Trustee Savings Banks Act, 1965

Amendment as to security to be given by officer of bank.

7.—(1) The security to be given in pursuance of section 8 of the Trustee Savings Banks Act, 1863, as amended by any subsequent enactment, may be either in the form required by that section as so amended or in the form of a single bond of a guarantee society guaranteeing all the persons employed by the bank or at any branch thereof who are required to give such security.

(2) When security is given in the last-mentioned form, the annual premium on the bond shall be paid by the trustees, and the trustees shall be entitled to recover from each person covered by the bond such proportion of the premium as that person's annual salary bears to the total amount of the annual salaries of the persons covered by the bond.