Savings Banks Act, 1904

Superannuation of officers of Trustee Savings Banks.

22 Vict. c. 26.

3.—(1) The Trustees of a Trustee Savings Bank may, with the consent of the Inspection Committee, grant to any officer of the Bank who becomes incapable of discharging the duties of his office by reason of old age, or permanent infirmity of body or mind, and who has completed not less than ten years service as an officer of the bank, compensation on his ceasing to hold office, by way either of a yearly allowance or of a gratuity of a capital amount, or by a combination of both these means.

(2) A yearly allowance or gratuity under this Act shall not exceed such sum as might be granted by way of yearly allowance or gratuity respectively, under sections two and six of the Superannuation Act, 1859, to persons to whom a superannuation allowance may be granted under that Act, and a combined yearly allowance and gratuity shall, for the purposes of this provision, be treated as a yearly allowance consisting of the actual yearly allowance increased by an amount which represents a yearly allowance equivalent to the gratuity.

(3) Any such compensation shall be paid as part of the current expenses of the Bank, or, with the sanction of the Inspection Committee, out of any moneys standing to the credit of the separate surplus fund.

(4) Compensation payable by way of a yearly allowance shall only be continued so long as, in the opinion of the Inspection Committee, the surplus funds of the Bank admit of, or can provide for, such payment.