Savings Banks Act, 1887

SAVINGS BANKS ACT 1887

CHAPTER XL.

An Act to amend the Acts relating to Savings Banks and to the Purchase of Small Government Annuities, and to assuring Payments of Money after Death.[1] [16th September 1887.]

Part I.

Post Office Savings Banks.

Extension of power of Postmaster-General to make regulations for post office saving banks.

24 & 25 Vict. c. 14.

26 & 27 Vict. c. 87.

1. [Preamble.]

(1) The regulations made by the Postmaster-General with the consent of the Treasury in pursuance of the Post Office Savings Banks Act, 1861, and of other Acts relating to post office savings banks, may provide—

(a) for the payment or transfer of sums in any post office savings bank which belong to persons appearing to be minors or of unsound mind, or form part of the personal estate of any person appearing to be deceased, and

(b) for the transfer of deposits from one account to another account, whether an existing or a new account, and

(c) for determining the evidence to be accepted by the Postmaster-General of any matter for the purpose of the payment or transfer of any sum, and

(d) for determining the receipts which are to be a good discharge to the Postmaster-General in the case of the payment or transfer of any sum, and

(e) for applying to post office savings banks all or any of the enactments of the Trustee Savings Banks Act, 1863, either without modification or with such modifications as may seem necessary or proper for the better execution of the Post Office Savings Banks Act, 1861, and subsequent Acts relating to post office savings banks.

(2) Provided that such regulations shall prohibit a person from being a depositor in both a trustee and a post office savings bank, or from having two separate accounts in the post office savings bank, and shall require such declaration from a depositor as may be necessary for preventing his having such two accounts. . . . .

Regulations for trustee savings banks.

2. The Treasury shall from time to time make, revoke, alter, or add to regulations for the purpose of extending to trustee savings banks any regulations made in pursuance of this Act with respect to post office savings banks so far as those regulations provide—

(a) for the payment or transfer of sums which belong to persons appearing to be minors or of unsound mind, or form part of the personal estate of any person appearing to be deceased; or

(b) for the transfer of deposits from one account to another account, whether an existing or a new account; or

(c) for determining the evidence to be accepted of any matter for the purpose of the payment or transfer of any sum; or

(d) for determining the receipts which are to be a good discharge in the case of the payment or transfer of any sum.

Regulations as to deposit of deceased depositor.

3.(1) The regulations made in pursuance of this Act may also provide—

(a) for the nomination by a depositor not being under sixteen years of age of any person or persons to whom any sum or sums not exceeding in the aggregate one hundred pounds payable to such depositor at his decease (including any portion of any annuity or accrued interest payable to the representatives of such depositor) is or are to be paid at such decease, and

(b) for the revocation of such nomination and for the payment of the specified amount to any nominee so nominated, and

(c) for the effect and construction of such nomination in the event of the sums due to the depositor exceeding one hundred pounds, and may provide for it taking effect as respects an amount or amounts not exceeding one hundred pounds in like manner as if it were a will of the deceased duly executed, and that notwithstanding want of due execution, minority, or marriage.[1]

(2) Where the sum in a savings bank which forms part of the personal estate of a person appearing to be deceased does not exceed one hundred pounds, then, if the regulations under this Act so provide, and subject to such regulations, probate, or other proof of the title of the personal representative of the deceased person may be dispensed with, and such sum may be paid or distributed to or among the persons appearing in manner provided by the said regulations to be beneficially entitled to the personal estate of such deceased person, whether under such nomination of the deceased person as is allowed by the regulations, or by law, or as next of kin, or as creditors, or otherwise, or to or among any one or more of such persons, exclusively of the others, or in case of any illegitimacy of the deceased person or his children, to or among such person or persons as may be directed by the said regulations, and the person making such payment shall be discharged from all liability in respect of the sum paid in accordance with the said regulations.

Laying of regulations before Parliament.

4. The draft of all regulations proposed to be made in pursuance of this Act shall be laid before both Houses of Parliament for not less than forty days before they are made, and all such regulations when made shall come into operation at the time therein mentioned, and shall be binding on all persons as if they were enacted in this Act.

Amendment of 43 & 44 Vict. c. 36, as to minimum sum of stock to be invested.

5. The minimum amount of Government stock in which a deposit may be invested in pursuance of the Savings Banks Act, 1880, shall be such amount as may be from time to time fixed by regulations made in pursuance of that Act, and the amount so fixed for the time being shall be substituted for ten pounds stock or stock of the value of ten pounds, wherever reference is made to that amount of stock in the said Act and Acts amending the same.

[S. 6 rep. 56 & 57 Vict. c. 69, s. 8.]

Amendment of 43 & 44 Vict. c. 36, as to investments for lunatics and minors.

7. Regulations made under the Savings Banks Act, 1880, may provide for the investment in Government stock in accordance with that Act of sums standing to the account of a depositor who is a minor or a lunatic.

Construction of part of Act.

45 & 46 Vict. c. 51.

8.(1) Expressions in this part of this Act shall have the same meaning as they have in the Savings Banks Act, 1880.

(2) So much of any enactment of the Savings Banks Act, 1880, and of the Government Annuities Act, 1882, and of any other enactment as applies for the purposes of such enactment or Act the enactments relating to savings banks, and the regulations made in pursuance of those enactments, shall be deemed to apply for the same purposes this part of this Act, and save as otherwise provided by regulations under this part of this Act, shall be deemed also to apply for the same purposes those regulations.

Part II.

Government Annuities.

Amendment of 45 & 46 Vict. c. 51, s. 8, as to insurance on life of third person.

27 & 28 Vict. c. 43.

9. Notwithstanding anything in section eight of the Government Annuities Act, 1882, a savings bank annuity depending on the life of any person may, under such circumstances as are permitted by the regulations made under the Government Annuities Act, 1864, as amended by the above-mentioned Act, be granted to any other person, and when so granted may be transferred, so, however, that the amount of annuity or annuities granted on the life of any person do not exceed in the whole the amount of any annuity which could have been granted to such person.

Part III.

Supplemental.

Price of certificate of birth, death, or marriage.

10 Geo. 4. c. 24.

10. For the purpose of the Acts relating to Post Office Savings Banks or to trustee savings banks, and of the Government Annuities Acts, 1829 to 1882, a certificate of the birth or death or marriage of any depositor, or of any person insured under any of the above-mentioned Acts, shall be given under his hand by a registrar of births and deaths or marriages, or other person having the care of the register in which such birth or death or marriage is entered for a sum not exceeding one shilling in place of all fees or payments in respect of the same, on application being made for the same in such form and under such regulations as may be from time to time approved of by the Registrar-General of Births, Deaths, and Marriages for England, Scotland, and Ireland respectively.

[S. 11 rep. 8 Edw. 7. c. 49 (S.L.R.).]

Short title.

12. This Act may be cited as the Savings Banks Act, 1887.

. . . . . . . .

Extension of Acts to Channel Islands.

24 & 25 Vict. c. 14.

10 Geo. 4. c. 24.

13. The Post Office Savings Bank Acts, 1861 to 1887, and the Government Annuities Acts, 1829 to 1887, shall extend to the Channel Islands and the Isle of Man, and the Royal Courts of the Channel Islands shall register the same.

[Scheds. rep 8 Edw. 7. c. 49 (S.L.R.).]

[1 Short title, “The Savings Banks Act, 1887.” See s. 12.]

[1 Also for the addition of names to an account already in a savings bank. See 54 & 55 Vict. c. 21, s. 12 (2).]