Trustee Savings Banks Act, 1989
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Rules of trustee savings bank. |
16.—(1) (a) (i) The trustees of a trustee savings bank shall before the bank commences to carry on business or, in the case of a trustee savings bank that immediately before the commencement of this section was a former bank, not later than 6 months after such commencement make rules (which shall be subject to the approval of the Central Bank) for the management and administration of the bank and for such other matters relating to the bank as it considers appropriate. | |
(ii) The trustees of a trustee savings bank may, subject to the approval of the Central Bank, by rules under subparagraph (i), amend or revoke rules under that subparagraph. | ||
(b) The Central Bank shall— | ||
(i) as respects proposed rules under paragraph (a) (i), approve of the rules if it is satisfied that they are in accordance with sound banking practice, make provision for all of the matters for which, in the opinion of the Central Bank, provision ought to be made by the rules and are in conformity with the law (including this Act), | ||
(ii) as respects proposed rules under paragraph (a) (ii), approve of the rules if it is satisfied that they, together with the rules that would be in force following the proposed amendment or revocation, satisfy the conditions specified in subparagraph (i). | ||
(c) Without prejudice to the generality of paragraph (a), rules under that paragraph shall make provision in relation to the matters for the time being standing specified in the Second Schedule . | ||
(2) The Minister may by regulations, made after consultation with the Central Bank and the trustee savings banks for the time being carrying on business, amend the Second Schedule and that Schedule shall have effect subject to any regulations under this subsection for the time being in force. | ||
(3) The following provisions shall have effect in relation to rules under this section of a trustee savings bank: | ||
(a) the trustees, managers and other officers of the bank shall comply with the rules and the business of the bank shall be carried on in accordance with the rules, | ||
(b) a copy of the rules shall be given to a depositor of the bank on request at any office of the bank, | ||
(c) a copy of the rules shall be made available for inspection by depositors of the bank at each office of the bank during the times at which the bank is open to the public for business, | ||
(d) in proceedings in any court or tribunal, production of a document purporting to be a copy of the rules and to be certified by an officer of the bank to be a true copy of the rules shall be evidence of the rules unless the contrary is shown. | ||
(4) A person who contravenes subsection (3) (a) shall be guilty of an offence. | ||
(5) Rules of a former bank in force immediately before the commencement of this section shall continue in force for the period of 6 months immediately after such commencement and may be amended or revoked during that period by the trustees of the trustee savings bank concerned as if made pursuant to this section and shall, during the said period, be deemed to comply with the provisions of this Act. |