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SAVINGS BANK ACT 1893
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CHAPTER LXIX.
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An Act to amend the Law relating to Savings Banks [1]
.[21st December 1893.]
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Limits of annual deposit.
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1. Subject to the provisions of the Post Office Savings Bank Acts, 1861 to 1891, of the Trustee Savings Banks Acts, 1863 to 1891, of the Government Annuities Act, 1882, and of this Act, there shall not be deposited in a savings bank by any depositor at any time within any one savings bank year any sum or sums exceeding in the aggregate fifty pounds, whether any sum has been previously withdrawn or not.
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Limits of investment in Government stock.
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2. —(1) The amount of Government stock credited by a savings bank authority to the account of any depositor in any savings bank year whether any stock has been previously sold or not shall not exceed two hundred pounds stock.
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(2) The whole amount of Government stock credited by a savings bank authority to the account of a depositor shall not exceed five hundred pounds stock at any one time.
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(3) Provided that a depositor may, not more than once in any savings bank year, purchase stock to replace stock previously sold in one entire sum during that year.
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[S. 3 rep. 4 Edw. 7. c. 8, s. 15.]
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Rules as to computing maximum and dealing with dividends.
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4. —(1) Dividends on Government stock credited to a depositor in a savings bank shall be dealt with in all respects as money deposited by that depositor, but shall not during the year in which they are credited be reckoned in computing the maximum amount which may be deposited in that year or in the aggregate.
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(2) When any sums not deposited for immediate investment in Government stock or in the purchase of a savings bank annuity or insurance are so invested by any savings bank authority on the request of the depositor, any sums previously deposited in the savings bank year by that depositor shall not, except so far as they exceed in the aggregate the sums so invested in that year, be reckoned in computing the maximum amount which may be deposited in that year.
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Interpretation of terms.
26 & 27 Vict. c. 87.
10 Geo. 4. c. 24.
43 & 44 Vict. c. 36.
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5. —(1) In this Act—
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The expression “savings bank” includes both a trustee savings bank and a Post Office savings bank, but no other savings bank.
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The exprssion “trustee savings bank” means a bank certified under the Trustee Savings Banks Act, 1863.
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The expression “savings bank year” means, with reference to a trustee savings bank, the year ending on the twentieth day of November, and with reference to the Post Office savings bank the year ending on the thirty-first day of December.
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The expression “savings bank authority” means as regards any trustee savings bank the trustees of that bank, and as regards the Post Office savings bank the Postmaster-General.
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The expressions “savings bank annuity” and “savings bank insurance,” means respectively an annuity and an insurance purchased or paid under the Government Annuities Acts, 1829 to 1887, through the medium of a savings bank.
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(2) The expression “Government stock” in this Act and in the Savings Banks Act, 1880, shall mean the classes of stock mentioned in the First Schedule to this Act.
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Proof that bank is a Post Office savings bank.
42 & 43 Vict. c. 11.
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6. The fact that a bank is a Post Office savings bank for the purposes of the Bankers’ Books Evidence Act, 1879, may be proved by a certificate purporting to be under the hand of the Controller or Assistant Controller of the Post Office savings bank.
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Extension of Act to Channel Islands and Isle of Man.
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7. This Act shall extend to the Channel Islands and the Isle of Man, and the Royal Courts of the Channel Islands shall register the same.
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[S. 8 rep. 8 Edw. 7. c. 49 (S.L.R.).]
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Short title.
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9. —(1) This Act may be cited as the Savings Bank Act, 1893.
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[Sub-ss. (2) (3) rep. 8 Edw. 7. c. 49 (S.L.R.).
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SCHEDULES
FIRST SCHEDULE
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GOVERNMENT STOCK
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Two and three-quarters per cent. Consolidated Stock (1903).
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Two and three-quarters per cent. Annuities (1905).
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Two and half per cent. Annuities
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Local Loans three per cent. Stock.
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Guaranteed Land Stock.
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[Second Sched. rep. 8 Edw. 7 c. 49 (S.L.R.).]
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[1 Short title, “The Savings Bank Act, 1893”; see s. 9 (1).] |
