the Title of the "Fund for Friendly Societies" the Amount of Three per Centum or Three and a Quarter per Centum Annuities to which such Trustees shall be entitled, or the said Commissioners shall purchase or cause to be purchased in the Names of the said Trustees such 5 Amount of Stock as aforesaid.

receive Dividends

&c.

XV. And be it enacted, That if any Depositor shall request his Depositors Deposits to be converted into Stock as aforesaid, and the Dividends converting Deposits into to be received at a Savings Bank, and notify the same to the Trea- Stock, may surer of the Savings Bank, the said last-mentioned Commissioners 10 shall, under such Regulations as they may think fit, forthwith open a at Savings Stock Account in the Name of such Depositor in Books at the Office Bank Office, of the said Commissioners, and the said Commissioners shall then cause the like Amount of Stock to be transferred from the Account standing in their Names at the Bank of England under the Title of 15"The Fund for the Banks for Savings" to a separate Account to be opened in the Books of the Bank of England under the Title of "Savings Banks Depositors Stock Account," and the Dividends arising therefrom shall from Time to Time be paid to such Holder of Stock by the Treasurer of the Savings Bank in which he had been 20 a Depositor; and if the said Depositor shall be desirous either at the Time of the Conversion of his Deposits into Stock, or at any subsequent Time, to sell the said Stock standing to his Account in the Books of the said Commissioners as aforesaid, or that any other Person should receive the Dividends thereof, the said Commissioners 25 shall forthwith at his Request transfer into his Name in the Books of the Bank of England the Amount of Stock to which he is entitled, and the Power of Attorney for the Sale of the said Stock, and the Receipt of the Dividends thereof, shall be free from Stamp Duty.

after 20th

be at the

XVI. And be it enacted, That on the Twentieth Day of November From and 30 One thousand eight hundred and fifty the Interest now payable on the Receipts issued to the Trustees of Savings Banks by the Commis- Interest sioners for the Reduction of the National Debt shall cease, and that payable to Savings from and after the said Twentieth Day of November all Receipts Banks shall issued to the Trustees of Savings Banks by the said Commissioners, Das. 35 whether prior or subsequent to that Day, shall carry Interest at the per Cent. per Rate of Three Pounds per Centum per Annum; and that from and after Annum. the said Twentieth Day of November, upon the Payment of any Sum or Sums of Money into the Bank of England or Ireland to the Account of any Savings Bank, it shall be lawful for the Officer or Officers of 40 the said Commissioners in that Behalf, and he and they is and are hereby authorized and empowered, to issue upon every such Payment being made a Receipt, signed by one of the Cashiers of the Governor and Company of the Bank of England or Ireland respectively, for the Amount of such. Payment, carrying Interest at the Rate of Three

284.

Pounds

Declaration

vestments to

be in Form directed by

Commission

ers.

Pounds per Centum per Annum from the Day of such Payment
inclusive, payable with the Principal at the Banks of England or
Ireland respectively whenever the same shall be required or drawn for,
and such Receipt shall be dated on the Day on which the Payment
of any such Sum or Sums of Money shall be made respectively, and 5
every such Receipt shall be in such Form as shall be from Time to
Time directed by the said Commissioners; and the Principal and
Interest of all Sums mentioned in any Receipt shall be charged and
chargeable upon, and the same are hereby charged upon and made
payable out of, all or any Monies standing in any Account in the 10
Names of the said Commissioners, or out of any Monies produced by
the Sale of any Stock or Annuities, Funds, or Exchequer Bills, stand-
ing in their Names in the Books of the Bank of England or Ireland
respectively, as the said Commissioners shall from Time to Time
direct: Provided always, that no fractional Parts less than One Penny 15
shall be allowed or paid as Interest upon the Principal Sum contained
in any Receipt under the Provisions of this Act.

XVII. And be it enacted, That from and after the Twentieth Day of November One thousand eight hundred and fifty the Interest payable to the Depositors by the Trustees or Managers of any Savings 20 Bank shall not exceed the Rate of Two Pounds Fifteen Shillings per Centum per Annum.

XVIII. And be it enacted, That no Friendly Society enrolled or certified or to be certified under the Provisions of any Act relating to Friendly Societies shall from and after the passing of this Act be 25 entitled or authorized to pay directly into the Bank of England any Sum of Money to the Account of the Commissioners for the Reduction of the National Debt, except so much as may be hereafter received on account of Assurances made previous to the passing of this Act from any Society which has already invested its Funds, or any Part 30 thereof, with the said Commissioners.

XIX. And be it enacted, That from and after the passing of this on future In- Act a Declaration shall be made by the Trustees of every Friendly Society, on the Payment into the Bank of England of any Sum of Money to the Account of the said Commissioners, that such Payment 35 is on account of Assurances made previous to the passing of this Act, in such Form as the said Commissioners shall from Time to Time direct; and in case such Declaration shall not be true, then and in every such Case the Sum of Money paid on such Declaration shall be forfeited to the said Commissioners, to be applied by them in the 40 Manner directed by the said Act passed in the Ninth Year of the Reign of King George the Fourth, intituled "An Act to consolidate "and amend the Laws relating to Savings Banks."

XX. And

allowed to invest, &c.

as Trustee,

behalf of

XX. And be it enacted, That from and after the passing of this No Person Act it shall not be lawful for the Treasurer of any Savings Bank, or his Clerk or Agent, to receive any Sum of Money by way of Deposit or for the Purchase of any Annuity from any Person or Persons acting except on 5 as Trustee or Trustees for or on account of or on behalf of any Idiots, &c. Person, except such as shall be under any of the Disabilities hereinafter mentioned, namely, Idiotcy, Lunacy, or Unsoundness of Mind; provided that such Trustee or Trustees shall make such Declaration on behalf of such Person under any of the Disabilities aforesaid, and 10 subject to the like Conditions as by the said Act of the Ninth of George the Fourth, Chapter Ninety-two, is required in the Case of any Person making any Deposit on his or her own Account; and all Deposits made by or Annuities granted to any such Trustee or Trustees shall be inserted in the Books of such Savings Bank in the joint 15 Names of such Trustee or Trustees and of the Person for whom such Trustee or Trustees shall act, and the Receipt alone of such Trustee or Trustees, or of the Survivors or Survivor of them, or the Executors or Administrators of any sole Trustee or surviving Trustee, shall be a good and valid Discharge to the Treasurer of such Savings Bank.

20

XXI. And be it enacted, That from and after the passing of this Charitable Act it shall and may be lawful for the Trustees or Treasurers of any invest not exSocieties may Charitable or Provident Institution or Society, or charitable Donation ceeding 500/. or Bequest for the Maintenance, Education, or Benefit of the Poor, from Time to Time to subscribe the whole or any Part of the Funds 25 of such Institution or Society into the Funds of any Savings Bank to an Amount not exceeding in any One Year ending on the Twentieth of November the Sum of Five hundred Pounds.

XXII. And be it enacted, That any Sum or Sums of Money Money ininvested after the passing of this Act by or for the Benefit of any for Minors, vested by or 30 Person under the Age of Fourteen Years shall not be repaid to such when to Party before he or she attain the Age of Fourteen Years; but in the be repaid. event of such Person leaving the United Kingdom, then, upon Proof thereof to the Satisfaction of the Trustees or Managers, the same may be paid to the Parents, Guardian, or Friend of such Party for his or 35 her Benefit: Provided always, that it shall and may be lawful for any Minors of Minor of the Age of Fourteen to execute a Power of Attorney for the Fourteen Receipt of any Money deposited or to be deposited by him or her in Power of any Savings Bank, or of any Annuity granted or to be granted to Attorney. him or her through the Medium of a Savings Bank or Parochial 40 Society.

may execute

XXIII. And be it enacted, That every Depositor in every Savings Depositor's Bank on his first Deposit shall be furnished by the Trustees and Book to contain Copy Managers of Rules.

284.

C

Duplicate Copy of certified Rules, &c., to be fixed in Office.

Penalty on Secretary, &c. for not exhibiting Rules, &c. in Office.

Payment and

of Money

Managers with a Deposit Book, in which shall be printed at length a
Copy of the certified Rules of the Savings Bank in which he shall
make such Deposit; and that a Duplicate Copy of the certified Rules
and of every Alteration and Amendment thereof, and Duplicate Copy
of every annual Statement or Account required by and furnished to 5
the said Commissioners, signed by Two Trustees or Managers of any
such Savings Bank, shall be from Time to Time exhibited and
affixed in the Office of such Savings Bank by the Secretary or Clerk,
and shall be open to the Inspection of every Depositor or Person
intending to be such; and in case such Secretary or Clerk shall 10
neglect to exhibit and affix the Copy of the Rules, Alterations, and
Amendments and annual Statements as aforesaid, and to keep the
same so exhibited and affixed in the said Office during the Time it is
open for the Transaction of Business, he shall be liable to a Penalty
of One Pound for every Day on which such Copy of Rules, Altera- 15
tions, and Amendments and annual Statements shall not be affixed
and exhibited as aforesaid, to be deducted by the Trustees from the
first Payment of any Salary which may be thereafter due to him.

XXIV. And be it enacted, That the Payment of Money to and the Withdrawal of the same from the Commissioners for the Reduction 20 from National of the National Debt on account of Deposits in any Savings Bank, or of Annuities granted through the Medium of Savings Banks or Parochial Societies, shall be made in such Manner and under such Regulations as the said Commissioners shall from Time to Time think fit.

Debt Commissioners.

Trustees of
Savings
Banks or of

Deferred An

nuities, &c.

25

XXV. And be it enacted, That from and after the Twentieth Day of November One thousand eight hundred and fifty, or as soon after Parochial as the Commissioners for the Reduction of the National Debt shall Societies may receive think fit, of which due Notice shall be given in the London and Money for Dublin Gazettes, it shall and may be lawful for any Two Trustees of 30 Purchase of a Savings Bank, or Two Trustees or Managers of a Parochial Society legally established, to enter into a Contract with any Person wishing to contract for the Purchase of a Deferred Life Annuity, or for a Deferred Annuity for a Term of Years, or for an Immediate or Deferred Annuity depending on joint Lives with Benefit of Survivorship, 35 or for the Payment of a Sum of Money on his or her Death, provided that the Party contracting for such Payment on Death shall at the same Time purchase an Immediate or Deferred Annuity depending upon his or her own Life, as the Case may be, and that the Money payable on Death do not exceed the Amount of the Sum paid down 40 Annuities for the said Annuity and Payment on Death together, and shall in tracted for by no Case exceed One hundred and fifty Pounds in the whole, such AnTreasurer, nuities and Payments at Death to be contracted for by such Trustees

to be con

or

sioners for

the National

to Trustees

or Managers on behalf of the Commissioners for the Reduction of the &c. on behalf National Debt, and the said Annuities and Payments on Death are of Commishereby made chargeable upon the Consolidated Fund of the United the ReKingdom, under the Limitations and Restrictions contained in an Act duction of 5 of the Third Year of the Reign of His late Majesty King William the Debt. Fourth, intituled "An Act to enable Depositors in Savings Banks 3 W. 4. c 14. "and others to purchase Government Annuities through the Medium "of Savings Banks, and to amend an Act of the Ninth Year of "His late Majesty to consolidate and amend the Laws relating to 10" Savings Banks," and also in a certain other Act of the Eighth Year of the Reign of Her present Majesty, intituled "An Act to "amend the Laws relating to Savings Banks, and to the Purchase "of Government Annuities through the Medium of Savings Banks," except as herein-after is excepted; and all Sums of Money from Time Money paid 15 to Time paid in respect of such Contract shall be paid to the Trea- on account surer of such Savings Bank, or to the said Trustees or Managers of of Purchase of Annuity any such Parochial Society, and all Sums of Money received on to be kept account of the Purchase of every such Annuity or Payment on Death distinct and shall be kept separate and distinct from the other Funds of the Insti- paid to Ac20 tution, and be from Time to Time, when received, forthwith paid into Commisthe Bank of England or Ireland to the Account of the Commissioners sioners. for the Reduction of the National Debt, and the Cashiers of the Bank of England and Ireland are hereby required to receive all such Monies, and to place the same to a separate Account to be opened at the Bank 25 of England and Bank of Ireland with the said Commissioners, to be intituled "The Fund for purchasing Deferred Life Annuities, or the "Fund for purchasing Annuities for Terms of Years, or the Fund for Payments on Death on account of Savings Banks and Parochial Societies," (as the Case may be,) and the said Commissioners shall 30 in like Manner keep distinct and separate Accounts of all Monies so placed to the said Accounts pursuant to the Provisions of this Act.

count of

able on Death

may be con

for Life of

XXVI. And be it enacted, That if any Person having contracted Money payfor the Payment of a Sum of Money on Death in the Manner hereinbefore provided shall at any Time by any Note in Writing in a Form verted into 35 approved of by the said Commissioners, and deposited with the said Annuities Trustees or Managers or Commissioners through whom the Purchase Nominee. was made, direct that the Sum payable at his or her Death be commuted for an Annuity for Life, or for a fixed Term of Years, to commence at his or her Death and to be paid to any Person nomi40 nated in the said Writing, such Commutation shall take effect when approved of by the said Commissioners, or by the Comptroller General or Assistant Comptroller, and the Person so nominated shall be entitled to such Life Annuity or Annuity for a certain Term of Years to commence at the Death of the Party nominating as shall be the

284.