Savings Banks Act, 1904

Amalgamation of Trustees Savings Banks.

5.—(1) Any two or more Trustee Savings Banks may, with the assent of the National Debt Commissioners, on the recommendation of the Inspection Committee, by special resolution of both or all such Banks, become amalgamated together as one Bank with or without any dissolution or division of the funds of such Banks, or either or any of them, and all the funds and property of such Banks shall become vested in the amalgamated Bank without the necessity of any form of conveyance or assignment other than the special resolution for amalgamation.

(2) For the purposes of such amalgamation a special resolution shall mean a resolution passed by not less than three-fourths of the Trustees of the Bank present at a general meeting, of which notice specifying the intention to propose the resolution has been duly given according to the rules, and confirmed by a majority of the Trustees present at a subsequent meeting, of which notice has been duly given, held not less than fourteen days nor more than one month from the date of the first-mentioned meeting.