Savings Banks Act, 1904

Power of Trustee Savings Banks to purchase, sell, and lease property.

4. Section ten of the Trustee Savings Banks Act, 1863, shall be read as if the following words were added thereto:—The Trustees shall have power, with the consent of the National Debt Commissioners, to purchase land or erect buildings for the purposes of their savings bank, and for those purposes to apply money standing to the separate surplus fund account of their bank, and with the like consent to sell, exchange, or lease any land or buildings acquired by them for the purposes of such Savings Bank, or any part thereof, and no purchaser, assignee or tenant shall be bound to inquire as to the authority for, or consent of the National Debt Commissioners to, any such sale, exchange, or lease, and the receipt of the Trustees for the time being shall be a discharge for all moneys accruing from or in connexion with such sale, exchange, or lease, which moneys shall be accounted for, and the balance, after deducting the amount of any necessary expenses incurred by the Trustees in connexion therewith, paid over to the said Commissioners, to be by them carried to the Separate Surplus Fund to the credit of the Trustees, and any conveyance, lease, deed, act, or thing executed, made, or done by such Trustees, for giving legal effect to any such sale, exchange, or lease, shall be valid and effectual to all intents and purposes. The term “land” shall include hereditaments and chattels real, and in Scotland heritable subjects of whatsoever description.