Post Office Savings Banks Act, 1874

POST OFFICE SAVINGS BANKS ACT 1874

CHAPTER LXXIII.

An Act to amend the Law relating to the Payment to and Repayment by the Commissioners for the Reduction of the National Debt of Moneys received in and to the account relating to the Post Office Savings Bank.[1] [7th August 1874.]

[Preamble recites 24 & 25 Vict. c. 14. s. 5.]

Construction and short title.

4 & 25 Vict. 14.

1. This Act shall be construed as one with the Post Office Savings Bank Act, 1861 (in this Act referred to as the principal Act), and may be cited as “The Post Office Savings Banks Act” of the year in which it was passed.

Explanation of s. 5. of 24 & 25 Vict. c. 14. as to payment of money to the Commissioners for the Reduction of the National Debt.

2. Section five of the principal Act shall be deemed to authorise and always to have authorised the payment out of moneys deposited with the Postmaster General in pursuance of the principal Act, of the sums withdrawn by depositors under that Act, and the payment over of the balance only to the Commissioners for the Reduction of the National Debt; and the said Commissioners may keep uninvested such portion of the said balance as is required to repay to the Postmaster General the expenses mentioned in section fifteen of the principal Act.

The regulations made in pursuance of the principal Act by the Postmaster General with the consent of the Treasury may provide for the time and mode at and in which such balance is to be ascertained, and such expenses are to be paid or repaid.

Accounts to be laid before Parliament.

3. An annual account of all deposits received and paid under the authority of the principal Act, and of the expenses incurred during each year ended the thirty-first of December, together with a statement of the total amount due at the close of the year to all depositors, shall be laid by the Postmaster General before both Houses of Parliament not later than the last day of [1July] in every year, and the balance sheet mentioned in section nine of the principal Act shall be laid before both Houses of Parliament at the same time.

[1 This Act is extended to the Channel Islands and Isle of Man, 50 & 51 Vict. c. 40. s. 1.]

[1 Substituted for April by 54 & 55 Vict. c. 21. s. 15.]