7 & 8 Vict. Investment or Withdrawal of the Funds by the Trustees of a Savings Bank, and Appointment of Agents, and also so much of the said last-mentioned Act as relates to the Amount of Deposits by any one Depositor, and also so much of an Act passed in the Eighth Year of the Reign of Her present Majesty, intituled "An Act to 5 c. 83. ss. 2. 6. « amend the Laws relating to Savings Banks, and to the Purchase "of Government Annuities through the Medium of Savings Banks," as relates to the Payment of Interest to the Trustees of Savings Banks, and also so much of the said last-mentioned Act as relates to limiting the Responsibility of Trustees and Managers of Savings 10 Banks, shall be and the same are hereby from and after the Twentieth Day of November One thousand eight hundred and fifty repealed. repealed. Commissioners for Reduction of National Debt to ap- Savings and may pre scribe Form Treasurer, &c. not to hold other Office. Treasurers to give Security. II. And be it enacted, That the Commissioners for the Reduction of the National Debt shall appoint a fit and proper Person to be Treasurer of each Savings Bank in the United Kingdom, and 15 may remove any such Treasurer if they shall see Occasion so to do, and appoint another Person in his Place, and every such Treasurer shall be paid in such Manner and to such Amount as the said Commissioners shall order out of the Monies standing on the Account of the said Commissioners in the Bank of England under the Title of the 20 “Fund for the Banks for Savings;" and the said Commissioners shall forthwith publish a Notification of every such Appointment of Treasurer in the London or Dublin Gazette, as the Case may be, and also in some Newspaper published in the City, Town, or County in which the Savings Bank for which such Treasurer shall be appointed 25 is situate: Provided always, that each such Treasurer may from Time to Time, by Writing deposited with the Trustees and Managers, appoint an Agent or Clerk to attend at the Savings Bank on his Behalf, and such Appointment shall be forthwith notified in Writing by him to the said Commissioners, and the Name of the Person acting as Trea- 30 surer on each Day on which the Savings Bank is open shall be entered in the Minutes of that Day's Proceedings; and the said Commissioners may from Time to Time prescribe the Form in which the Accounts of each Savings Bank shall be kept, and the Time and Place when and where the Business of any Savings Bank shall be transacted shall be 35 subject to the Approval of the said Commissioners. III. And be it enacted, That no such Treasurer, Agent, or Clerk shall hold any other Office, or act in any other Capacity, in the Savings Bank for which he may be appointed. IV. And be it enacted, That the Treasurer of every Savings 40 Bank shall, if the Commissioners for the Reduction of the National Debt Debt think fit to require the same, give Security with Sureties to the Comptroller General of the said Commissioners in such Manner and Form as the said Commissioners from Time to Time shall order, for the due Performance of his Office, and for the due accounting for 5 and Payment of all Monies received by him, or his Clerk or Agent, under this Act, and no Bond so to be given shall be chargeable with any Stamp Duty whatever, and such Bond shall, when executed, be deposited with the Commissioners for the Reduction of the National Debt. 10 V. And be it enacted, That from and after the Twentieth Day Treasurer to of November One thousand eight hundred and fifty the Treasurer attend at of every Savings Bank appointed under this Act shall, either Bank and personally or by his Clerk or Agent, attend at the Office of the receive and pay all Savings Bank during all the Hours at which the said Savings Monies; 15 Bank is open, and shall receive and pay all Monies which may be invested or withdrawn by any Depositor therein, and shall affix his Signature to every Investment or Withdrawal in the Book of the said Depositor, and shall on the Day following every Day on and send an which the said Savings Bank is open send by Post to the said Account of Receipts and 20 Commissioners for the Reduction of the National Debt an Account Payments. of all Receipts and Payments made on the Day preceding, countersigned by a Trustee or Manager, or by the Secretary or Clerk of the said Savings Bank, the said Account to be in such Form as the said Commissioners shall from Time to Time direct. 25 Notices of VI. And be it enacted, That a Return certified by a Trustee or Account of Manager, or by the Secretary or Clerk, shall be sent on the Day Withdrawal following every Day on which any Savings Bank is open to the said to be sent by Commissioners, containing an Account of all Notices of Withdrawal Trustees, &c. given by Depositors on the Day preceding, and such other Particulars 30 and Information as the said Commissioners shall from Time to Time direct. to have any VII. And be it enacted, That after the said Twentieth Day of No Person November One thousand eight hundred and fifty no Depositor or Claim in Person contracting for an Annuity shall have any Claim on any respect of his Deposit 35 Savings Bank in respect of any Deposit or Annuity unless such unless made Deposit or Payment for the Annuity shall be made at the Office at the Office. of the Savings Bank during the Hours for which such Bank shall be open; and on the Withdrawal of any Money a Receipt shall Receipt of be given by the Party presenting such Book and receiving such ficient DisParty suf 40 Money, and such Receipt shall be a sufficient Discharge to the said charge to Treasurer for the Sum therein expressed to be received; and if any Officer of any Savings Bank (except such Treasurer, his Clerk or except Agent,) Treasurer, 284. Treasurer. Any Officer, receiving Agent,) shall receive any Sum of Money as a Deposit from or on Money guilty account of any Depositor or Person desirous of becoming such, or of Misde meanor. Power to Commissioners to spectors. for the Purchase of any Annuity, such Person shall, on being convicted thereof, be guilty of a Misdemeanor; and a Copy of these Provisions, with the Hours at which the Savings Bank is open, and 5 the Name of the Treasurer, or of the Clerk or Agent acting for the Day, shall be exhibited in conspicuous Letters in the Office or Place where Deposits are received, or Annuities contracted for. VIII. And be it enacted, That it shall and may be lawful for the Commissioners for the Reduction of the National Debt to appoint, 10 appoint In- when and as often as they shall think proper, any Person or Persons to be Inspector or Inspectors, to inspect, examine, and audit the Accounts of any Savings Bank in such Manner and also for such other Purposes as the said Commissioners shall direct; and every such Inspector shall be paid in such Manner and to such Amount as the 15 said Commissioners shall order, out of the Monies standing on the Account of the said Commissioners in the Bank of England under the Title of the "Fund for the Banks for Savings;" and every such Inspector shall have Power to inspect and require the Production before him of any Book or Books belonging to the said Savings 20 Bank, and shall transmit to the said Commissioners a Statement of the Result of such Inspection, Examination, and Audit, and make such Report on Matters referred to them, in such Form as the said Commissioners shall direct. Appointment of Auditors by Trustees. Annual Statements, &c. to be certified by Auditors. IX. And be it enacted, That the Trustees of each Savings Bank 25 shall as soon as conveniently may be after the passing of this Act, and from Time to Time in case of a Vacancy, appoint an Auditor or Auditors to audit the Accounts of the said Institution, as well as to examine and inspect the Books of the several Depositors, and the said Trustees shall immediately after such Appointment transmit the 30 Signature, Name, and Address of the said Auditor or Auditors to the Commissioners for the Reduction of the National Debt; and the Trustees of every Savings Bank shall cause the annual and other Statements required to be transmitted under the Acts relating to Savings Banks to be certified and verified by the Auditor or Auditors 35 appointed by the said Trustees, in addition to the Attestation by Trustees and Managers now required by the said Acts, and shall also cause a Certificate from the said Auditor or Auditors as to the Result of his or their Examination of such of the Depositors Books as may have been produced to him or them for Examination to be transmitted 40 with the said annual Statement to the said Commissioners: Provided always, that it shall be lawful for the Trustees of any such Savings Bank to agree with the Trustees of any other Savings Bank or Banks as as to the Appointment of a common Auditor or Auditors, and the Auditor or Auditors so appointed for all the said Banks shall be deemed and taken, as soon as the Signature, Name, and Address shall have been transmitted by each such Bank to the said Commis5 sioners, to be the Auditor or Auditors of each such Bank. Production Books. X. And be it enacted, That the Rules of every Savings Bank shall Rules to specify a Number of Days not less than Two in every Year, ending provide for on the Twentieth Day of November, on which the Book of every and InspecDepositor shall be produced at the Office of the said Savings Bank tion of 10 for the Purpose of being inspected, examined, and verified with the Books of the Institution by the Auditor or Auditors appointed by the said Trustees; and in case the said Book of any Depositor shall not be produced on or before the last of the Days mentioned in any one Year, ending as aforesaid, the Account of such Depositor shall, 15 at the Discretion of Two or more Trustees or Managers, be closed, and no Interest shall be payable from the Twentieth Day of November preceding to any Depositor whose Book shall not have been so produced: Provided nevertheless, that any Two Trustees or Managers shall have the Power to re-open the said Account, and to allow the 20 said Interest as if the same had not been closed, if the said Trustees or Managers shall be satisfied that such Depositor was prevented by some sufficient Cause from producing the Deposit Book at the Time so specified, and an Extract of this Provision shall be enrolled as one of the Rules of every Savings Bank. 25 in any One beyond 100%. in the whole. XI. And be it enacted, That from and after the Twentieth Day of Deposits not November One thousand eight hundred and fifty it shall not be to exceed 30%. lawful for the Treasurer of any Savings Bank to receive from any Year, or Depositor any Sum or Sums of Money exceeding Thirty Pounds in the whole, whether previously withdrawn or not, in any One Year, 30 ending on the Twentieth Day of November, nor to receive from any Depositor any Sum or Sums of Money whatever which shall make the Sum to which such Depositor shall be entitled exceed the Sum of One hundred Pounds in the whole, Principal and Interest included: Provided always, that whenever the Sum standing in the Name of No Interest 35 any Depositor shall amount in the whole to One hundred Pounds, payable when Deposits Principal and Interest included, no Interest shall thenceforth be pay- amount to able on any such Deposit as long as it shall continue to amount to 100%. the said Sum of One hundred Pounds. XII. And be it enacted, That nothing in this Act contained shall Not to affect 40 prevent or be construed to prevent the paying Interest to any. Depo- or above Deposits of sitor whose Deposit, though exceeding One hundred Pounds, on the 100%. on 20th Twentieth Day of November One thousand eight hundred and fifty, B shall 284. Nov. 1850. Treasurer not to receive Persons when amount to 100l. When De. posits and Interest amount to 100%. same may be in Funds. shall have been legally made: Provided always, that the said Treasurer shall not from and after that Day receive from any such Depositor any fresh or additional Deposits so long as the Sum to which such Depositor shall be entitled shall amount to the Sum of One hundred Pounds. 5 XIII. And be it enacted, That from and after the passing of this Act when the Amount of Deposits and Interest due to any present or future Depositor, Friendly or Charitable Society, shall amount to the Sum of One hundred Pounds or upwards, the same may, at the vested in the Request of such Depositor, or of the Treasurer or Trustees of such 10 Friendly or Charitable Society, and under such Regulations as the said Commissioners may think fit, be converted by the said Commissioners or by the said Comptroller General or Assistant Comptroller into any Three per Centum or Three and a Quarter per Centum Annuities transferrable at the Bank of England in the Name of such Depositor, 15 Treasurer, or Trustees at the average Price of Stock then held by the said Commissioners; and at the End of every Quarter of a Year ending Fifth of January, Fifth of April, Fifth of July, and Tenth of October the said Commissioners shall cause such Price as aforesaid to be certified by the said Comptroller General or Assistant Comp, 20 troller, and published in the London and Dublin Gazettes, and any such Depositor, Treasurer, or Trustees as aforesaid may during the succeeding Quarter convert their Deposits into the said Annuities at the Price so certified and published in the Gazette; and the said Commissioners shall transfer or cause to be transferred into the Name 25 of such Depositor, Treasurer, or Trustees making such Request from the Stock Account standing in the Names of the said Commissioners in the Books of the Bank of England under the Title of "The Fund for the Banks for Savings" the Amount of Three per Centum or Three and a Quarter per Centum Annuities to which such Depo- 30 sitor, Treasurer, or Trustee shall be entitled, or the said Commissioners shall purchase or cause to be purchased in the Name or Names of the said Depositor, Treasurer, or Trustees such Amount of Stock as aforesaid. Funds of Friendly So cieties in vested with XIV. And be it enacted, That the Funds invested by any Friendly 35 Society with the Commissioners for the Reduction of the National Debt may, at the Request of any Two or more Trustees of such the Commis- Friendly Society, be converted into any Three per Centum or Three sioners may be converted and a Quarter per Centum Annuities transferrable at the Bank of England in manner and at the Price herein-before mentioned, and the 40 said Commissioners shall transfer or cause to be transferred into the Names of the said Trustees making such Request from the Stock standing in their Names in the Books of the Bank of England under into Stock. the |