Savings Banks Act, 1920

Amendment of s. 5 of the National Debt (Supplemental) Act, 1888. 51 & 52 Vict. c. 15.

2.(1) Section five of the National debt (Supplemental) Act, 1888 (which makes provision as to the rate of interest to be allowed in respect of money paid into the Bank of England or the Bank of Ireland by the trustees of trustee savings banks), shall have effect as though the words “such rate not being less “than two pounds fifteen shillings per centum per annum and “not exceeding two pounds seventeen shillings and sixpence “per centum per annum as the Treasury may by order fix” were therein substituted for the words “the rate of two pounds “fifteen shillings per centum per annum.”

(2) Any order amde by the Treasury under this section may be varied from time to time as the Treasury think proper, and such arate as may be first fixed under this section shall be deemed to have been in operation as from the twentieth day of November, nineteen hundred and nineteen.