Savings Banks Act 1843 No 9a (NSW)

. No. VI.

An Act to amend t]ie Laws relating to tlie SAvivoa banks.

Savings’ Bank of New South Wales and Port

Phillip respectively. [10th November, 1843.]

\ \ J HEUEAS an Act of His Excellency the Governor of New South I’reambie.

W Wales Avith the advice of the Lej^islative Council tlicrcof was

passed in tl^e third year of the reign of Her present Majesty intituled

“ An A ct to consotklate and amend the Laics relating to the Savings’ 3 victmia No. i-j.

Bank o f New South TFales" and another Act Avas passed in the fiftli

year of the reign of Her said Majesty intituled ‘̂An A ct to amend and s victoria No. .o.

“ to extend to P ort Philtl]) an A ct intituled ‘An A ct to consolidate “ ‘ and, amend the Laics relating to the Savings’ Bank o f New South “ ‘ JPales’ ” and Avhereas it is expedient further to amend the LaAvs I'clating to the said Savings’ Bank Be it therefore enacted by His Repealing so much

Excellency the Governor of N cav South Wales Avith the advice aiid relates totĥ tcuĤ ^

consent of the Legislative Council thereof That so much of the said

recited Acts as relates to the rate of interest to be alloAVcd on money

deposited in the said hank or hanks and also so much of tlie said

recited Acts as relates to the establishment of a security fund or rest

shall be and the same are hereby repealed.

2. And be it enacted That the conditions under Avhich interest Conditions ibr pay-

shall he paid on deposits and additions made to the rest or security an™L«ing*̂ upau

fund shall he tlie folloAving— security fund.

Firstly—That so long as the rest or security fund shall he less

than the one-tenth part of the Avhole amount of monies

deposited

13G0 No. 6. r VIC. 1843.

Savings Banks.

deposited in the hank the sum divided among the depositors in any year shall not exceed three-fourths of the net profits made by the hank during the same year.

Secondly—That whenever the security fund he less than the one-seventh part of the whole amount of monies deposited in the hank the sum distributed as interest among the depositors shall not in any year exceed four-fifths of the net profits made by the hank during the same year.

Thirdly—That whenever the security fund he less than the one- fourth part of the whole amount of monies deposited in the hank the sum divided among the depositors in any year shall not exceed five-sixths of the net profits made by the hank during the same year.

Provided always that whenever the rest or security fund shall amount to one-fourth part of the wliole amount of monies deposited in the said hank no addition shall he made to the said fund unless from loss or any other cause it should at any time fall short of that amount Provided also that in case any depositor shall withdraw the whole ol' his deposits before the thirty-first day of December in any year he shall he allowed interest only for the period forming part of the cuiTent year during which the amount remained deposited in the hank at the rate of tliree pounds six shillings and eight-pence for every hundred pounds per annum.

One-third only of tlie 3. And whereas by the first of the above recited Acts the Trus-

brinvesteron̂ 'liVt°- Savings’ Bank are empowered to invest on mortgage a

gages. portion of the monies deposited in the said hank and it is expedient to limit the proportion of the funds of the hank w hich may he so invested on mortgage Be it enacted That no new mortgage shall be takem by the Trustees so long as one-third or more than one-third of the entire funds of the hank shall he vested on mortgage.

No part of the funds	4. And whereas by the said first recited Act the Trustees are
of the hank to he

employed in the dis­	under certain conditions empowered to employ the funds of the bank
count of hills.	in the discounting of hills and it is expedient to prohibit all future inAmstments of this kind Be it enacted That from and after the pass­ ing of this Act no discount of any new hill or promissoiy note shall he made from or out of the funds of the said bank Provided hoAvever that any hill or note now under discount may be renewed in Avhole or in part at the discretion of the Trustees.
Funds of the hank

may he invested in 5. And whereas it is expedient and necessary to provide other

(xovernment securi­	means for the employment of the funds of the hank	Be it enacted
ties within the

Colon}" or in tlie	and declared That any proportion of tlie funds of the hank may at the
Bank of England	discretion of the Trustees and with the approval of the G overnor he

of ii^vested in Government securities legally issued in the Colony of New c. 92 can beexteiuied Soutli Walcs 01' in the Bank of England in the manner directed hy an

to the Colony. passed by the British Parliament in the ninth year of the reign of

His late Majesty King George the Eourth intitutled “ An A ct to con­ solidate and amend the Laws relating to Savings' Banks" provided the benefit of the said Act of Parliament can be obtained for Savings’ Banks in New South Wales.

Two-tbiids of tbe

funds of tbe bank	G. And in order to alfoi’d further means of investing or employ­ ing the funds of the Savings’ Bank	Be it enacted That any portion
may be placed at

Coî unbai’Banbŝ ^̂ tlicsc funds not exceeding two-thirds of the whole maybe deposited

' " ■ in any hank or hanks in the Colony at such rate of interest as may lie agreed on between the Directors of such hank or hanks and the Trus­ tees of the Savings’ Bank.

Governor may	7. And wlicroas in consequeiicc of the employment of the funds
raiserwr'̂ Tri"	hank US hereinbefore authorized or directed the Trustees of the

tees!' ̂ bank may without the assistance of Ihe Government he unable to meet the demands made upon them from time to time hy depositors desirous

of

1843. T VIC. No. 6. 1361

Savings Banks.

of withdrawing their dciposits and it is expedient that in case of need

such assistance should l)c afforded to them Be it therefore enacted ouaiantec not to

That it shall and may he lawful for the Governor of New South A\"ah?s

to guarantee the repayment of any loan wdiich it may he necessary for Legislative Comieii.

the Trustees to negotiate in order to meet the demands of such depo­

sitors Provided tliat no loan or loans outstanding at any time and so

guaranteed shall exceed the sum of fifty thousand pounds without the

previous advice and consent of the Legislative Council.

8. And whei’cas hy the said first recited Act it is enacted That 'J'nistpea .lerivinc;

no person being a Trustee or District 'Trustee or Treasurer of the said !wuuVe subject Savings’ Bank or being in any way concerned in the management to o i.emiity oi £uk), thereof shall be allowed to deposit any sum or sums of money tliercin

nor to borrow any money therefrom nor to derive any benefit from any forfeit and pay for each offence tlie sum of one hundred pounds and that such penalty m aybe sued for in the Supreme Court of the Colony by any person having money deposited in the hank to the amount of thirty pounds the penalty to be paid one half to the Queen for the uses of the Colony and one half to the informer.

deposit made in such Savings’ P)ank nor to act in the capacity of victoria No, ri

Accountant to such Savings’ Bank nor receive directly or indirectly ’ ’’

any salary allowance profit or benefit whatsoever from the funds oftlu'

said Savings’ Bank hut nevertheless no penalty is imposed on any

person being a Trustee or District Trustee or Treasurer of the said

bank who may offend in any such particular and whereas it is expedient

that a penalty should he imposed Be it therefore enacted That any

person l)eing a Trustee or District Trustee or Treasurer of the said

9. And be it enacted That if any dispute shall arise between Maitcr in .lispnte

tlie said Savings’ Bank or any person or persons acting on behalf thereof and any individual depositor therein or any executor or administrator next of kin or ereditor 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 shall he referred to the arbitration of two indifferent persons one to be chosen and appointed by the Trustees of the said Savings’ Bank and the other by the party with whom the dispute arose and in case the arbi­ trators 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 institution to he chosen hy the said arbitrators and what­ ever award order or determination shall be made by the said arbif rators or by the said umpire shall be binding and conclusive on all jiarties and shall be final to all intents and purposes without any appeal.

10. And be it enacted That this Act shall extend and a]iply fo Act tocxioiui to tiie the Savings’ Bank at Port Phillip established under the provisions of	''
the said last recited Act in as full and ample a manner and to all intents and purposes as to the said Savings’ Bank of New South AVales.

E ID E ll.

And whereas it is expedient that longer notice should be given Notice to re given ly

by parties desirous of withdrawing their deposits and also that the	-
at the credit of the party so withdrawing in the books of the said
length of such notice should be proportioned to the amount standing deimsits, of deposit to the amount of fifty pounds or u]iwards shall bo at three months’ date and similar notice from holders of deposits under fifty pounds at one month’s date anything in the said recited Act passed in the third year of the reign of Her present Majesty to the contrary thereof required notwithstanding.

4 H— V̂OL. 2. No. VII.