Savings Bank of New South Wales Act 1902 (NSW)
Act No. 53, 1902.
| An Act to consolidnte the enactments relating,savin | , bank | OF |
N ew South W a les.
| to the Savings Bank | of New South Wales. | — |
| [2G/A Augiid, 1902.] |
“O E it enacted by the King’s Most Excellent Majesty, by and with J 3 the advice and consent of the Legislative Council and Legislative Assembly of New South "Wales in Parliament assembled, and hy the authority of the same, as follows :—
PAKT I.
Repeal and interpretation.
1. Tills Act may be cited as the “ Savings Bank of New South
Wales Act, 1902,” and is divided into Parts and Divisions, as follows :—
PABT I.—Repeal and interpretation—ss. 1-1.
PABT I I .—The President, the Trustees,and the district trustees—
ss. 5-17.
PART I I I .—Oncers—ss. 18-22.
PART IV.—Deposits—
Division 1.—In Sydney—ss. 23-31.
Division 2.— Country districts—ss. 32-37.
PART V.—Management o f funds—ss. 38-13.
PART VI.—Regulations—ss. 11, 15.
2. (1) The Acts mentioned in the Schedule to this Act are, to Repeal,
the extent therein expressed, hereby repealed.
( 2)
410 Act No. 53, 1902.
Savings Bank o f New South Wales.
| Officers under Acts | (2) All persons appointed under the Acts hereby repealed |
| hereby repealed. | and holding office at the time of the passing of this Act shall be deemed to have been appointed hereunder. |
| laws under Acts |
| Regulations or by | (3) All regulations or by-laws made under the authority of |
| hereby repealed. | any Act hereby repealed and being in force at the time of the passing of this Act shall be deemed to have been made under the authority of this Act. |
| Establishment of | |
| Savings Bank. | 3. The institution for the receipt and management of deposits originally established under the Act, second William the Fourth number thirteen, under the title of the Savings Bank of New South Wales, shall continue and be deemed to be established by that name under this Act, and this Act shall apply to it accordingly. |
| 26 Vic. No. 11, s. 1. |
| Interpretation. | 4. In this Act, unless the context or subject-matter otherwise “ Savings Bank ” means the Savings Bank of New South W ales; Trustees ” means the Trustees of tlie Savings Bank of New South |
| Ibid. | indicates or requires,— |
Wales, and “ trustee” means one of such trustees.
PABT II.
The President, the Trustees, and the district trustees.
| President, Trustees, | 5. | (1) The Governor shall continue to be Presidentof the Savings |
| and Vice-president. |
| H id. s. 4. | Bank, and the whole affairs and business thereof shall continue to he managed by the Trustees, the number of whom shall not exceed eighteen, and of whom one shall be Vice-president. |
| Trustees. | |
| Appointment of | (2) The Governor shall appoint all such Trustees, and shall name every such Vice-president, and such appointments and nomination shall be notified in the Gazette. |
| Incorporation of |
| Trustees. | 6. The Trustees for the time being of the Savings Bank shall he |
| 17 Vic. No. 24, s. 2. | a hody corporate under the name of “ The Trustees of the Savings Bank |
| 20 Vic. No. 11, s. 1. | of New South Wales,” and hy that name shall have perpetual succession and a common scab |
| District trustees. | 7. (1) The Governor may appoint district trustees of the Savings |
| Ihid. 3. 34. | Bank for such districts as seem meet, and such appointments shall be notified in the Gazette. |
(2) Such district trustees shall not he members of the said
body corporate.
| Disqualifications. | 8. (1) No person shall be qualified to take and hold the office of a trustee or district trustee under this Act who becomes a bankrupt or insolvent witliin the provisions of any Act for the relief of insolvent debtors, or compounds with his creditors or makes any assignment of his property in trust or otherwise for their benefit. |
| Ihid. 8. 5. |
( 2)
Act No. 63, 1902.
Savings Bank o f New South Wales.
(2) Any trustee who absents himself from the meetings Absence from
of Trustees for more th^in six months consecutively without leave of the Trustees sliall thereby become disqualified from holding his office of trustee.
9. (1) Except as herein otherwise enacted, every act which the Meetings.
| Trustees arc authorised or required to do hy or under tliis Act shall he 2g | vie. Xo. ii, s. 7. |
| done at a duly convened meeting of the Trustees and not otherwise. |
(2) At any such meeting four trustees shall form a quorum. Quorum.
10. (1) At every meeting of the Trustees, the Vice-president or, cimirmun.
in his absence, the trustee then present whose appointment is first in-^ '̂'^-s.
date or order, shall he chairman.
(2) Such chairman shall, in addition to his vote as trustee. Casting vote,
have a casting vote in case of an equality of votes.
11. (1) One clear day’s notice at least of every meeting of the Notice of meetings.
| Trustees shall he given to all the trustees by circular letter. | lud. s. 12. |
(2) Such letters shall he addressed by the managing trustee iiow addressed,
or the accountant to all the other trustees respectively at their usual
offices or places of abode, and may he transmitted hy post.
(3) Whenever it is intended to appoint or nominate any Certain business to
person to any office or to fix the amount of any salary or to advance orexpressed,
invest money on any security such intention shall he expressed in the
notice.
12. (1) The Trustees shall within one month after the close of Annual account and
every year cause an account and balance sheet to be prepared containing
a true statement of—
| (a) | the deposits in the Savings Bank at the end of the past year; and |
{h) the money at that period remaining in any hank to the credit of the Savings Bank ; and
(c) all sums of money due to the Trustees.
(2) They shall certify to the best of their belief the To be certified and
correctness of the said account and balance sheet under their hands, Governo™
and shall within three days thereafter lay the same before the Governor,
and shall cause the same after being approved by him to be published
in the Gazette.
13. (1) No trustee or district trustee, or other person in any Trustcc.s not to
| way concerned in the management of the Savings Bank, shall deposit | ' |
| therein or borrow therefrom any money, or derive any benefit from any deposit made therein. |
(2) No trustee or district trustee, except the managing Or to receive
| trustee, as such, shall receive, directly or indirectly, any salary or | ‘ |
| emolument whatever from the funds of the Savings Bank. |
14. No trustee or district trustee shall be answerable or Ecaponsibiuty of
accountable—
| (a) | for any other trustee or district trustee, but each for himself | |
|
412 Act No. 53, 1902.
Savings Bank o f New South Wales.
{h) for any banker, broker, or other person with whom, or in whose hands or custody any part of the trust moneys of the Savings Bank is deposited or lodged for safe custody or otherwise in the execution of the trusts liercby reposed in the trustees ; or
| (c) | for the insufficiency or deficiency of any security in or upon which any moneys are placed out or invested, or for the defect of title or value of any land, or for any other mis fortune, loss, or damage which may happen in the execution of the trusts hereby reposed in them or in relation thereto, unless the same happens by or through his own wilful default respectively. |
| Land vested in | 15. (1) All land now or hereafter belonging to the Savings Bank for any estate as or in the nature of a security or otherwise, or in or to which the said Bank is or shall be in any way interested or entitled, by virtue of any mortgage, release, grant, or otherwise howsoever, and in the name of whomsoever the same 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. |
| 26 Vic. No. 11, 8. 2. | |
| Conveyance of land | |
| to Trustees. | (2) 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. |
| Uses. | (3) 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. |
| Powers of alienation. | 16. The Trustees may take and hold, sell, exchange, let, convey, assign, surrender, 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. |
| Ihid. |
Trustees.
Provided that—■
(«) all such conveyances, assignments, and surrenders of land shall be executed by the Trustees under their common seal in the presence of one of the Trustees; and
{h) the same shall not operate by virtue of such execution until one of the trustees has attested such execution, and, if any consideration money is expressed therein, the managing trustee or accountant has certified upon the said instrument under his hand that such consideration money has been duly paid.
| Beceipts. | (2) Notwithstanding the provisions of the preceding sub section the receipt in writing of any one of the trustees, together with the managing trustee or the accountant for any sum of money receivable by 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 efPectual discharge at law and in equity for the money expressed | |
|
| Act No. 53. 1902. | 413 |
Sewings Bank o f New South Wales.
17. All bonds, mort^a^es, and other securities taken hy the Securities and
| Trustees on account of the Savings Hank or the depositors therein, and | 2(i Vie. No. 11, 8. 3. |
| all moneys, ^oods, chattels, and (dTeets | whatsoever helongiiig to or |
vested in or hold hy the Savings Hank,or the Trustees, or any other person whomsoever on helialf of tlie Savings Hank, or hy the depositors therein, shall be vested in and held and possessed hy the Trustees as such corjioratc hody as aforesaid.
| PAHT | III . |
Officers.
18. The Trustees at a meeting convened solely for the pui’iiose Managing trustee,
may nominate to the Governor, and the Governor may appoint some lUd. s. 6.
fit person to he managing trustee, who, unless already a trustee, shall
become an additional trustee and a member of the corporate body,
but sbali not vote on any question affecting his personal interests.
19. The Trustees may appoint an accountant of the Savings Account.int. and
Hank in Sydney, and such tellers, clerks, and other subordinate officers as the Trustees deem necessary for the duo conduct of the affairs and business of the Savings Bank.
20. The managing trustee, accountant, and such other officers Ofiicors to give
of the Savings Hank 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 the Trustees fl.v.
| 21. (1) The Trustees shall fix such yearly salaries to be paid to Sidaiies. | ■ |
the managing trustee, accountant, clerks, and other officers respectively loui. s. i3 .
as they think fit, regard being liad to their respective duties and
responsibilities.
| ( 2 ) | All such salaries and also all charges and expenses in ra im e n t of salaries, |
the conduct and management of the affairs and business of the Savings Hank incurred under the sanction of the Trustees, or 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.
22. (1) If any person holding any office in the Savings Bank Bankruptcy, &e., of
or any branch tbereof, and having in bis possession or power any of property
money or effects belonging thereto, or any deed or security relating to bank.
| tlie same—- | ibid. &.zo. |
| (a) | becomes insolvent under any Act for the relief of insolvent .debtors; or | |
| (h) | or makes any assignment of his property for ^he benefit of | |
|
414 Act No. 63, 1902.
Savings Bank o f New South Wales.
| (c) | has any execution, attachment, or other process issued against his land, goods, chattels, or effects; or |
(d) dies,
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 effect, 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.
| Such property to bo | (2) 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 hank; 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 he levied hy 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 bo hound to the payment and discharge thereof accordingly. |
delivered on demand.
PART IV.
Deposits.
| D i v i s i o n | 1 . — In | Sydney. |
UopositB. 23. The managing trustee or any other officer of the Savings
20 Vic. No. 11, 8 . 16. Bank whom the Trustees appoint for that purpose may receive from
any person by way of deposit any sum of money, not being less than one shilling nor more, whether hy one or hy successive payments, than two hundred pounds, to the credit of any one account, except as herein otherwise provided.
| Time and place for | (2) The time and place at which such deposits may he |
| receipt of deposits. | received shall he fixed hy a regulation made under this Act, and they shall he received at no other time or place. |
| Entry in boots. | (3) Every sum of money so received shall be immediately entered in the hooks to he kept for that purpose and placed to the credit of the depositor or of such other person as he may appoint. ' |
| Trustees’ bant | (4) Every such deposit and all other money received into |
| account. | . |
the Savings Bank shall at the end of each day be paid into such bank or one of such several hanks in Sydney as tlie Trustees shall appoint and shall he there placed to the credit of the Savings Bank to an account intituled “ Account of the Trustees of the Savings Bank of
New
| Act No. 53, 1902. | 415 |
Savings Bank of New South IVales.
New South W a l e s a n d no money paid into such Bank shall he Avithdrawn Avithont the AAO’ittcn order of tA\"o or more Trustees counter signed hy the managing trustee or in his ahsence hy the accountant.
24. ( 1 ) Ev'ery person haA'ing any sum of money not less than interest cm deposits.
| tAventy shillings standing to ids credit in the hooks of the SaAdngs Bank 2g | aic. No. ii, s. 22. |
| shall he entitled to receive interest upon the same at the rate to he from time to time fixed hy tlie Trustees : |
Provided tliat—
(ft) tlie Trustees may limit the interest so as not to he payable on
the surplus of any account exceeding one Iiundred pounds; and
{tj) interest shall not he alloAVcd on any sum less than one pound
nor on odd shillings or pence ; and
(c) the intei’cst shall he calculated hy mouths omitting odd days.
| (2) | Tlie Trustees shall pay such interest out of the i n t e r e s t I’^ivinent of interest, |
received hy them on sums Avhich they have lent out, and such interest shall, subject to the regulations, he added to and incorporated AAuth the sum Avhich may he then standing in the hooks of the Savings Bank to the credit of the depositor.
26. Any person being the depositor or oAvner of any sum of wiiiHirinvai of
money dejiosited in the Savings Bank, or the interest thereof, or any
| person duly authorised hy any such depositor or OAvner, or his executors | ‘ | ' |
| or other hiAvful representatives, may claim and receive hack such sum of money or any part thereof in tlii' manner and upon the conditions folloAving, that is to say— |
| (ft) | if the sum so required to he repaid does not exceed five pounds, the claimant shall on some day appointed for the meeting of the Trustees deliver or cause to he delivered to the managing trustee or accountant a notice signed Avith his name declaring his intention to AvithdraAV such sum from the ]lank at the expiration of soA'cn days from the date of the said notice ; |
| (i) | if the sum to ho AvithdraAvu exceeds five pounds hut does not exceed tAventy pounds then fourteen days like notice shall in like manner he gi en ; |
(ft) Avhen the sum to he Avithdrawn exceeds tiventy pounds a like
notice of tAventy days :
Providf'd that the Trustees may in their discretion dispense Avith
any such notice.
26. The Trustees may pay to any infant the amount of any noposiis of iDfants.
deposit recci\a;d for the use and benefit of such infant and the i n t e r e s t s * . 27.
thei'eon in the manner and upon the conditions hereinbefore specified
in the case of other depositors, and the receipt of such infant shall he
a sufficient discharge for any money so paid.
27. The Trustees may, hy order of the Governor in Avriting noposUs of persons
under the hand of the Colonial Secretary, receive any deposit from or ''-‘■•'■‘''f; sentences,
on behalf of any person serving under any sentence for a criminal
offence,
416 Act No. 53, 1902.
Savings Bank o f New South Wales.
offence, and may allow interest thereon in like manner as on other deposits, and may pay over to any such person the principal sum and interest thereon at the expiration or upon the remission of his sentence.
Deposits of Savings
| Banks and public | 28. (1) The Trustees may receive in deposit money deposited |
institutions.in any other savings bank or money from any charitable institution 26 Vic. No. 11,8 .2 9 . or any legally established friendly or other society in New South Wales.
Keceipt of same. ( 2 ) Sucli money may be received from the treasurer or
trustees of such savings bank, institution, or society, or other officer competent to pay such money, and the receipt of such treasurer, trustees, or other officer in respect of any repayment of such money shall be a sufficient discharge to the Trustees.
| Interest on same. | (3) The Trustees shall give credit in the books and accounts of the Savings Bank for the money so received to the institution to which the same belongs, and may pay interest for the same at such rate as they may determine. |
| Death of de^sitor | 29. (1) In case any depositor dies leaving any money in the |
| whose deposit does |
| not exceed one | funds of the Savings Bank which, with the interest thereon, does not |
| hundred pounds. | exceed in the whole one hundred pounds, the Trustees, if satisfied that |
| Zad. a. 30. | such depositor died intestate, and that no letters of administration have been or will be taken out of bis goods and chattels, may pay the same at any time after the decease of such depositor according to the regulations of the Savings Bank. |
| Payment of deposit | (2) If there are no regulations in that behalf, the Trustees |
| where no regulations, | p^y | q£ sucli luouey any debts of such deceased depositor and |
defray the expenses of his funeral so far as such money extends, and may pay the surplus (if any) at their discretion to the persons who appear to the Trustees entitled to the effects of the deceased intestate, or according to the law of distribution on intestacy.
| Death of depositor | 30. In case any depositor dies leaving any money in tbe funds his death, in the whole the sum of one hundred pounds, the same shall |
| pn̂e°hunX?d*poim̂^̂ ̂ | Saviugs Bank exceeding, with the interest due at the time of not be paid to any person other than a duly constituted executor or administrator of the deceased depositor : |
| ■ | |
| H id . 8.81. | |
| Provided that if any payment is made from the funds of the Savings Bank by the Trustees as directed by this and the last preceding section, and the party claiming or receiving the same is afterwards 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 representative of such deceased depositor shall have remedy for the money so wrongfully paid against the person who received the same. |
| Disputes concerning | 31. | (1) If any dispute arises between tbe Trustees or any person |
acting on behalf of the Savings Bank and any individual depositor
| H id . a. 32. | therein, or any executor, administrator, next of kin, or creditor of any |
deceased
| Act No. 53, 1902, | 417 |
Savings Bank o f New South Wales.
deceased depositor, or any person claiming in any such character, the matter in dispute shall be determined by the arbitration of two indifferent persons, one to be appointed by the Trustees and the other by the other party, and, in ease such arbitrators do not agree, then by an umpire having no interest in such matter or in the Savings Bank, Avho shall be nominated by the arbitrators before they commerree the inquiry.
| (2) | The award, oi’der,or determination of the said arbitrators Effect of award, |
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 notivithstanding.
Division 2.—District deposits.
32. I t shall be the dnty of the district trustees to receive Duties of
| deposits in the Savings Bank and to transmit the same to the Trnstees | trustees, |
| to be invested by them in the Savings Bank in Sydney for the benefit of the country depositors, in like manner and subjt'ct to the same regulations as herein provided concerning other depositors. |
33. The Trustees may appoint an accountant or clerk for each District aceountants.
district for which district trustees are appointed, and every such n'>d. s. 35.
accountant or clerk shall give reasonable security to their satisfaction
for duly accounting for such moneys of depositors as come to his
hands.
| 34. Every snch district accountant or clerk shall— | fiiuiics of |
| (a) | in the presence, and not othenvise, of one or more of the district trustees receive deposits from persons residing within his district, at such times and places as the district trustees appoint, and give proper vouchers to the depositors signed by him and by any one of the district trustees present at the receipt thereof; and |
| (h) | on the first post day in every month, or oftener if directed by the Trustees, and in such manner as they 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 of the names, residences, and descriptions of the depositors and of the sums received as aforesaid, in order that such depositors may he entitled to the benefit of this A c t; and |
| (c) | if there is at the place of such deposit any branch of any bank duly chartered or incoiq)orated or regulated und(.'r any Act or Imperial Act such accountant or clerk shall, Avithin tAventy- four honrs of the receipt of every such deposit, pay the same into snch bank to the credit of tlie trustees of his district. |
35. Any free person being the OAvner of any sum of money AVithdrawai of
| deposited Avith any district accountant or clerk for transmission for | deposits. |
| 2 D | his |
418 Act No. 63, 1902.
Savings Bank o f New South Wales.
his benefit to the Savings Bank in Sydney, or any other person duly authorised by such depositor, or his executor, administrator, or other lawful representative, may claim and receive back such money or any part thereof in the manner following, that is to say—^
(a) if the money so required to be repaid does not exceed five
| ■ | pounds the claimant shall on some day to he appointed hy the district trustees deliver or cause to be delivered to the district accountant or clerk a notice signed with his name declaring his intention to withdraw such money at the expiration of fourteen days from date of such notice, and if exceeding five pounds but not more than twenty pounds, then twenty-one days’ notice, and when exceeding twenty pounds thirty days’ notice ; |
{b) upon receipt of such notice the district accountant or clerk shall forthwith 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 he taken for the payment of the amount under deposit to the party lawfully claiming the same:
Provided that the district trustees may in their discretion dispense with any such notice.
| Death of | 36. | Whenever any district depositor in the funds of the Savings |
district depositor.Bank dies leaving any money in the said funds or any interest due , VIC. o. 1, 8. !. ^pereon belonging to him at his death, the same shall be paid only on
| ‘ | the conditions hereinbefore provided concerning like cases of deposits in Sydney. |
| Expenses of dietricts. | 37. The Ti’ustees may out of the funds of the Savings Bank |
| Ibid. 8. 39. | defray any necessary charges of management of the said districts and remunerate the district clerks or accountants. |
PART V.
| Management | o f funds. |
Powers of deposit
| and investment. | 38. The Trustees may deposit any portion of the funds of the (а) in the Colonial Treasury, upon such terms and subject to such conditions as shall be agreed upon between the Governor and the Trustees; or |
| Ihid. 8. 17. | Savings Bank— |
(б) in any bank in New South Wales at such rate of interest, if interest can he obtained for the same, as may be agreed upon between the directoi’s of such bank and the Trustees,
and
| Act No. 53, 1902. | 419 |
Savings Bank o f New South Wales.
and they may invest any portion of the like funds in the purchase of
or hy way of loan upon the security of-
| (a) | any dehentures or other forms of security issued or granted hy the Government and secured upon the Consolidated llevenue Fund or any jiublic debt contracted under legislative authority hy or on behalf of the Government; or |
{b) any shares or other securities bearing a fixed rate of interest guaranteed hy the Government either permanently or until payment of an ascertained principal sum ; or
| (c) | dehentures lawfully issued hy the Municipal Council of Sydney or by any municipality legally established. |
| , | 39. (1) The Trustees may lend any portion of the like funds investment upon |
| upon mortgage of any land in New South Mhiles of an estate of | 26 Tic. No. 11, s. 18. |
| inheritance in fee-simple free from all charges and encumbrances: | |
| 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 dttposited in the said hank shall be lent on such mortgages as aforesaid. | |
| (2) 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. |
40. The Trustees may purchase with any portion of the like investment upon
funds not exceeding one-fourth part thereof bills of exchange drawn
| by any bank in New South Wales duly chartered or incorporated or | ■ | ■ | • |
| regulated by any Act or Imperial Act upon any bank or agent in Great Britain, if such hills hy reason of the discount thereon offer a profitable investment of sucli funds : | • | ||
| Provided that the Trustees shall adopt proper measures for the return to New South Wales of the proceeds of every such bill as soon as the same have been realised. |
41. If at any time it becomes necessary for the Trustees to Loans under Govern-
negotiate a loan in order to meet the demands of depositors, the
| Trustees may borrow the amount required, and the Government may | * ' |
| guarantee its repayment: | |
| Provided that no such loans outstanding at any time so guaranteed shall exceed the sum of fifty thousand pounds, Avithout the previous advice and consent of the Legislative Assembly. |
42. In case of any sudden or unusual demand upon the funds Loans to m .et oroat
of the Savings Bank the Trustees may, subject to any cliarge created
| under the next preceding section, borrow upon the security of the | • ® |
| projM'i’ty and revenues of the said bank from any ])crson any mom'vs for the purpose of meeting such demand, upon such terms as may l)o |
| mutually agreed upon. | 43. |
420 Act No. 53, 1902.
Savings Bank o f New South 'Wales.
Rest or security fund. 43. Out of the profits of the busiliess of the Savings Bank, the 26 Vic. No. 11,8. 23. Trustees shall annually set apart such sum, not being less than one-
twentieth nor more than one-fifth of the whole amount of interest produced during the year, as they think proper towards the establish ment of a rest or security fund for the purpose of equalising the rate of interest and meeting any loss or deficiency which may occur.
PART VI.
Regulations.
| Power to make | 44. The Trustees may make regulations for the conduct and |
| regulations. |
| Ibid. s. 14. | management of the affairs and business of the Savings Bank. | |
| ||
| Transcript to be | ||
| filed. | 46. (1) All regulations when so approved shall be transcribed on parchment and deposited with the Prothonotary or chief clerk of the Supreme Court, who shall, without fee or reward, file and preserve the same among the records of the said court. | |
| Ibid. 8. 15. |
| Effect of filing. | (2) | Upon such filing all depositors in the Savings Bank and |
their representatives shall be deemed in law to have full notice of
such regulations.
| Evidence. | (3) Every transcript so deposited, or a certified copy thereof, shall be received in all courts as evidence of the rules and regulations therein contained. |
•
S C H E D U L E .
| Reference to Act. | Title or short title. | Extent of repeal. |
| 2 W m . IV N o. | 13 | A n A c t to estab lish a Savings B an k in N ew South | T he | u n rep ea led |
| W ales, | an d | to | p rov ide | fo r th e | m anagem ent | po rtion . |
| th e re o f | and fo r th e | secu rity o f | deposits th e re in . |
| 5 | W m. | iV | JNo. | 1() | A n A c t to repea l in p a r t and to am end and ex ten d ’ | T he | n n rep ea led |
| th e provisions of an A ct in ti tu le d “ A n A c t | to | po rtio n . |
estab lish a Savings B ank in N ew S ou th W ales, a n d to provide fo r th e m an ag em en t th e re o f and
| fo r th e | se cu rity o f d eposits th e re in .” |
| 3 Vic. JNo. 12 | ... | A n | A c t | to | conso lida te | and | am end th e | lawsi T he | u n rep ea led |
| re la tin g to | th e Sav ings | B ank | of | N ew | South | po rtio n . |
| W ales . |
| 26 Vic. N o. 11 | .. | Savings B an k C onsolidation A ct o f 1862 | ... | T he whole. |
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