Savings Banks Amalgamation Act 1914 (NSW)
SAVINGS BANKS AMALGAMA
TION ACT.
Act No. 6, 1914.
An Act to dissolve the Savings Bank of N e w South Wales and to vest the property, rights, and liabilities of the said bank in the Government Savings Bank ; to repeal the Savings Bank of N e w South Wales Act, 1902, and the Savings Bank of Now South Wales (Amendment) Act, 1 9 0 2 ; to amend the Government Savings Bank Act, 1906, and the Government Savings Bank Amendment Act, 1913, and certain other Acts ; and for purposes consequent thereon or incidental thereto. [Assented to, 16th April, 1914.]
BE it enacted by the King's M o s t Excellent Majesty, by and with the advice and consent of the Legis lative Council and Legislative Assembly of New South Wales in Parliament assembled, and by the authority of the same, as follows : -
2. This Act shall, except where otherwise in this Act provided, commence and come into force on a date to be proclaimed by the Governor and published in the Gazette. Dissolution 1. This Act may be cited as the "Savings Banks Amalgamation Act, 1914."
In this Act The Principal A c t " means the Govern ment Savings Bank Act, 1906; and words and expres sions used in this Act, shall have the same meanings as when used in the Principal Act.
| Dissolution | of Savings Bank of New South | Wales. |
3. The body corporate of the Savings Bank of New South Wales is dissolved.
The Savings Bank of New South Wales Act, 1902, and the Savings Bank of New South Wales (Amend ment) Act, 1902, are repealed.
Vesting of property in commissioners.
4. All property real and personal, and all moneys, and securities for money, and all obligatory instruments, evidences, and muniments, and all powers, rights, claims, and privileges at law or in equity acquired, had, or possessed, or enjoyed by, or vested in, the Savings Bank of New South Wales, or the trustees, district trustees, president, vice-president, or other officer of such bank on behalf of or for the use or benefit of such hank, or for any purpose, or upon any trust connected with such bank shall, by virtue of this Act, pass to and become vested in the commissioners, and he deemed and taken to he the property of the commissioners as if the right or title thereto had originally been vested in the commissioners.
5. All persons indebted at the commencement of this Act in any sum of money to the Savings Bank of New South Wales, or the trustees, district trustees, president, vice-president, or other officer of the bank on behalf or on account of such hank, shall pay such sum to the commissioners, and the same shall he recoverable by the commissioners as a debt due to them, whose receipt shall be sufficient discharge.
| mencement of this Act to any person by the Savings 6. All moneys lawfully due and owing at the com | Bank of New South Wales, or such trustees, district |
| trustees, president, vice-president, or other officer on behalf or on account of the said bank, shall he paid by and be recoverable from the commissioners. | |
| 7. Any right of action accrued to or against, and any contract, agreement, lease, mortgage, bond, guarantee, covenant, or obligation lawfully made or entered into by or with the Savings Bank of New South Wales, or the trustees, district trustees, president, vice-president, or other officers thereof, on behalf or account of the said bank may he en forced, by or |
D against against the commissioners in their name, as if the r ight of action had originally accrued to or against, or the contract, agreement, lease, mortgage, bond, guarantee, covenant, or obligation had been made or entered into by or with the commissioners.
(1) All properties and moneys vested in or payable to and all moneys payable by the commissioners under the four last preceding sections shall, subject to this Act, be carried to and payable out of the Savings Bank Department.
8.
(2) The reserve fund of the Savings Bank of New South Wales shall be carried to the reserve fund con stituted by section twenty-live of the Principal Act.
Officers of the banks.
9. (1) Out of the reserve fund of the Savings Bank department the commissioners shall pay to the managing trustee of the Savings Bank of New South Wales such sum as the Governor may approve as compensation for the abolition of his office.
(2) All permanent staff officers in the service of the Savings Bank of New South Wales at the commence ment of this Act shall be regarded as having been appointed by the commissioners in terms of the Principal Act, such appointment to date from the date of appointment in the Savings Bank of New South Wales, and such officers shall otherwise be subject to sections thirty-two and thirty-three of the Government Savings Bank Act, 1906.
(3) Provided that should the services of any of
the permanent staff officers of the bank be dispensedwith by the commissioners within two years after the commencement of this Act for any reason other than misconduct, the commissioners shall pay to such officers such amount by way of compensation as the commis sioners in their discretion may determine, but shall not exceed one month's salary for every year's service.
Fidelity guarantee fund.
10. Out of the accumulated profits of the bank the commissioners may from time to time set aside such sums as may be necessary to supplement the fidelity guarantee fund established by the Savings Bank" of New South Wales. The
The said guarantee fund may be added to by the addition of premiums on fidelity guarantees, and interest at such rate as the commissioners may deter mine on the amount at credit of such fund :
Provided that such premiums may he paid by the officers or charged to the bank in whole or in part at the option of the commissioners.
1 1 . Al l losses caused by fraud or carelessness, whether occurring before or after the commencement of this Act, and whether in connection with the bank or with the Savings Bank of New South Wales , may be charged to the said fidelity guarantee fund :
Provided that nothing herein shall prevent the com missioners from recovering compensation or damages from the officer or other person gu i l ty of such fraud or carelessness.
| Depositors | in the Savings Hank of Nciv South | Wales. |
1 2 . (1) Notwithstanding section thir ty-eight of the
Principal Act, where any person has at the commence ment of this Act an account in the Savings Bank of New South Wales , such person may, subject to the pro visions of this section, continue such account for a period not exceeding I en years from such commencement, at the office at which it was kept at such commencement, or at a branch of the bank substituted by the commis sioners for such office.
| Subject to tin's Act, the provisions of the Principal Act and the Government Savings Bank Amendment Act, |
1913, shall apply to any such account :
Provided that this subsection shall not apply where the holder of an account which was opened in the Savings Bank of New South Wales after the first day of
J u l y , one thousand nine hundred and fourteen, also
had an account at the commencement of this Act in the
bank managed by the commissioners.
(2) At the expiration of such period such
account shall be subject in all respects to the provisions and regulations governing accounts opened under the Principal Act.
(3)
(3) Such person shall, while his account in the Savings Bank of New South Wales is continued, be entitled to receive from time to time interest at the rate hereinafter mentioned on any amount up to two hundred pounds to the credit of such account :
Provided that, in the case of the account of any friendly society or charitable institution, the com missioners may allow interest on any amount above two hundred pounds at such rate as may be agreed upon between them and the society or charitable institution.
(4) The interest payable under the first para graph of the last preceding subsection shall be one-half of one per centum above the rate paid to depositors under the Principal Act, but not exceeding three and one-half per centum per annum :
Provided that if, at any time during the said period of ten years, the rate of interest payable in respect of any accounts (other than the accounts men tioned in paragraphs (a) and (c) of section thirty-nine of the Principal Act as amended by the Savings Bank Amendment Act, 1913) is fixed by the commissioners at an amount equal to or greater than three and one- half per centum, the rate of interest payable under this subsection shall, in respect of like accounts, be the same as the rate so fixed.
13. Any holder of a pass-book of the Savings Bank of New South Wales desiring, during the period of ten years aforesaid, to operate on such account at a branch or agency of the Government Savings Bank other than
an office of the Savings Bank of New South Wales, or a branch or agency substituted by the commissioners for to avail himself of any other advantage possessed by the depositors of the Government Savings Bank, and not possessed by the depositors of the Savings Bank of New South Wales at the commencement of this Act, may do so, but such operation shall, unless the commissioners otherwise determine, be taken as a direction to the commissioners to transfer his account to a pass-book of the Government Savings Bank ; and the transfer will be made accordingly, and the former pass-book shall be deemed to be cancelled.
Supplemental
Supplemental.
14. The commissioners may at any time after the passing of this Act, and for the purpose of bringing it into operation at its commencement, inspect any books of account of the Savings Bank of New South Wales.
15. The commissioners may, under and subject to the provisions of the Principal Act relating to regula tions made thereunder, make regulations for carrying out the provisions of this Act.
16. The amendments in sections sixty-six and sixty- eight of the Principal Act effected by the Schedule to the Government Savings Bank Amendment Act, 1913, are amended as follows :—
(a)
In the amendment to section sixty-six sub section one, after " p e n a l t y " omit " o f " and insert " not exceeding " ; and after " six months' interest " insert " as may he deter mined by the commissioners."
(b)
Omit the new paragraph (d 1) inserted in section sixty-eight after paragraph (d) of that section.
Advances on irrigation farms.
17. (1) The commissioners may. under sections sixty-two and sixty-three of the Principal Act, as amended by the Government Savings Bank Amendment Act, 1913, lend moneys from the Advance Department
| purposes specified in section sixty-three, notwithstand | upon mortgage of any irrigation farm lease, for the | |
| ing such holding is subject to a mortgage or charge in favour of the Commissioner for Water Conservation and Irrigation, if the approval of the Minister administering the Irrigation Act, 1912, or some officer appointed by him in that behalf, is first obtained. | ||
| A loan under this section may he of any amount not exceeding three-fourths of the value of the interest of the holder in the permanent or prospective improvements on the land, exclusive of any improvements provided or effected by the Commissioner for Water Conservation and Irrigation, the cost of which has not been repaid to the | ||
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I t may be a condition of any loan under this section that the money be advanced in instalments on a certi ficate of the said commissioner or of any person appointed by him in that behalf.
(2) The provisions of the Principal Act, as amended by the Government Saving-; Bank Amendment Act, 1913, except so far as they are inconsistent with this section, shall apply to loans made under this section: Provided that the consent required by section sixty-three of the said Act shall not be necessary in case of a loan under this section.
(3) The repayment of any loan made under this section is guaranteed by the Crown. Any liability arising from such guarantee shall be payable out of the Consolidated Revenue Bund.
(4) All transactions and accounts relating to advances under this section shall be kept separate and distinct from those relating to the Savings Bank, Closer Settlement Promotion. Advances for Homes, and Advance Departments, except that the funds for advances shall, as hereinbefore provided, be drawn from the Advance Department :
Provided that the same officers may be employed in administering matters under this section, and under the Savings Bank, Closer Settlement Promotion, Advances for Homes, and Advance Departments, but the costs of administration shall be equitably apportioned by adjust ments made quarterly by the commissioners.
(5) There shall be a special reserve fund of the
bank to which shall be carried any profit or loss arising
from transactions under this section. Any deficiencies in such fund at the end of any financial year of the bank shall be made good from the Consolidated Revenue Bund, upon such deficiency being certified to by the commissioners.
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