Trustee Savings Banks Act, 1965

Deposits by certain bodies of persons.

4.—(1) The trustees or treasurers of any body of persons to which this section applies may invest the funds of the body in the funds of a trustee savings bank.

(2) Where a payment is made by a trustee savings bank to a trustee, treasurer or other officer of a body of persons to which this section applies who appears to be authorised to require that payment, his receipt shall be a sufficient discharge and the trustee savings bank and its trustees, managers and officers shall not be responsible for any misapplication or for any want of authority of the person requiring or receiving the payment.

(3) It is hereby declared that nothing in this section is to be construed as imposing any obligation on a trustee savings bank as respects its receiving any funds.

(4) This section applies to—

(a) boys clubs, sports clubs and Christmas clubs, and

(b) similar bodies of persons,

being unincorporated and non-trading.