Page:Halsbury Laws of England v1 1907.pdf/799

 — Part

II.

Constitution of Banks.

577

added to his deposit notwithstanding that such addition raises the

Sect.

amount above £200

Trustee Savings Banks.

(q).

Deposits may be received from married women (s).

and repaid

to

infants

(?)

or

1171. The trustees must invest all money deposited, except that actually required for necessary expenses, in the Bank of England in the names of the Commissioners (t), who invest it in authorised Government stocks and securities. The sums invested by the trustees with the Commissioners carry interest at 2| per cent, per annum, and the interest payable to depositors is not to exceed 2^ per cent, per annum (a). Increased stock and property may be ordered by the Commissioners to be ascertained, certified, and paid over (b), and any sums so paid over carry interest and are credited to a separate surplus fund for such bank. This fund may be drawn on by the trustees for necessary purposes upon a certificate authorised by the Commissioners (c), and if the application for such payment be sanctioned by the inspection committee (d). The trustees have power, with the consent of the Commissioners, to purchase land or to erect buildings for the purposes of the bank, and for such purposes to apply money from their separate surplus fund, and, with the like consent, to sell, exchange, or lease lands or buildings acquired by them for the purposes of the bank, but must account for the money thereby received and pay over the balance, after deducting the necessary expenses, to the Commissioners to be carried to the credit of the separate surplus fund {e).

1172. Depositors can through the bank invest their deposits or any part thereof in Government stock (/). The amount of Government stock credited to a depositor in any savings bank year is not to exceed ^200, whether any stock has been previously sold or not, and the whole amount credited is not to exceed £500 at any one time (g). " Special investments " may be made by depositors through the trustees of the savings bank (li), as distinguished from investments " Special investout of the deposit at request of the depositor. " cannot be made unless the person requiring them is a ments Such special investments must depositor for not less than £50. (q)

& 57 Vict. c. 68), s. 4 Savings Banks Act, Compare Trustee Savings Banks Act, 1863 (26 & 27

Savings Banks Act, 1893 (56

1904

(4

Edw.

Vict.

c.

87),

s.

7, c. 8),

s.

8.



39.

Trustee Savings Banks Act, 1863 (26 & 27 Vict. c. 87), s. 30. Married Women's Property Act, 1882 (45 & 46 Vict. c. 75), s. 6. (s) Ibid., s. 31 (t) Trustee Savings Banks Act, 1863 (26 & 27 Vict. c. 87), s. 15. (a) National Debt (Supplemental) Act, 1888 (51 & 52 Vict. c. 15), s. 5. Compare Trustee Savings (6) Savings Banks Act, 1880 (43 & 44 Vict. c. 36), s. 6. Banks Act, 1863 (26 & 27 Vict. c. 87), s. 29. (c) Trustee Savings Banks Act, 1863 (26 & 27 Vict. c. 87), s. 29. The inspection (fZ) Savings Banks Act, 1891 (54 & 55 Vict. c. 21), s. 5 (2). committee of trustee savings banks is appointed under the scheme established (r)



by

s.

2 of this Act.

Savings Banks Act, 1904 (4 Edw. 7, c. 8), s. 4. (/) Savings Banks Act, 1880 (43 & 44 Vict. c. 36), s. 3. Government stock is defined in the Savings Banks Act, 1893 (56 & 57 Vict. c. 69), s. 5 (2) and Sched. I. {g) Savings Banks Act, 1893 (56 & 57 Vict. c. 69), s. 2. Savings Banks. (h) Trustee Savings Banks Act, 1863 (26& 27 Vict. c. 87), s. 16 Act, 1891 (54 & 55 Vict. c. 21), s. 10. (e)



H.L.

—

I.

P P

5.

Infants and

married

women. Application of deposits bytrustees.

Dealing by trustees with land or buildings.

Investment of deposits.

Special investments.