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Deposits by Public Trustee.
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1.—(1) Such of the provisions of the Post Office Savings Bank Acts, 1861 to 1908, and the regulations made thereunder as relate to the declaration to be made by a depositor, and as prohibit a depositor having more than one account, shall not apply to the Public Trustee; and accordingly for the purposes of those Acts and regulations each account of the Public Trustee shall be deemed to be the account of a separate depositor, but the Public Trustee shall not open more than one account in relation to any one trust, and regulations shall be made under those Acts for carrying into effect the provisions of this Act, and for sanctioning the transfer to the Public Trustee of deposits standing in the names of deceased depositors whose estates he is administering.
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(2) Any person deriving any benefit under any moneys or Government stock standing in the Post Office Savings Bank, in the name of the Public Trustee, may nevertheless open an account in the Post Office Savings Bank or in any other savings bank in his own name without being liable to any penalties imposed by any statute or regulation respecting the opening of accounts in more than one savings bank or of two accounts in the same savings bank.
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