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On closing of savings banks, property to be sold, and proceeds paid over to Commissioners for Reduction of National Debt.
Purchases by trustees.
Compensation to officers on closing of savings banks.
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2. Upon the final closing of any savings bank, or where any savings bank has already closed, the trustees or trustee for the time being thereof, or any two or more of them, shall forthwith notify the same in writing to the Commissioners for the reduction of the National Debt, and shall, with the consent of the said Commissioners, convert into money any property, not being money held by the said trustees of the savings bank, or by any person as trustee for the savings bank, and after paying the expenses of such conversion, and any claims thereon, shall account for and pay over the residue to the said Commissioners to be by them carried to the separate surplus fund standing in the books of the said Commissioners; and the monies carried on account of each savings bank to the said separate surplus fund under this and the following section of this Act shall be subject to any claim that may thereafter be substantiated on account of any depositor in the savings bank so closed; and the receipt in writing of the said trustees or trustee for the time being, or any two or more of them, for any money paid to them by any purchaser or lessee, shall be an effectual discharge for the same, and the purchaser or lessee shall not be obliged to see to the application of such money, or be accountable or answerable for the loss, mis-application, or non-application thereof, or be bound to inquire whether the assent of the said Commissioners has been obtained to such sale or lease, or to the regularity thereof ; and all purchases of any freehold or copyhold or leasehold estates which have already been made or may hereafter be made, with the consent of the Commissioners for the Reduction of the National Debt, or the Comptroller General acting under them, by the trustees of any savings bank, with the monies thereof, shall be and shall be deemed to have been as good, valid, and effectual in the law to all intents and purposes whatsoever as if the same had been or were expressly authorized or sanctioned by any statute relating to savings banks ; and such purchases shall not be liable to any objection or their validity affected by reason of any defect in the right or power of such trustees to make such purchases, and a certificate under the hand of the said Comptroller General of any such purchase having been made with such consent and with such monies as aforesaid shall for all purposes whatsoever be conclusive evidence thereof: Provided always, that trustees of savings banks which are desirous of closing shall have power to compensate their officers out of any separate surplus fund that may belong to any such savings bank, with the consent of the Commissioners for the Reduction of the National Debt.
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