Trustee Savings Banks Act 1981
Trustee Savings BanksAct 1981
1981 CHAPTER 65
An Act to consolidate the Trustee Savings Banks Acts 1969 to 1978, with amendments to give effect to recommendations of the Law Commission and the Scottish Law Commission.
[30th October 1981]
Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—
Establishment of trustee savings banks
1 Establishment of savings bank in accordance with the Act.
(1) A savings bank is established in accordance with this Act if—
(a ) its formation has been sanctioned and approved by the Registrar; and
(b ) the conditions referred to in section 2 are fulfilled with respect to the rules of the bank.
(2) Subsection (1)(a ) does not apply in relation to a savings bank formed before 28th July 1863; and in relation to a savings bank formed on or after that date but before 21st November 1976 the reference in that paragraph to the Registrar is to be read as a reference to the National Debt Commissioners or the Comptroller General or Assistant Comptroller of the National Debt Office acting on their behalf.
(3) In this section and sections 2 and 3—
(a ) ‘savings bank’ means a society formed in the United Kingdom, the Isle of Man or any of the Channel Islands for the purpose of establishing and maintaining an institution in the nature of a bank—
(i) to accept deposits of money for the benefit of the persons making the deposits and deposits of money by a trustee, and
(ii) to accumulate the produce of the deposits (so far as not withdrawn) at compound interest, and
(iii) to return the deposits and produce to the depositors after deducting any necessary expenses of management but without deriving any benefit from the deposits or produce; and
(b ) ‘the Registrar’—
(i) in relation to a savings bank in England, Wales, the Isle of Man or the Channel Islands, means the Central Office of the Registry of Friendly Societies,
(ii) in relation to a savings bank in Scotland, means the Assistant Registrar of Friendly Societies for Scotland, and
(iii) in relation to a savings bank in Northern Ireland, means, in this section, the Central Office of the Registry of Friendly Societies and, in section 2, the Chief Registrar of Friendly Societies or a deputy appointed by him.
(4) Subsection (3)(a )(iii) shall not be construed as requiring the return to a depositor of the produce of any deposit standing to the credit of an account in his name on which no interest is paid.
2 Conditions as to rules of savings bank.
(1) The conditions which must be fulfilled with respect to the rules of a savings bank as mentioned in section 1(1)(b ) are the following, namely—
(a ) that the rules comply with the requirement relating to the rules of trustee savings banks contained in section 5(1)(a ), and
(b ) that the rules have been certified by the Registrar in pursuance of this section.
(2) For the purpose of ascertaining whether the rules are in conformity with law and with the provisions of this Act, two copies of all the rules of the bank signed by two trustees of the bank shall be submitted by the trustees of the bank to the Registrar.
(3) The Registrar shall certify on each copy that the rules are in conformity with law and with the provisions of this Act or point out in what respect they are repugnant thereto.
(4) One of the copies when so certified shall be returned to the bank and the other copy shall be retained by the Registrar.
3 Certification of a trustee savings bank.
(1) The certification in pursuance of section 2 of the rules of a savings bank established in accordance with this Act shall constitute the certification of the bank under this Act by the title of ‘savings bank certified under the Trustee Savings Banks Act 1981’.
(2) A savings bank certified under this Act, the Trustee Savings Banks Act 1969 , the Trustee Savings Banks Act 1954 or the Trustee Savings Banks Act 1863 is hereafter in this Act referred to as a ‘trustee savings bank’.
(3) The fact that a savings bank has been certified under this Act or under any earlier enactment mentioned in subsection (2) may be proved by the production of an office or examined copy of the certificate given with respect to the rules of the bank in pursuance of section 2 of this Act or, as the case may be, in pursuance of section 2 of the Trustee Savings Banks Act 1969, section 2 of the Trustee Savings Banks Act 1954 or section 4 of the Trustee Savings Banks Act 1863.
General provisions
4 Title of a trustee saving bank.
4. A trustee savings bank may not be designated or described in any manner which imports that the Government is responsible or liable to depositors for money placed in the safe keeping of the bank, and may not bear any title other than that of ‘savings bank certified under the Act of 1863’ or, as the case may be, ‘savings bank certified under the Trustee Savings Banks Act 1954’ or ‘savings bank certified under the Trustee Savings Banks Act 1969’ or ‘savings bank certified under the Trustee Savings Banks Act 1981’ with such additional local description, if any, as may be required for the sake of distinctiveness.
5 Requirements as to bank rules.
(1) The rules of a trustee savings bank—
(a ) must expressly provide for the matters set out in Schedule 1; and
(b ) must be entered in a book to be kept by an officer of the bank appointed for the purpose, and shall not take effect unless they have been so entered.
(2) The book mentioned in subsection (1)(b ) shall be open at all proper times for inspection by depositors.
(3) No alteration of the rules of a trustee savings bank shall take effect until it has been entered in the book mentioned in subsection (1)(b ).
(4) Subject to subsection (5), two copies of any alterations of the rules signed by two trustees shall as soon as possible be submitted by the trustees of the bank to the Registrar; and the Registrar shall certify on each copy that they are in conformity with law and with the provisions of this Act or point out in what respect they are repugnant thereto.
(5) An alteration as respects the days or hours of attendance need not be submitted to the Registrar.
(6) One of the copies when so certified shall be returned to the trustee savings bank and the other copy shall be retained by the Registrar.
(7) In this section ‘alteration’ includes repeal.
6 Status of bank rules.
(1) Subject to section 5(1)(b ) and (3), the rules of a trustee savings bank, and any alterations to those rules, shall, from the time when they are certified by the Registrar, be binding on the trustees and officers of the bank and on the depositors.
(2) The copy of any rules of a trustee savings bank, certified under this Act by the Registrar, or an examined copy of the original copy so certified, shall be admissible as evidence of the rules in all cases.
The Trustee Savings Banks Central Board
7 The Central Board.
(1) The Board called the Trustee Savings Banks Central Board (in this Act referred to as ‘the Central Board’) shall continue in existence as a body corporate.
(2) The additional provisions contained in Schedule 2 shall have effect in relation to the Central Board.
(3) The Central Board—
(a ) may give directions of a general character to the trustee savings banks as to the carrying on by the trustee savings banks of their activities;
(b ) may provide banking services for the trustee savings banks;
(c ) may provide other common services for the trustee savings banks, including (without prejudice to the generality of the foregoing) data processing services and the formation, management and operation of unit trusts;
(d ) may give directions to the trustee savings banks as to the equipment and procedures to be adopted by them in the operation of banking services, the manner in which funds are to be raised, expended, allocated to reserve and invested and the rates of interest to be paid on deposits;
(e ) shall give directions to the trustee savings banks as to the conditions of service of persons employed by the banks (any such directions being given in accordance with the terms of any settlement which may have been reached or award which may have been made by virtue of paragraph 14 of Schedule 2).
(4) The Central Board shall have power to carry on all such activities as may appear to them to be requisite, advantageous or convenient for them to carry on for or in connection with the discharge of their powers and duties under this Act.
(5) The Central Board shall have power to enter into any transaction (whether or not involving the expenditure or investment or borrowing of money or the acquisition or disposal of any property or rights) which in their opinion is calculated to facilitate the exercise of their powers or the performance of their duties under this Act or is incidental or conducive to the exercise of their powers or the performance of their duties.
(6) Notwithstanding the provisions of this section, the Central Board shall not be taken as satisfying the conditions mentioned in paragraphs (a ) and (b ) of section 16(1) of the Restrictive Trade Practices Act 1976 (services supply associations).
8 Revenues of Central Board and subsidiaries to cover outgoings and allocations to reserves.
(1) The Central Board shall exercise their powers...
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