Page:Halsbury Laws of England v1 1907.pdf/800

 — Bankers and Banking.

578 Sect.

5.

Trustee Savings Banks.

not exceed £500 in the aggregate. The money must be invested in securities authorised by law for the time being as trustees' securities, and not on mortgage of land or any interest in land (i). It may, however, be invested in securities issued under the Local Loans Act, 1875 (k), or in loans secured on any local rate levied under authority of Parliament by a local authority authorised to borrow money on that security (I). Special investments cannot be made by a bank which was not exercising the power before June 1, 1891, except on the recommendation of the committee of inspection and on the authority of the National Debt Commissioners, who must be satisfied on certain points as to the standing of the bank {m). Any bank making special investments must insert in all pass-books used for special investments a printed notice that the security of any special investment is not guaranteed by Government (n).

Death of depositor.

no 1173. Where the deposit of a deceased depositor is below is chargeable on probate or letters of administration in respect thereof (o). Kegulations may be made and altered by the Treasury for, among other things, the nomination by a depositor over sixteen years of age of a person or persons to whom any sum not exceeding i^lOO payable to such depositor on his decease shall be paid, and for the revocation of such nomination (p).

Keturns and accounts by-

1174. Weekly returns have to be transmitted by the trustees and manager to the Commissioners showing the week's transactions and the cash balances in hand, and yearly accounts of all moneys invested by them in the Bank of England, and moneys due to the depositors (g). Such yearly accounts are to be in the prescribed form, and must also be sent to the inspection committee (r).

trustees.

Auditor.

Settlement of disputes.

stamp duty

1175. An auditor is to be appointed for a term not exceeding one year, but is eligible for re-appointment (s). 1176. No action can be brought by any depositor against the bank, its trustees or officers, all disputes being settled by the arbitration of the central office of the Registrar of Friendly Societies,

whose award Sect. Seamen's savings banks.

is final

and conclusive (0-

Seamen's and Naval and Military Savings Banks.

6.

1177. The Board of Trade have power to establish and maintain a central seamen's savings bank in London, and branches in such ports and places in the United Kingdom as they think fit, and to receive there deposits from or on account of seamen of the (i)

{k) (l)

Savings Banks Act, 1891 (54 & 55 Vict. c. 21), s. 10. 38 & 39 Vict. c. 83. Savings Banks Act, 1904 (4 Edw. 7, c. 8), s. 6 (2).

(m) Ibid.,s. 6 {71}

Ibid.,

s.

6

(1). (4).

Trustee Savings Banks Act, 1863 (26 & 27 Vict. c. 87), ss. 41, 42. Savings Banks Act, 1887 (50 & 51 Vict. c. 40), s. 3. (q) Trustee Savings Banks Act, 1863 (26 & 27 Vict. c. 87), ss. 7, 55. (r) Savings Banks Act, 1891 (54 & 55 Vict. c. 21), s. 8. (s) Savings 'Banks Act, 1904 (4 Edw. 7, c. 8), s. 1. Savings (t) Trustee Savings Banks Act, 1863 (26 & 27 Vict. c. 87), ss. 48, 49 Banks (Barrister) Act, 1876 (39 & 40 Vict. c. 52), s. 2. As to such arbitrations, see title Eriendly Societies. (o)

(jj)