Savings Bank Act, 1833

SAVINGS BANK ACT 1833

CHAPTER XIV.

An Act to enable Depositors in Savings Banks, and others, to purchase Government Annuities through the Medium of Savings Banks; and to amend an Act of the Ninth Year of His late Majesty, to consolidate and amend the Laws relating to Savings Banks.[1] [10th June 1833.]

[Preamble recites 9 Geo. 4. c. 92.]

[Whole Act except ss. 25, 28, & 29 rep. 37 & 38 Vict. c. 35. (S.L.R.)]

Commissioners for reduction of national debt may sell, &c. bank annuities, &c. standing in their names pursuant to 9 Geo. 4. c. 92. and 10 Geo. 4. c. 56., and purchase other bank annuities, &c. in lieu thereof.

25. It shall be lawful for the commissioners for the reduction of the national debt from time to time, and as they shall think fit, to sell and dispose of the bank annuities and Exchequer bills, or any part thereof, which may be now standing or may hereafter stand in their names in the books of the Bank of England, in pursuance of the said Act made and passed in the ninth year of the reign of King George the Fourth, intituled “An Act to consolidate and amend the laws relating to savings banks,” and of the said Act made and passed in the tenth year of the reign of His late Majesty George the Fourth, intituled “An Act to consolidate and amend the laws relating to friendly societies,” and with the proceeds thereof to purchase in lieu thereof any other description of bank annuities, or annuities for terms of years, or Exchequer bills.

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Executors, &c., of officers of savings banks to pay money due to savings banks before any other debts.

28. If any person already appointed under the provisions of the said Act made and passed in the ninth year of the reign of His late Majesty King George the Fourth, or who may hereafter be appointed to any office in a savings bank, or in a society established under this Act, and being intrusted with the keeping of the accounts, or having in his hands or possession, by virtue of his said office or employment, any monies or effects belonging to such savings bank or society, or any deeds or securities relating to the same, shall die, or become a bankrupt or insolvent, or have any execution or attachment or other process issued against his lands, goods, chattels, or effects, or make any assignment thereof for the benefit of his creditors, his executors, administrators, or assignees, or other persons having legal right, or the sheriff or other officer executing such process, shall, within forty days after demand made by two of the trustees of the said savings bank or society as aforesaid, deliver and pay over all monies and other things belonging to such savings bank or society to such person as the said trustees shall appoint, and shall pay out of the estates, assets, or effects of such person all sums of money remaining due which such person received by virtue of his said office or employment, before any other of his debts are paid or satisfied, or before the money directed to be levied by such process as aforesaid is paid over to the party issuing such process; and all such assets, lands, goods, chattels, estates, and effects shall be bound to the payment and discharge thereof accordingly.

Not above 30l. to be received from any depositor in one year.

29. [1] No money, whether such money shall have been previously withdrawn from such savings banks or not, shall at any time be received by the trustees or managers from any depositor, which shall in any one year exceed the sum of thirty pounds.

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[1 Short title, “The Savings Bank Act. 1833.” See Short Titles Act, 1892.

The sections printed are rep., 26 & 27 Vict. c. 87. s. 1.. with a proviso in sect. 68. that that Act shall not be held to repeal any of the existing statutes relating to savings banks in so far as relates to post office savings banks established or to be established under 24 & 25 Vict. c. 14., nor to repeal any of the powers and authorities vested by those Acts in the commissioners for the reduction of the national debt in regard to the control, management, investment, conversion, and regulation of the funds remitted by the trustees of savings banks or by the trustees of friendly societies to the said commissioners.]

[1 Extended, 54 & 55 Vict. c. 21. s. 11.]