter, or rescind ~Iteration

of orders.

any such orders or rules: Provided that every such general or other order and rule shall bc signed by at least five trustees, countersigned by the accounta~~t, and sealed with the seal of thc

said 8avFngs ~ & k, and certified by the Attorney-Gcneral of the ~;~~;n~;~$;~2~,

said Province to be in conformity with, or not repugnant to law: Providecl 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 approvcd by the Governor, and after Approval by Gover..

such approval the same shall be laid before the Legislative Council ~~~~B by Par'i"

and House of Assembly of the said Province, and if not objected to and disallowed by a resolution of the said T,egislative Council or House of Assembly, within one calendar month after such order or Operation Of Orders.

rule shall have been laid before them, then and* thenceforward the said order or rule shall have the same force and efficacy as if inserted in this Act: Provided always that the orders, rules, and Proviso.

regulations at present in force shall, notwithstanding the repeal of the said " The Savings Bank Act of 1861," continue to be in force until other rules and regulations shall be made in lieu thereof under the powers and authorities hereby given,

(subject to the approval of the Governor) any one or more persons agents. 14. The said trustees may, at any time at their discretion appoint Amointment of

to be the agent or agents for the receipt and repayment of deposits

on

38" & 390 VICTORIB, No. 22.

The Savings Bank Act.-1875.

on account of the said Savings Bank; and the said trustees shall make such general or other orders and rules, as they may think fit, for the management, guidance, and information of the said agent

Ordors

guidance.

or agents, and the depositors and others transacting business with such agent or agents, as regards the receipt and repayment of de- posits, or the payment of interest and all other matters proper and necessary for the collduct and management of the business which may be entrusted to such agent or agents, and shall issue to such agent or agents, from time to time, proper books, forms of account, and such other forms as may be found necessary; and the said trustees may, subject to the approval of the Governor, from time to time, remove from his or their office, or accept the resignation of any

Appointment,

such agent or agents, and appoint another'or others tn his or their

movalj Or resignation place; and any such appointment, rem~val, or acceptance of the re-

of agents, t o be

gazetted.	signation of any such agent or agcnts, shall be notified in the Govern-
meint Gazette.

Landsandpro~er t~	15. The building in King IYilliam-street, Adelaide, known as
of the institution to
The Savings Bank of South Australia," and all lands, tenements,

v o ~ t in savings Bank,

and hereditaments, moneys, goods, chattels, and effects, and all securities for money or other obligatory instruments, and evidences, or muniments, and all other effects whatsoever, and all rights, or claims whatsoever, belonging to cr had by the said Savings Bank, and now vested in or belonging to the said trustecs, or the Vice-Presi- dent of the said Savings Bank. for any purpose or for any trust what- soever, shall, from and after the commencement of this Act, without any assignmcnt or conveyance, become vested in the Corporation 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 Cor- poration: 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 trustees or Vice-President at the time last aforesaid, shall bt. paid by or be recoverable from the said Corpora-	tion, and all contracts, agreements, bonds, covenants, and securities	made or entered into with the said trustecs 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 prouiaions of this Act, shall vest in the said Corporation, nnd shall, for all purposes of action or suit, as well criminal or civil, a t law or in equity, be deemed to be the property of the said Corporation, without further description.

Trusteea mny repair

and uphold bank 16. The said trustees may expend, from time to time as the

prcmisea. same shall be required, out of the rescrve fund belonging to the said Savings Bank, such sum or sums of money as they may consider reasonable and proper for erecting, repairing, supporting, and

upholding

38" & 3 9 O VICTORIiE, No. 22.

The Savings Bank Act.--1875,

upholding any buildings and premises, which they may consider

necessary for the carrying on of the business of the said bank.

17. The said trustees are hereby authorized and empowered to ~ ~ ; ' ~ ~ ~ ~ ~ ~ ~ , " ~

sell, or to let, either on lease or otherwise, any land, buildings, or leese, &c,

premises, which may have been acquired for the purposes of the said Savings Bank, and which they may consider to be no longer required for such purposes; and also any lands, buildings, hereditarnents, or premises, which may be vested in the said Savings Bank, whether such lands, buildings, hereditaments, or premises, are vested in the said Savings Bank by this Act, or may hereafter become vested in the said Savings Bank by any other means whatsoever.

18. The said trustees are hereby authorized and empowered out Power to trustees to

of the reserve fund belonging to the said Savings Bank to pUrcha" Imd9 BC"

purchase or acquire, for the purpose of carrying on the business of the said bank, any such lands, buildings, hereditaments, leasehold or other premises, as they may consider advisable.

19. No person being a trustee of the said Savings Bank, or being Trustees any advantage. not to derive

in anywise concerned in the management thereof, shall be allowed,

save as is herein provided, to borrow money from, or to receive directly or indirectly, any salary, allowance, profit, or benzfit what- soever from the funds of the said b3nk, or to act in the capacity of secretary, solicitor, accountant, valuator, or clerk of the said bank: Provided that nothing herein contained shall prevent such trustee, p,,,;,,,

or the wife, or child, being an infant under the age of twenty-one years, of such trustee, from opening an account as a clcpositor in the said bank, or from receiving any intcrcst or other profit, fairly and properly due and payable, or allowed in respect of such account.

20. No trustee of the said Sa~ings Bank shall be personally liable Limitation of rovon-

except for his own acts and deeds, or be answerable for any banker Bibility trusteoaq

broker, 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 be answerable for the insufficiency

or deficiency of any security or securities in or upon which any

moneys shall bc placed out or invested, or for the defect. of title, or	value of any lands, or for any other 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 be guilty of wilful neglect or default.

21. Any person who shall have or receive any part of the moneys, personaentrusted with moncya, t o. , to

effects, or funds of or belonging to the said Savings Bank, or shall ,,,aer same when

in any manner have becn or shall bc entrusted with the disposition, cal1edupQn.

management, or custody thereof, or of any securities, books, or

papers relating to the same, and any person to whom the same shall

have come in any capacity, or in any manner, or to his executors,

administrators, and assigns, shall, upon demand made in pursuance

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 of

receiving

38" & 39* VICTORIB, No. 22.

The Xavings Bank Ac&-1875.

receiving the same to be examined and allowed or disallowed by the auditor or other officer of the said trustees, and shall on like demand pay over all the moneys remaining in his hands, and assign and transfer or deliver all securities and effects, books, papers, and property in his power or custody to such person so named in such

Neglectorrefuaala

misdemeanor. order; and in case of any neglect or refusal to deliver any such 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 convicted thcreof shall be punished accordingly; and upon

T r ~ t e e s t ~ r e p ~ r t, such neglect or refusal, it shall be lawful for the said trustees to

*

make a report of the circumstances connected therewith to be verified by the affidavit, affirmation, or declaration of any person or sersons cognizant of such circumstances to the Sumerne Court. or V

supreme Court Or

Judge may deal sum-

iny judge thereof, who shall and may proceed thircon in a sum-

marily.

mary way, on motion, and make such order therein upon hearing all parties concerned upon any affidavits, or viva voce, as to such Court or Judge in his or their discretion shall seem just, which order shall be final and conclusive; and all assignments, sales, and transfers rnadc in pursuance of such order shall be good and effectual

at law and in equity to all intents ~ n d purposes whatsoever.

Receipt of deposits.

22. Any two or more officers of the said Savings Bank, duly authorized by the said Saviugs Bank, may rcceive 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 per-

Minimum and maxi-

som by way of deposit, any sum or sums of money not being of less

mum deposit.

value than One Shilling, nor exceeding Five Hundred Pounds in the whole, and shall then and there cause the amount of money so reccived 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 Bank, shall, with all convenient speed, be paid into such one or more of the bznks In Adelaide as shall be approved of by the said

Bank, in an account to be kept in such bank or banks for that pur- trustees, and shall be there placed to the credit of the said Savings

pose, and no money so paid into any such account shall be withdrawn

Withdrawal of

therefrom without the written order of two or more trustees,

moneys.

countersigned by the accountant for the time being, first had and

obtained.

Deposits to be made 23. No depositor shall have any claim on the said Savings Bank

at office.

in respect of any deposit, unless such deposit shall be made at the office of'the said bank or other place to be appointed by the said trustees during the hours fix which such bank or other place so to be appointed shall be open for the receipt of deposits.

Infanta may make

depoaite.

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

of money from or for the use or benefit of any person under the age

of

3S0 & &g0 VICTORIB, No. 22.

The Savings Bank Act.-1875.

of twenty-one years; and the said trustees may pay such person, when and after he shall have attained the age of twelve years, or appear to the officer or clerk making such payment to have attained that age, 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 depositors, and the receipt of such person, being or appearing to be of the age of twelve years as aforesaid, shall be a sufficient discharge for any money paid to him as aforesaid, notwithstanding his

incapacity or inability in law to act for himself; Provided always Provim

that deposits made by, or shares or interests in the funds of the said bank belonging to, persons under the age of twenty-one years before the coming into operation of the provisions of this Act, may be paid by the said trustees to the persons entitled under and in the manner and upon the conditions fixed by the Acts hereby repealed,

25. The trustees of the said Savings Bank may receive deposits trustee^ making

depOaits.

from any person who shall declare himself willing to act as a trustee of both the trustee and the cestui que trust before any payment is made.

of any other person (whether or not such last mentioned person be

capable of acting for himself or be incapacitated by idiotcy, lunacy,

unsoundness of mind, or any other cause), and allow interest and

make payments as in the case of ordinary depositors, and the receipt

of such person so acting as trustee shall be a sufficient discharge

to the said bank: Provided always that the said trustees of the Provi~o-

26. If it shall be proved to the satisfaction of the trusteca of the Pn~entforbenefit of yeraons becoming

said Savings Bank that any depositor has become insane or other- insane or incapaci-

wise incapacitated to act, the said trustees may, if they shall be tated toaOt-

satisfied of' the expediency of so doing, pay the funds of such

depositor to any person they may deem advisable for the benefit of

such depositor or his family, and the receipt of such person shall be

a sufficient discharge to the said bank,

27. All Friendly Societies legally established, and all Charitable Friendly and Chari- table Societics may

Societies, by their treasurer or other proper officer or officers acting in	depoaita.
their behalf, may pay into the said Savings Bank, subject to the same conditions as apply to the ordinary depositors therein, a11 or any por- tion of the funds of such Friendly or Charitable Society respectively,
and shall be entitled to receive the rate of interest allowed by the
said bank to the ordinary depositors, and by such treamrer or other proper officer to receive back all or any portion of the funds due on such account to such society, and the receipt of such treasurer or other officer shall be a sufficient discharge to the said bank in respect; of any such payment.

28. The Supreme Court, or any Judge thereof, by any order, may Moneys under control.

from time to time direct that any sum of money which may $ $, ~ ~ ~ ~ ~ ~ d ~ ~ t

have been or shall be received by or which may be in the custody Raviaea Bankby order of Supremo

or power of any person acting under the direction or control c o ~ t, or a Judge

of, thereof,

38" & 3 9 O VICTORIB, No. 22.

The Savings Ba%k Act -1875.

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,

As"'nterest thereon* from the time of being so deposited respectively, bear interest at and

after the rate of one-half the amount of interest allowed to any

Such moneys only to	ordinary depositor in the said bank: Provided always, that no such
be withdrawnby	sum of money nor the interest from time to time due thercon, shall
order of Court or
Judge.	be paid out by, or withdrawn from the said bank, otherwise than by or in pursuance of an order of the said Court, or of a Judge thereof, or unless and until the same shall have become payable to the Treasurer of the said Province under the provisions of the G Testa- mentary Causes Act, 1867."
bank by Insolvent
Money8 paid into	29. The Trustees of the said Savings Bank may receive deposits any money lent to the said trustees under the provisions of " The Insolvent Act, 1860," or any other Act relating to insolvents, shall, from the time of being deposited or lent, bear interest at and after the rate of one-half the amount of interest allowed to any ordinary depositor in the said bank: Provided. always, that no such deposits or money lent, nor the interest from time to time due thereon shall be paid out by, or withdrawn from the said bank, or repaid as the
court or Official	from the Official Assignee in Insolvency, lmd any such deposits or
Assignee.

P

case may be, otherwise than by or in pursuance of an order under the seal of the Insolvent Court and the hand of the Commissipner

of Inaolvency.

Interest On aepOsie	30. Every person depositing with the said trustees by one or more payments any sum not leas than Twenty Shillings, or the person on whose account the said deposits may have been paid, and to whose credit they are placed iu the books of the said Savings Bank, shall be entitled to receive interest upon the same at such rate as shall be declared from time to time by the said trustees, under the conditions
Proviso.	hereimfter established, except as hereinafter excepted: Provided that no interest shall be allowed on any sums less than One Pound, or on odd shillings or pence, and that thc interest shall be calculated by months, omitting odd days, but that any sums deposited within the first seven days of a morkh shall be entitled to bear interest for
the whole of that month; and the said trustces may and shall pay such interest as is herein directed, upon all deposits of not less than
Proviso.	Twenty Shillings, out of the net profits of thc said bank: Provided also, that in case any depositor @hall withdraw the whole of his deposits before the thirtieth day of June in any year, he shall not be allowed interest on the same for the period forming part of the current year during which the amount remained deposited in the said bank.

W m e n t of interest 31.

The interest to which any depositor may become entitled under the provisions of this Act, shall be added to and incorporated with the sum which may then be standing in the books of the said Savings Bank to the credit of such depositor on the first day of July in every year, and shall bear interest, subject to the provisions, of this

and disposal of such

as is not applied for,

Act,

38* & &g0 VICTORIB, No. 22.

me Savings Bank Act.-1875.

Act, from the first day of the said month of July; and interest shall be allowed to him upon the total sum, so long as the same shall remain deposited in the said bank, and shall not, including principal and interest, excced the sum of Two Hundred and Fifty Pounds, except as is hereinafter provided with respect to deposits

transferred to thc Depositors' Unclaimed Fund": Provided always Proviso

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 ofWinterest, or shau be deemed to limit the amount of moneys belonging to the estates of intestate persons, or otherwise, paid into the said bank, under any order of the Supreme Court of the said Province, or of a Judge thereof.

32. Any person, being the owner of any sum of money deposited Conditions an which

in the said Savings Bank, or of the interest thereon, or any person : ~ ~ $ ~ m n y b e	~ t h -
duly authorized by such depositor, or his executors or other lawful representative, may claim and receive back such sum of money, or any part thereof, in the manner and upon the conditions following, that is to say :-If the sum so required to be repaid shall not exceed Fifty Pounds, thc claimant thereof shall deliver, or cause to be delivered to 'the said trustees or to their accountant, a notice, signed with his name, declaring his intention to withdraw such sum from the said bank at the expiration 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' notice shall in like manner be given: Provided that nothing herein contained shall be construed to Provieo.
prevent the said trustces from dispensing with such notice, in cases when it may to them appear expedient; and, on the withdrawal of any money, a receipt shall be signed by the party receiving such money, and such receipt shall be a sufficient discharge to the said trustees and their officers for the sum therein expressed to be received.

33. The trustees of the said Savings Bank may pay any sum of Depositsbymarried

money to a married woman in respect of any deposit made by her prior to or after her marriage, mless the husband of such woman

to be made to him, and proof of his marriage to such depositor, in shall give to the said trustees notice in writing, requiring payment which event the said trustees may pay such money either to such woman or such husband as to them, the said trustees, shall seem proper.

34. In case any depositor in the said Savings Bank shall die, Depositors, dying,

leaving a sum of money in the said bank, belonging to him at the in case of no leaving sums under

time of his death, not exceeding in the whole, including interest, the probate, letter8 of	sum of One Hundred Pounds, and probate of the will of the deceased administration, or
depositor (if any will have bcen made), or letters of administration 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-pave the same, or to take out letters of administration, be not given to
the aaid trustees within the period of two months from the death of

the

38" & 390 VICTORIB, No. 22.

The 8uvings Bunk Act.-1 875.

the said depositor, and in the latter case, unless 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 appear to such trustees to be the widow, or entitled to the effects of such deceased depositor, according to law, or the' said trustees may at

Trusteea may pa	their discretion pay, out of such sum of money, all just debts due or
debta and funeray
expenses of deceased	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 defraying such expenses as aforesaid, to or amongst any person or persons who shall amear to such trustees to be entitled to the effects of such decea&i 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
Remedy to repre-	trustees thereof; but, nevertheless, such next of kin, legatee, or
sentatives.	lawful representative, shall have remedy fbr recovery of such money, so paid as aforesaid, against the person who shall have unlawfully received the same.
Illegitimate deposi-	35. If any depositor in the said Savings Bank, being illegitimate, shall die intestate, leaving any yerson or persons who, but for the illegitimacy of such depositor or of such person or persons, would be entitled to the money due to such deceased depositor, the said trustees may pay the mmey due to such deceased depositor to any one or more of the person or persons as in tlleir opinion would have been entitled to the same according to the statute of distributions if the said depositor and such person or persons had Bgcn legitimate.
tors.
Accounts not operated	36. All depositors' wcounts in the said Savings Bank, not being deposits made on behdf 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 beeu placed to the credit of such accounts, be balanced and closed, and the balances thereof respectively shall be carried in the names of the
upon for seven y care,
dcpositors' unclaimed
May be carried to	respective depmitors to an account to be called the ' L Depositors'
fluld.	Unclaimed Fund," which fund may be from time to time lent out and invested by the trustees of the said bank in the same manner as the other ftmds 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, but witllout any interest thcrcon for the period during which ii shall have been so transferred and remained to the credit of such fixnd; 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.

Tmt@a8 may lend On

mortgage. 37. At any meeting or meetings of the said trustees, whether ordinary, special, or extraordinary, the trustees then present may consider applications for loans, and may lend a.ny sum or sums of money out of the funds of the said Savings Bank upon security, by

way

38" & 39" VICTORIB, No. 22.

" The Savings Bank Act.-1 875.

way of mortgage, of any messuages, lands, and hereditaments held in

fee simple, or of any messuages, lands, and hereditaments 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 si~nple: Provided

that such messuages, lands, and hereditaments are situated within the

said Province; and the ratc of interest to be paid upon such loans or

Interest to be paid.
mortgages, or any existing loans or mortgages, shall be determined
from time to time by the said trustees at a special mecting to be duly
convened for that purpose; and before making any loan or mortgage
the said trustees may direct a valuation to be made of the messuages,	Valuation.
lands, and hcreditamcnts 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 be subject 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 payment of the principal money
or the interest thereof, and to such declarations as to the right of the
said bank to foreclose the equity of redemption of the messuages,
lands, and hercditaments comprisecl in any such mortgage as thc said	Limit of amount to be
trustees may consider necessary for the security and due protcction	lent on mortgage.
of the funds of the said bank, so lent on mortgage as aforesaid; Provided always thut no new mortgage shall be taken by the trustees so long as one-half of the entire funds of the said bank shall be invested on mortgage.

38. The said trustees may at their discretion invest the funds of Trustees to have power to invest funds

the said Savings Bank in or upon Government securities of the said in ~,,,,,,,,t ,,,,,

Province, or in or upon any securities guaranteed by the Govern- ~ $ $; ; ~ $ ~ ~ o ~ i t

ment of the said Province, or in or upon the securities of any cor- porate town within such 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 bc agreed on between the managers of such bank or banks and the said trustees.

39. Whenever it shall be necessary to execrite for and on behalf of Execution of deeda,

the said Savings Bank any conveyance, mortgage, assignment, recon- &C.

veyance, lease, release, acquittance, bond, deed, or other instrument

in writing not otherwise specially provided for in this Act, the samc

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 accoun- tant, or assistant accountant, and by having the common seal of the said Savings Bank affixed thereto.

40. All securities for money or other obligatory instruments and How securities shall

evidences or muniments which may be taken and received for the be preserved.

repayment of any sum or sums of money lent by the said trustees

from the deposits in the said Savings Bank shall be, and the same

are hereby directed to be, registered according to law; and to be

preserved in the strongroom of the saia Savings Hank, or such other

place as the trustces may direct or approve of, in an iron chest,

having two locks, the kev of one of which shall be kept by the

accountant, and the other- by thc chairman of the trustecs; and it

shall

114 38" & 39" VICTORIB, No. 22.

The 8avinys Bank Act.-1875.

shall not be lawful for the said parties in whose custody such keys are placed, or either of them, to deliver out of such chest to any person whatsoever, any security for money, or any obligatory instru- ment which may 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.

Trustees t o prepare a 41. The said trustees shall, within two months after the thirtieth

balance-eheetandto day of June in each year, cause a balance-sheet to be prepared

lay the same before

the Governor.	containing a true statement of the receipts and payments on account of the said Savings Bank during the twelve months ending on the said thirtieth day of June, dnd of the balance of money remaining 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 the correctness of the said account or balance-sheet by sub- scribing the same with their names, and shall, within three days after such subscription, lay the same before the Governor for his information, and shall cause the same to be published in the Govern-
men t Gazette.
Trustees to establish	42. The trustees of the said Savings Bank shall on the thirtieth after annually set apart any mm o f money which they may con- sider necessary, but nat exceeding one-fifth part of the net profits of the said bank, towards the establishment of a reserve fund, for the purpose of meeting any loss or deficiency which may un-
a reserve fund out of	day of June, one thousand eight hundred and seventy-six, and there-
profits.
Until it amounts to	expectedly occur (until such reserve fund shall amount to Four
$4 per cent. of	Pounds per centum of the total sum deposited i n the said bank);
deposits.
Interest to depositors.	and they shall, on that day and thereafter, annually divide amongst the depositors such portion of the remainder of such profits as will give such depositor^ interest on the respective sums deposited after a rate of one or more pounds or one or more pounds and ten shillings per centum per annum, and the balance not so divided shall stand to the credit of profit account, and be carried
No interest on sums	forward to the mofit of the following year: Provided that so long as
abovc S2EiO.	the balance to &the credit of any depositor shall, including principal and interest, exceed the sum of Two Hundred and Fifty Pounds, no interest whate~ er shall be allowed, paid, or payable on any sum in excess of that amount.

Appointment and 43. The said trustees shall, on or before tthe firs1 day of June

duties of Auditors.	in every year, subject to the approval of the Governor, appoint
two fit and proper persons as auditors to audit the accounts of
the said Savings Bank and to examine and inspect the deposit books of the several depositors; and the said trustees shall cause the annual account or balance-sheet of the said bank to be submitted to 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 bdance-sheet certifying as to the result of such examination, and they shall also

report

38" & 39" VICTORIB, No. 22.

The Xicvinys Bank Act.-1875.

report the result of their examination of such of the depositors' books

as may have been produced to them for examination.

be produced his deposit book or duplicate at the office of the said tion. Audit days to produced for inspec- 44. Each depositor shall, once in every year, produce or cause to Deposit books to be

Savings Bank, ior the purpose of being inspected, examined, and be fixed bv trustees.

verified with the books of the said Savings Bank, by the auditors on such day or days as shall be for that named and appointed

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

lished in the 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 bc produced for the purposes afore- said, 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 Adelaide, or in the place where such office of the said Savings Bank is open for the transaction of business, or in its neigh- borhood, and shall cause a like copy of such notice to be printed, published, and posted in such places and in such manner as the said trustees shall deem expedient.

first deposit, and at all other times when necessary, shall be fur- 45. Every depositor in the said Savings Bank, on making his P ~ P ~; i P; ~; ~ ~

nished by the trustees with a deposit book, in which shall be printed at length a copy of the rules of thc said bank; and a copy of such rules, signed by two of the said trustees, shall, from time to time, be exhibited and affixed in the office of the said bank, and shall be And exhibited in

open to the inspection of every depositor or person intending to bank.

be such.

46. All receipts, orders, certificates, endorsements, books, accounts, Receipts, ?ccounts, &C., to be m form

returns, or instrufnents, or othcr matters or things whatsoever, which direotodby trustsee,

shall be required for carrying this Act into execution, shall be made

in such form or manner, and containing such particulars, and under

such regulations, as shall from trme to time be directed, required, or

approved of by the said trustees.

47. If any dispute shall arise between the said Savings Bank, ~ ~ ~ & ~ ~ P; !; . &

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

any individual depositor there i~, or any executor 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

may be referred to the arbitration of h 7 0 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 agree, then such matter in dispute shall be

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 whatever award, order, or determination shall be made by the

said arbitrators, or by the said umpire, shall be binding and

conclusive on all parties, and shall be final to all intents and

purposes, without any appeal. 48. Subject

, 116-

38" & 39O VICTORIB, NO. 22.

The Savings Bank Act.- 187 5.

authorized

to pay salaries and	48. Subject to the conditions hereinbefore contained, the said trustees are hereby authorized and empowered to pay and discharge the salary, allowance, and charges of every officer, clerk, and servant employed by them, under the authority of, and in the discharge of the duties imposed by, this Act, and all other expenses, allowances, and incidental charges which shall neceesarily attend the execution of this Act, out of the funds of the said Savings Bank.
charges,
Nocharge for insert-

ing publications in 49. All publications required by this Act to be inserted in the

B azette. Government Gazette, shall be so inserted free of charge.

Aat to be a Public

Act, and to come into	50. This Act shall be deemed and taken to be a Public Act, and Justices, and others within the said Province, without being specially pleaded, and shall come into operation on and from the first day of January, one thousand eight hundred and seventy-six.
ope,ution on first	shall be judicially taken notice of as such by all Courts, Judges,
January, 1876.

flhort Title. 51. In referring to this Act, it shall be sufficient to make use of

the expression The Savings Bank Act of 187 5."

In the name and on behalf of Her Majesty, I hereby assent

to this Bill.

A. MUSGRAVE, Governor.

- - - -- +- .---p

Adehide : By authority, W. C. COX, CSovernment,Prbter, North-terrace.