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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:
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Funds of penny savings banks, &c. may be invested in savings banks to any amount.
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1. It shall be lawful for the trustees or treasurer of any penny savings bank, charitable or provident institution or society, or charitable donation or bequest for the maintenance, education, or benefit of the poor in Great Britain or Ireland, to invest, with the approval of the Commissioners for the Reduction of the National Debt, or the Comptroller General acting under them, and under such regulations as shall be prescribed by them in that respect, the funds of such penny savings bank, institution, or society, without restriction as to amount, into the funds of any savings bank duly established.
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[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.] |
