Savings Bank (Charitable Societies) Act, 1859



An Act to enable Charitable and Provident Societies and Penny Savings Banks to invest all their Proceeds in Savings Banks[1] . [13th August 1859.]

WHEREAS by the Acts now in force friendly societies legally established are entitled to invest their funds to any amount in a savings bank: And whereas charitable societies and provident institutions can only invest to the amount of one hundred pounds per annum, and the amount of the sum to be invested by such institution or society cannot exceed the sum of three hundred pounds in the whole, exclusive of interest: And whereas it is expedient to place such societies and institutions, and also penny savings banks, upon the same footing in that respect as friendly societies legally established:

[1 Short title, “The Savings Bank (Charitable Societies) Act, 1859.” See 55 & 56 Vict. c. 10.

This Act is rep. 26 & 27 Vict. c. 87. s. 1, but see the proviso in s. 68 as to Post Office Savings Banks established under 24 & 25 Vict. c. 14, and as to powers, &c. of the National Debt Commissioners.]