Trustee Savings Banks Act, 1989

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Number 21 of 1989


TRUSTEE SAVINGS BANKS ACT, 1989


ARRANGEMENT OF SECTIONS

PART I

Preliminary and General

Section

1.

Short title.

2.

Commencement.

3.

Interpretation.

4.

Regulations and directions.

5.

Regulations to remove difficulties.

6.

Modification of Act to conform with changes in company, banking and building society law.

7.

Repeals and savings.

8.

Expenses.

PART II

Establishment and Licensing of Trustee Savings Banks

9.

“Trustee savings bank”.

10.

Licences.

11.

Prohibition on carrying on of business of a trustee savings bank without a licence.

12.

Conditions of licences.

13.

Revocation of licences.

14.

Name of trustee savings bank.

15.

Lending and borrowing by trustee savings bank.

16.

Rules of trustee savings bank.

PART III

Trustees of Trustee Savings Banks

17.

Number of trustees of trustee savings bank.

18.

Age limit for trustees of trustee savings bank.

19.

Disqualification for being a trustee of a trustee savings bank.

20.

Payment of honoraria to trustees of trustee savings bank.

21.

Disclosure of interest by trustees of trustee savings bank.

22.

Liability of trustees of trustee savings bank.

23.

Provisions in relation to property of trustee savings banks and legal proceedings.

PART IV

Supervision of Trustee Savings Banks

24.

Keeping of books, accounts and other records by trustee savings bank and inspection thereof by Central Bank.

25.

Furnishing of information to Central Bank.

26.

Directions by Central Bank in relation to suspension of certain activities of trustee savings bank.

27.

Directions by Central Bank in relation to advertisements.

28.

Statement of management expenses.

29.

Publication of business statements by trustee savings bank.

30.

Display of financial statements by trustee savings bank.

31.

Regulation of ratios between assets and liabilities of trustee savings bank.

32.

Investment of funds of trustee savings bank.

33.

Annual statement of liabilities of Minister to trustee savings banks.

34.

Power of Court to prohibit certain contraventions of Act, etc.

PART V

Management and Administration of Trustee Savings Banks

35.

Annual accounts of trustee savings bank.

36.

Appointment, qualification and removal of auditor of trustee savings bank.

37.

Report of auditor of trustee savings bank and right of access to its books.

38.

Duties of auditor of trustee savings bank.

39.

Performance of functions and provision of services of trustee savings bank by subsidiaries and other companies.

40.

Retention by trustee savings bank of records, receipts and similar documents.

41.

Payments by trustee savings bank to persons not of full age.

42.

Closing and dissolution of trustee savings bank.

43.

Restriction of certain exemptions from liability for officers of trustee savings bank.

44.

Power of court to relieve liability of officers of trustee savings bank in certain cases.

45.

Superannuation of staff of trustee savings bank.

PART VI

Amalgamation of Trustee Savings Banks

46.

Interpretation.

47.

Power of trustee savings banks to amalgamate.

48.

Approval of Minister and Central Bank of amalgamation of trustee savings banks.

49.

Transfer of accounts.

50.

Transfer of securities.

51.

Rights and obligations in relation to transferred securities.

52.

Transfer in the case of property held on bailment.

53.

Transfer of officers and other employees.

54.

Application of certain instruments.

55.

Application of Bankers' Books Evidence Acts, 1879 and 1959.

56.

Continuance of pending legal proceedings.

PART VII

Miscellaneous

57.

Authorisation by Minister of reorganisation of trustee savings banks into companies.

58.

Restriction on certain statements.

59.

Amendment of Bankers' Books Evidence Act, 1879.

60.

Payment by trustee savings bank of small deposits on death.

61.

Recognition of trustee savings bank accounts.

62.

Penalties.

63.

Offences by trustee savings banks and bodies corporate.

64.

Exemption from stamp duty.

65.

Bonds and sureties.

66.

Provisions in relation to offences.

FIRST SCHEDULE

Enactments Repealed

SECOND SCHEDULE

Matters to be provided for by the Rules of a Trustee Savings Bank


Acts Referred to

Appropriation Act, 1966

1966, No. 29

Bankers' Books Evidence Act, 1879

1879, c. 11

Bankers' Books Evidence Acts, 1879 and 1959

Bills of Sale (Ireland) Acts, 1879 and 1883

Capital Gains Tax Acts

Central Bank Act, 1971

1971, No. 24

Companies Act, 1963

1963, No. 33

Companies Acts, 1963 to 1986

Customs, Inland Revenue, and Savings Banks Act, 1880

1880, c. 40

European Communities Act, 1972

1972, No. 27

Finance Act, 1895

1895, c. 16

Finance Act, 1940

1940, No. 14

Finance Act, 1942

1942, No. 14

Finance Act, 1946

1946, No. 15

Finance Act, 1959

1959, No. 18

Finance Act, 1968

1968, No. 33

Finance (No. 2) Act, 1968

1968, No. 37

Finance Act, 1973

1973, No. 19

Holidays (Employees) Act, 1973

1973, No. 25

Insurance Acts, 1909 to 1989

Judgment Mortgage (Ireland) Act, 1850

1850, c. 29

Minimum Notice and Terms of Employment Acts, 1973 to 1984

National Debt (Supplemental) Act, 1888

1888, c. 15

Petty Sessions (Ireland) Act, 1851

1851, c. 93

Post Office Savings Banks Act, 1863

1863, c. 14

Pre-Union Irish statute 33 Geo. II c. 14 (Ir.)

1759, c. 14

Redundancy Payments Acts, 1967 to 1984

Registration of Deeds Act, 1707

1707, c. 10

Registration of Title Act, 1964

1964, No. 16

Revenue Act, 1903

1903, c. 46

Savings Banks Act, 1880

1880, c. 36

Savings Banks Act, 1887

1887, c. 30

Savings Banks Act, 1891

1891, c. 21

Savings Banks Act, 1904

1904, c. 8

Savings Banks Act, 1920

1920, c. 12

Savings Banks Act, 1958

1958, No. 23

Savings Banks (Barrister) Act, 1876

1876, c. 52

Savings Bank Investment Act, 1863

1863, c. 25

Savings Bank Investment Act, 1866

1866, c. 5

Savings Bank Investment Act, 1869

1869, c. 59

Succession Act, 1965

1965, No. 27

Trustee Savings Banks Act, 1863

1863, c. 25

Trustee Savings Banks Act, 1887

1887, c. 47

Trustee Savings Banks Act, 1918

1918, c. 4

Trustee Savings Banks Act, 1965

1965, No. 11

Trustee Savings Banks Act, 1979

1979, No. 17

Trustee Savings Banks Acts, 1863 to 1979

Unfair Dismissals Act, 1977

1977, No. 10

War Loan (Supplemental Provisions) Act, 1915

1915, c. 93

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Number 21 of 1989


TRUSTEE SAVINGS BANKS ACT, 1989


AN ACT TO REVISE GENERALLY THE LAW RELATING TO TRUSTEE SAVINGS BANKS AND, FOR THAT PURPOSE. TO PROVIDE FOR THE LICENSING AND SUPERVISION OF SUCH BANKS BY THE CENTRAL BANK, TO ENABLE THE MINISTER FOR FINANCE TO AUTHORISE THEIR REORGANISATION INTO COMPANIES OWNED AND CONTROLLED BY THE MINISTER FOR FINANCE OR COMPANIES CARRYING ON, INTER ALIA, ORDINARY BANKING BUSINESS AND OWNED AND CONTROLLED BY OTHER PERSONS WHETHER WITH OR WITHOUT THE PARTICIPATION OF THE MINISTER FOR FINANCE AND TO REPEAL THE TRUSTEE SAVINGS BANKS ACTS, 1863 TO 1979, AND TO PROVIDE FOR CONNECTED MATTERS. [23rd December, 1989]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: