Savings Banks Act, 1904
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Special investments. 54 & 55 Vict. c. 21. 38 & 39 Vict. c. 83. |
6.—(1) Notwithstanding anything in paragraph (i) of section ten of the Savings Banks Act, 1891 (which limits the power of Trustee Savings Banks to make special investments), the Trustees of a Trustee Savings Bank may, on the recommendation of the Inspection Committee, and if authorised by the National Debt Commissioners, make special investments. | |
Before giving their authority under this section, the National Debt Commissioners shall be satisfied that the Bank is open daily and has an aggregate cash liability to its depositors, irrespective of the amount of any special investments, of not less than two hundred thousand pounds, and the National Debt Commissioners may withdraw their authority if at any time in their opinion either of these conditions is not for the time being complied with. | ||
(2) Money received for special investments may, notwithstanding anything in section ten of the Savings Banks Act, 1891 , be invested in any securities issued under the Local Loans Act, 1875, and in loans secured on the security of any local rate levied, under the authority of any Act of Parliament, by any local authority authorised to borrow money on that security. | ||
(3) The rules of every Trustee Savings Bank making special investments shall, as respects those investments, provide that the Trustees shall have power to demand at least one month’s notice in advance of any repayment of whatever amount required by a depositor. | ||
(4) The Trustees of a Trustee Savings Bank making special investments shall cause to be printed, in the pass-books in use for the purpose of special investments, a notice stating that the security of any special investment is not in any way guaranteed by the Government. |