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Transfer of savings banks deposits from or to colonial or foreign savings banks.
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12.—(1) The Postmaster General may enter into an arrangement with any government savings bank authority in any British possession or foreign country for the transfer of sums standing to the credit of depositors from such a government savings bank to the Post Office Savings Bank, or from the Post Office Savings Bank to such a government savings bank.
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(2) Wherever such an arrangement has been made, the Postmaster General may place any amount transferred in pursuance thereof to the Post Office Savings Bank to the credit of a depositor’s account in that bank, although the amount transferred may exceed the amount which a depositor may deposit in any one savings bank year, but no amount shall be so credited which shall make the total amount standing to the credit of the account exceed the maximum for the time being allowed by law.
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(3) Regulations made by the Postmaster General, with the consent of the Treasury, under the Post Office Savings Bank Acts, 1861 to 1893, may provide for any matters necessary to give effect to transfers authorised in pursuance of this section.
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