Savings Bank Consolidation Act of 1862 No 21a (NSW)

1862. 26<̂ V IC . N o. 11.

Savings Hank Consolidation.

No. XI.

An Act to amend and consolidate the Law relating

to the Savings Bank of New South Wales.	—
[19^ ̂December, 1862.]

\ \ l HEREAS it is expedient to amend and consolidate the Law relating Preamble.

V V to the Savings Bank of New South Wales Be it therefore

enacted by the Queen’s Most Excellent Majesty by and with the advice and consent of the Legislative Council and Legislative Assembly of New South Wales in Parliament assembled and by the authority of the same as follows :—

1. The Act seventeenth Victoria number twenty-four is hereby Repeal of

repealed Provided that the said repeal or anything herein shall not prejudice the establishment of the Savings Bank of New South Wales or of the ‘‘Trustees of the Savings Bank of New South Wales” and herein­ after called the “ Savings Bank ” or the “ Trustees ” as the context may require nor any rights privileges powers authorities property or estates real or personal now held or possessed by the said Savings Bank or Trustees or to which they are in anywise entitled nor affect or interfere with any of the present Trustees or with the present Managing Trustee Accountant or other officers of the Savings Bank otherwise than is herein expressly enacted nor annul invalidate or prejudice in any manner any act deed matter or thing lawfully done or executed under the authority of the said repealed Act.

2. All land now or hereafter belonging to the Savings Bank for Land.s vestedm

the said Bank is or shall be in any way interested or entitled by virtue of convey.

any mortgage release grant or otherwise howsoever and in the name or

names of whomsoever the same respectively now do or shall or may stand

or be held in trust for or on behalf of the Savings Bank shall be held to be

vested in law in the Trustees as such body corporate and all land

intended to be conveyed assigned or assured to the Savings Bank shall be

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

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

thereby intended to be conveyed and all such land shall be to the use of

the Trustees and their successors but for the benefit of the depositors in

the Savings Bank And the Trustees and their successors may take and

hold sell exchange let convey reconvey assign reassign surrender assure

reassure and otherwise dispose of as and in the nature of a body corporate

unrestrained in point of alienation all such land and also all other land

belonging to the Savings Bank Provided that all such conveyances

reconveyances assignments and reassignments surrenders assurances and

reassurances of land shall be executed by the Trustees under their common

seal in the presence of one of the Trustees Provided also that the same

shall not operate by virtue of such execution until one of the Trustees

shall have attested such execution and also that if any consideration

money be expressed therein the Managing Trustee or Accountant shall

have certified upon the said instrument under his hand that such con­

sideration money has been duly paid Provided further nevertheless that

the receipt in writing of any one of the Trustees together with the

any estate as or in the nature of a security or otherwise or in or to which to™akl*̂ hdcUmi’'' the Savings Bank or the Trustees for the redemption of any mortgage shall to all intents and purposes and as against all parties be an effectual discharge at law and in equity for the money expressed to have been so received.

N o. 11. 26° VIC. 1862.

Savings Banh Consolidation.

Securities and per­	3. All bonds mortgages warrants of attorney and other securities the Savings Bank for and on account of the same shall and may be put in suit and may be sued and prosecuted at law or in equity in the name of “ The Trustees of the Savings Bank of New' South W ales” and all such bonds mortgages and other securities and also all bonds mortgages and other securities hereafter taken by the Trustees on account of the Savings Bank or the depositors therein and all moneys goods chattels property and effects whatsoever belonging to or vested in or held by the Savings Bank or the Vice-President or the Trustees or any other person whomsoever on behalf of the Savings Bank or by the depositors therein shall be vested in and held and possessed by the Trustees as such corporate body as aforesaid.
vested in Trustees	at any time heretofore taken in the name of the Vice-President of
for depositors.

sonal property

Governor to bo Pre­	4.	The Governor shall continue to be President of the Savings Bank
sident.

Bank to be managed

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

by Trustees appoint­

the Trustees the number of whom shall not exceed eighteen and of whom

ed by Governor.

one shall be Vice-President And all such Trustees shall be appointed and such Vice-President named by the Governor with the advice of the Executive Council and such appointments and nomination shall be notified in the Gazette.

Disqualification as

Trustee.

5. No person shall be qualified to take or hold the office of a Trustee or District Trustee under this Act who shall become a bankrupt or insolvent within the provisions of any Act for the relief of insolvent debtors or who shall compound with his creditors or make any assignment of his property in trust or otherwise for their benefit And any Trustee who shall be absent from the Meetings of Trustees for more than six months consecutively without leave of the Trustees shall thereby become disqualified from holding his office of Trustee.

Managing Trustee.

6. I t shall be lawful for the Trustees at a meeting convened solely for the purpose to nominate to the Governor and for the Governor with the advice aforesaid to appoint some fit person to be Managing Trustee who unless already a Trustee shall become an additional Trustee and a member of the corporate body but shall not vote on any question affecting his personal interests.

Four Ti'ustees to

7. Every act (except as herein otherwise enacted) which the Trustees are authorized or required to do by or under this Act may be done by any four Trustees assembled at any duly convened meeting of the Trustees and not otherwise.

be a quorum.

Chairman.

8. A t every meeting of the Trustees the Vice-President or in his absence the Trustee then present whose appointment shall have been first in date or order shall be Chairman and such Chairman shall in addition to his vote as Trustee have a casting vote in case of an equality of votes.

Trustees &c. not to

deposit or borrow.

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

Accountant Clerks

10. I t shall be lawful for the Trustees to appoint an Accountant of the Savings Bank in Sydney and such Tellers Clerks and other subordinate officers as the Trustees shall deem necessary for the due conduct of the affairs and business of the Savings Bank.

&c. to be appointed.

Managing Trustee

and Accountant to

11. The Managing Trustee Accountant and such other officers of tlie Savings Bank as the Trustees may require shall before acting in their respective offices give security for the due and faithful discharge of the duties thereof in a bond to the Trustees with such sureties and in such penal sum as shall be fixed by the Trustees.

give securit}’.

Notice of meetings.

12. One clear day’s notice at least of every meeting of the

Trustees shall be given to all the Trustees by circular letter to be

addressed by the Managing Trustee or the Accountant to all the other

Trustees

1862. 26'’ VIC. N o. 11.

Savings B ank Consolidation.

Trustees respectively at their usual offices or places of abode which letters

may be transmitted by post And whenever it is intended to appoint or

nominate any person to any office or to fix the amount of any salary or to

advance or invest money on any security such intention shall be expressed	.
in the notice.
13. I t shall be lawful for the Trustees to fix such yearly salaries Salaiiea to be fixed to be paid to the Managing Trustee Accountant Clerks and other officers paid*'as'otherdwĝ respectively as they shall think fit regard being had to their respective of management out duties and responsibilities And all such salaries and also all charges and
expenses in the conduct and management of the affairs and business of the Savings Bank incurred under the sanction of the Trustees or ■which shall be approved of by them shall be defrayed and paid by the Trustees out of the interest or dividends received by them on moneys invested in any manner herein provided.

14. I t shall be lawful for the Trustees to make or alter any Eeguiations to le

regulations (all lawfully subsisting rules and regulations in the meantime remaining in force) for the conduct and management of the affairs and business of the Savings Bank as they .shall deem expedient And every such new or altered regulation shall have the force of law when approved by the Governor with the advice aforesaid and published in the Gazette.

15. All regulations when so approved shall be transcribed on to be recorded in

the same among the records of the said Court and all depositors in the Savings Bank and their representatives shall upon such filing be deemed in law to have full notice thereof and every transcript so deposited or a certified copy thereof shall be received in all Courts of Justice as evidence of the rules and regulations therein contained.

parchment and deposited with the Prothonotary or Chief Clerk of the Supreme Court.

16. I t shall be lawful for the Managing Trustee or any other Deposits,

officer of the Savings Bank whom the Trustees may appoint for that

purpose at such time and place as shall be fixed by any such regulation

and at no other time or place to receive from any person by way of

deposit any sum of money not being less than one shilling nor more

whether by one or by successive payments than two hundred pounds to

the credit of any one account except as herein otherwise provided and

every sum of money so received shall be immediately entered in the books

to be kept for that purpose and placed to the credit of the depositor or of

•

such other person as he may appoint and every such deposit and all other money received; into the Savings Bank shall at the end of each day be paid into such Bank in Sydney or into one of such several Banks in Sydney as shall be appointed by the Trustees to receive moneys and shall be there placed to the credit of the Savings Bank to an account intituled “ Account of the Trustees of the Savings Bank of New South Wales” and no money paid into such Bank shall be withdraAvn without the written order of two or more Trustees countersigned by the Managing Trustee or in his absence by the Accountant.

17. I t shall be lawful for the Trustees to deposit any investments in Colo-

portion of the funds of the Savings Bank in the Colonial Ti’easuiy

upon such terms and subject to such conditions as shall be agreed oipai Securities,

upon betw'een the Governor with the advice aforesaid and the Trustees—

or to deposit any portion of the like funds in any Bank in the Colony at

such rate of interest if interest can be obtained for the same as may be

agreed upon between the Directors of such Bank and the Trustees—or to

invest any portion of the like funds in the purchase of or by way of loan

upon the security of any debentures or other forms of security issued or

granted by the Government of this Colony and secured upon the Consoli­

dated Bevenue Fund or any public debt contracted under Legislative

authority by or on behalf of such Government—or upon any shares or

other securities bearing a fixed rate of interest guaranteed by such

H Government

N o. 11. 26*̂ VIC. 1862.

Savings B ank Consolidation.

Government either permanently or until payment of an ascertained principal sum—or upon the security of debentures lawfully issued by the Municipal Council of Sydney or by any Municipality legally established.

Investments on mort.	18. I t shall be lawful for the Trustees to lend any portion of the like funds upon mortgage of any land in the Colony of an estate of inheritance in fee simple free from all charges and incum­ brances Provided that no loan upon mortgage as aforesaid shall exceed the amount of eight thousand pounds to any one person and that not more than one half of the whole moneys deposited in the said Bank shall be lent on such mortgages as aforesaid And all land so mortgaged shall be conveyed or assured to the Trustees as such corporate body as aforesaid in fee simple subject to the usual proviso for redemption reconveyance or reassurance on payment of principal and interest and with power to insure and with the usual power of sale in default of payment of principal or interest.
gage of land.
Investments on	19. I t shall also be lawful for the Trustees to purchase with any portion of the like funds not exceeding one fourth part thereof any Bills of Exchange drawn by any Bank within the Colony duly chartered or incorporated or regulated by Imperial or Colonial Act upon any Bank or agent in Great Britain Provided that such Bills by reason of the discount thereon shall offer a profitable investment of such funds and that proper measures shall be adopted by the said Trustees for the return to the Colony of the proceeds of every such Bill so soon as the same shall have been realized.
Bank Bills.

Representatives of	20. I f any person now or hereafter holding any office in the
officers to pay

money due to Sav­	Savings Bank or any branch thereof and having in his possession
ings Bank before	or power any money or effects belonging thereto or any deed or security
any other debts.	relating to the same shall become insolvent under any Act for relief of insolvent debtors or shall make any assignment of his property for the benefit of his creditors or against whose land goods chattels or effects any execution attachment or other process shall have issued or if any such officer shall die any two of the Trustees may apply to such officer or his assignee or to the Sheriff or other person executing such process or to his executors or administrators or to any other person having legal right as the case may require and may demand that all such moneys or effects deeds securities or papers belonging to the Savings Bank shall be paid over or delivered up to the Trustees or such person as they shall appoint and the party so applied to and having the same shall on such demand deliver over to the Trustees or to any person whom they may appoint to receive the same all effects or other things belonging to the Savings Bank and all deeds securities or papers relating to the same or belonging to the said Bank and shall pay out of the estate assets or effects of such officer all money due by such officer to the said Bank before any other of the debts of the said officer are paid or satisfied and before the money directed to be levied by such process as aforesaid is paid over to the party issuing the same and all assets land goods chattels estate and effects of such officer shall be bound to the payment and discharge thereof accordingly.
Trustees today	21. The Trustees shall within one month after the close of every statement of the deposits in the Savings Bank at the end of the past year and of the money at that period remaining in any such chartered or incorporated or regulated Bank as aforesaid to the credit of the Savings Bank and of all sums of money due to the Trustees and they shall certify to the best of their belief the correctness of the said account and balance sheet under their hands and shall within three days thereafter lay the same before the Governor and shall cause the same after being approved by him with the advice aforesaid to be published in the Gazette.
annual account and
balance slieet before	year cause an account and balance sheet to be prepared containing a true
the Governor.

1862. 26 ̂ VIC. N o. 11. 59

Savings Hank Consolidation.

22. Every person v/ho shall have deposited any sum of money not Eate of interest ob

less than twenty shillings in the Savings Bank or the person

whose account any such deposit may have been made and to whose credit

it is placed in the hooks of the Savings Bank shall he entitled to

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

by the Trustees and it shall he in the power of the Trustees to

limit the interest so as not to he payable on the surplus of any account

exceeding one hundred pounds Provided that interest shall not he allowed

on any sum less than one pound nor on odd shillings or pence and that the

interest shall be calculated by months omitting odd days and the Trustees

shall pay such interest out of the interest received by them on

sums which they shall have lent out and such interest shall subject to

the regulations aforesaid be added to and incorporated with the sum which

may be then standing in the books of the Savings Bank to the credit

of the depositor.

2 3 . Out of the profits of the business of the Savings Bank the Best m- Security

Trustees shall annually set apart such sums not being less than one-twentieth nor more than one-fifth part of the whole amount of interest produced during the year as they may think proper towards the establish­ ment of a Rest or Security Fund for the purpose of equalizing the rate of interest and meeting any loss or deficiency which may occur.

24. Any person being the depositor or owner of any sum of Conditions on which

money deposited in the Savings Bank or the interest thereof or any wlthdraŵ '̂ '̂ such notice.

person duly authorized by any such depositor or owner or his

executors or other lawful representatives 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 five pounds the claimant thereof shall on some day

appointed for the meeting of the Trustees deliver or cause to be

delivered to the Managing Trustee or Accountant a notice signed with his

name declaring his intention to withdraw such sum from the Bank at the

expiration of seven days from the date of the said notice and if the sum

to be withdrawn shall exceed five pounds but be not more than twenty

pounds then fourteen days like notice shall in like manner be given and a

like notice of twenty days when the sum to be withdrawn shall exceed

twenty pounds and a like notice of thirty days for any larger amount

25. I t shall be lawful for the Trustees to borrow and for the Loan under Govem-

Governor with the advice aforesaid to guarantee the repayment of any	guarantee,
money the loan of which it may at any time become necessary for the said Trustees to negotiate in order to meet the demands of depositors Provided that no such loans outstanding at any time so guaranteed shall exceed the sum of fifty thousand pounds Avithout the preAdous advice and consent of the Legislative Assembly.

26. In case of any sudden or unusual demand upon the funds of other loans to meet

the Savings Bank the Trustees may subject to any charge Avhich may have been created under the next preceding section borrow upon the security of the property and revenues of the said Bank or any part thereof from any person or body of persons any moneys for the purpose of meeting such demand upon such terms as may be mutually agreed upon.

2 7 . In case the Trustees shall receive any deposit of money infants may make

from or for the use and benefit of any person under the age of twenty- deposits.

one years it shall be lawful for them to pay to such person the amount of

such deposit and the interest thereon in the manner and upon the condi­

tions hereinbefore specified in the case of other depositors and the receipt

of such person shall be a sufficient discharge for any money so paid.

2 8 . I t shall be lawful for the Trustees by order of the Governor As to the deposits of

in Avriting under the hand of the Colonial Secretary to receive any deposit P^^o^^rs.

from

No. 11. 26« YIC. 1862.

Savings B ank Consolidation.

from or on behalf of any person serving under any sentence for a criminal offence and to allow interest thereon in like manner as on other deposits and to pay over to any such person the principal sum and interest thereon at the expiration or upon the remission of his sentence.

Funis of other	29.	I t shall be lawful for the Trustees to receive in deposit
Savings Banks or

Soci*Bties*&o!*inaj be any moiiey heretofore or hereafter deposited in any other Savings Bank

received. q j . any Charitable Institution or any legally established Friendly

or other Society within the Colony from the Treasurer or Trustees thereof or other officer competent to pay such money and to give credit in the books and accounts of the Savings Bank for the money so received to the institution to which the same shall belong and to pay interest for the same at such rate as the Trustees may determine and the receipt of such Treasurer Trustees or other officer in respect of any repayment thereof shall be a sufficient discharge to the Trustees.

Deposits of persoiis 3Q . l a case any depositor shall die leaving any money in

e.eaie undei £1 0.	funds of the Savings Bank which with the interest thereon shall not exceed in the whole one hundred pounds and if the Trustees shall be satisfied that such depositor died intestate and that no letters of administration have been or will be taken out of his goods and chattels the Trustees may pay the same at any time after the decease of such depositor according to the regulations of the Savings Bank And in the event of there being no regulations in that behalf the Trustees may pay out of such money any debts of such deceased depositor and defray the expenses of his funeral so far as such money shall extend and may pay the surplus if any at their discretion to the person or amongst the persons who shall appear to the Trustees entitled to the effects of the deceased intestate or according to the Statute of Distributions.
Deposits of persons
deceased exceeding	31. In case any depositor in the funds of the Savings Bank shall die leaving any money in the said funds or there shall be any interest due thereon belonging to him at the time of his death exceeding in the whole the sum of one hundred pounds the same shall not be paid to any person other than a duly constituted executor or adminis­ trator of the deceased depositor Provided that if any payment be made from the funds of the Savings Bank by the Trustees as directed by the two next preceding sections and the party claiming or receiving the same shall afterwards be proved not to have been lawfully entitled to the same the Trustees shall be held indemnified as against the demand of any other person whomsoever Provided also that any lawful representa­ tive of such deceased depositor shall have remedy for the money so wrong­ fully paid against the person who shall have received the same.
£ 100.
Matters in dispute
shall be referred to	32. I f any dispute shall arise between the Trustees or any person acting on behalf of the Savings Bank and any individual depositor therein or any executor or administrator next of kin or creditor of any deceased depositor or any person claiming in any such character the matter in dispute shall be determined by the arbitration of two indifi'erent persons one to be appointed by the Trustees and the other by the other party and in case such arbitrators shall not agree then by an umpire having no interest in such matter or in the Savings Bank who shall be nominated by the arbitrators before they commence the inquiry And the award order or determination of the said arbitrators or the said umpire shall be binding and conclusive on all parties and final to all intents and purposes any law or practice to the contrary notwithstanding.
arbitration.

No Trustee person- . _ 33. The Trustees and the District Trustees hereinafter mentioned shall uot be answerable or accountable the one for any other of them but each only for himself and none of them for any banker broker or other person with Avhom or in whose hands or custody any part of the trust moneys of the Savings Bank may be deposited or lodged for safe custody or otherwise in the execution of the trusts hereby reposed in the Trustees and they shall not be answerable or accountable for the insufficiency or

ŵ L̂ rncgiect?̂ *

deficiency

1862. 26 ̂VIC. No. 11.

Savings B ank Consolidation.

(leficiency of any security in or upon Avhich any moneys shall be placed out or inA êsted or the defect of title or A alue of any land nor for any other misfortune loss or damage AAdiich may happen in the execution of the trusts hereby reposed in them or in relation thereto unless the same shall happen by or through their OAvn Avilful default respectively.

34. I t shall be laAvful for the Gov'ernor Avith the advice aforesaid Appointment of

from time to time as occasion may require to appoint District Trustees of the Savings Bank for such districts of the Colony as shall seem meet such appointments to be notified in the Gazette And it shall be the duty of such District Trustees to receive deposits in the Savings Bank and to transmit the same to the Trustees to be invested by them in tlie Savings Bank in Sydney for the benefit of the country depositors in like manner and subject to the same regulations as herein provided concerning other depositors Provided that such District Trustees shall not be members of the corporate body aforesaid.

35. An Accountant or Clerk may be appointed by the Trustees Appointment of ois-

in Sydney for each such District and every such Accountant or

Accountants,

shall give reasonable security to the satisfaction of the Trustees in Sydney for duly accounting for such moneys of depositors as shall come to his hands and he shall in the presence and not otherAvisc of one or more of such District Trustees receive deposits from persons residing Avithin his District at such times and places as the District Trustees shall appoint and give projier vouchers to the depositors signed by him and by any one of the District Trustees present at the receipt thereof And every such District Accountant or Clerk shall on the first post day in every month or oftener if directed by the Trustees in Sydney and in such manner as they shall appoint remit all sums of money so deposited to the Managing Trustee in Sydney together Avith an account verified by one or more of the District Trustees respectively of the names residences and descriptions of the depositors and of the sums recei\'ed as afore­ said in order that such depositors may be entitled to the benefit of this Act And in case there shall be at the place of such deposit any Branch of any such chartered or incorporated or regulated Bank as afore­ said such Accountant or Clerk shall Avithin twenty-four hours of the receipt of every such deposit pay the same into such Branch Bank to the credit of the District Trustees of his District.

36. Any free person being the OAvner of any sum of money deposited AViUidiawiiig depo-

Avith any District Accountant or Clerk for transmission for his benefit to the Savings Bank in Sydney or any other person duly authorized by such depositor or his executor administrator or other laAvful represen­ tative may claim and receive back such money or any part thereof in the manner following (that is to say) if the money so required to be repaid shall not exceed five pounds the claimant thereof shall on some day to be appointed by the District Trustees deliver or cause to be delivered to the District Accountant or Clerk a notice signed Avith his name declaring his intention to AvithdraAV such money at the expiration of fourteen days from the date of such notice and if exceeding five pounds but not more than tAventy pounds then tAventy-one days’ notice and when e.xceeding twenty pounds thirty days notice and upon receipt of such notice the District Accountant or Clerk shall forthAA’ith transmit the same verified under the hand of one of the District Trustees to the Managing Trustee in Sydney in order that proper steps may be taken for the payment of the amount under deposit to the party laAvfully claiming the same Provided that the District Trustees may in their discretion dispense with any such notice.

37. WheneA’cr any District depositor in the funds of the Savings Dop̂ sitoisincminfry

Bank shall die leaving any money in the said funds or any interest scsledo/ScyTa

d u e Bimk. '

62 N o. 12. 26 ̂ YIC. 1862.

Property Laio Trustees and Mortgagees.

due thereon belonging to him at his death the same shall he paid only on the conditions hereinbefore provided concerning like cases of deposits in Sydney.

District Trustees to

38. No District Trustee shall be allowed to deposit any money benefit from any deposit made therein or receive directly or indirectly any salary allowance profit or emolument from the funds of the Savings Bank.

the funds of the

in the Savings Bank or to borrow any money from or derive any

Bank.

Charges of manage­

ment in Distriets.

39. The Trustees in Sydney may out of the funds of the Savings

Bank defray any necessary charges of management in the several Districts

aforesaid and remunerate the District Clerks or Accountants respectively.

Short title.

40. This Act shall be styled and may be cited as the “ Savings Bank Consolidation Act of 1862.”

have no interest in