Trustee Savings Banks Act, 1989

PART III

Trustees of Trustee Savings Banks

Number of trustees of trustee savings bank.

17.—(1) There shall be not less than 5 and not more than 10 trustees of a trustee savings bank.

(2) Where 2 or more trustee savings banks amalgamate and immediately before the amalgamation the total number of trustees of the banks exceeded 10, those trustees may be appointed to be trustees of the amalgamated bank as if their number did not exceed 10, but no other trustees shall be appointed in relation to the amalgamated bank until the number of trustees of the amalgamated bank falls below 10.

(3) Where at any time the number of trustees of a trustee savings bank falls below 5, such number of persons shall be appointed not later than 3 months after that time to be trustees of the bank as will bring the number of trustees to a number not less than 5, but acts of the trustees of the bank performed during the said period of 3 months or the period from the time aforesaid until the appointment of persons to be trustees of the bank pursuant to this section, whichever is the shorter, shall be as valid as if the number of trustees of the bank had been a number not less than 5 throughout the relevant period.

(4) A person shall not be appointed to be a trustee of a trustee savings bank without the consent of the Central Bank.