Trustee Savings Banks Act 1969
| Jurisdiction | UK Non-devolved |
| Citation | 1969 c. 50 |
| Year | 1969 |
Trustee Savings BanksAct 1969
1969 CHAPTER 50
An Act to consolidate the Trustee Savings Banks Acts 1954 to 1968, with amendments to give effect to recommendations of the Law Commission and the Scottish Law Commission.
[25th July 1969]
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 Conditions under which a savings bank may obtain the benefit of this Act.
(1) A savings bank shall have the benefit of this Act (including the privilege of paying money into the Bank of England or the Bank of Ireland in return for interest-bearing receipts) if the conditions set out in this section and section 2 of this Act are fulfilled.
(2) A savings bank shall not have the benefit of this Act unless its formation was sanctioned and approved by the National Debt Commissioners (hereafter in this Act referred to as ‘the Commissioners’) or on their behalf by the Comptroller General or Assistant Comptroller of the National Debt Office; but this subsection shall not apply to any savings bank formed before 28th July 1863 (that is to say the date on which the Trustee Savings Banks Act 1863 was passed).
(3) In this section and in sections 2 and 3 of this Act ‘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—
(a ) to accept deposits of money for the benefit of the persons making the deposits and deposits of money by a trustee, and
(b ) to accumulate the produce of the deposits (so far as not withdrawn) at compound interest, and
(c ) 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.
2 Requirements as to bank rules.
(1) A savings bank shall not have the benefit of this Act unless the rules of the bank expressly provide for the matters set out in Schedule 1 to this Act nor unless those rules—
(a ) have been certified and deposited with the Commissioners in pursuance of this section, and
(b ) have been entered in a book to be kept by an officer of the bank appointed for that purpose which is to be open at all proper times for inspection by depositors.
(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 and managers 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 savings bank and the other copy shall be deposited by the Registrar with the Commissioners.
(5) Rules made under section 76, 80 or 81 of this Act shall not be taken as forming part of the rules of a bank for the purposes of this section.
3 Certification of a trustee savings bank.
3. A savings bank established under this Act shall be certified under this Act by the title of ‘savings bank certified under the Trustee Savings Banks Act 1969’, and a bank certified under this Act, the Trustee Savings Banks Act 1954or the Trustee Savings Banks Act 1863is hereafter in this Act referred to as a ‘trustee savings bank’.
The Inspection Committee
4 Constitution of the Inspection Committee.
(1) There shall continue to be an Inspection Committee of trustee savings banks with the several powers and duties conferred by the following provisions of this Act.
(2) The Inspection Committee shall, with the approval of the Commissioners, make a scheme which, subject to the provisions of this Act, makes provision—
(a ) with respect to the composition of the Committee, and to the appointment, tenure of office and vacation of office of members of the Committee, and to the procedure of the Committee;
(b ) for revoking the scheme made under section 2 of the Savings Banks Act 1891 (which established an Inspection Committee of trustee savings banks and required certain persons to frame a scheme for the appointment of the Committee).
(3) The Committee may, with the approval of the Commissioners, modify the scheme made under this section.
(4) A paid officer of a trustee savings bank shall not be eligible to be a member of the Committee.
(5) The Committee may act by a majority of the members present and voting at any meeting of the Committee, and may signify their acts by an instrument in writing signed by any two of the members of the Committee, and an act of the Committee shall not be invalid by reason only of any vacancy in their number.
(6) The Committee may, with the approval of the Minister for the Civil Service, appoint such officers as may appear to be required for the execution of the duties of the Committee under this Act.
(7) The members of the Committee shall be entitled to such remuneration by way of fees or otherwise, and to such reasonable travelling expenses in respect of attendance at meetings of the Committee, as may be approved by the said Minister.
(8) The power to make a scheme under this section, and the power to modify it, shall be exercisable by statutory instrument which shall be laid before Parliament, and the Statutory Instruments Act 1946 shall apply to a statutory instrument containing such a scheme or modification in like manner as if the scheme or modification had been made by a Minister of the Crown.
General provisions as to conduct of trustee savings banks
5 Title of a trustee savings bank.
5. 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’ with such additional local description, if any, as may be required for the sake of distinctiveness.
6 Alteration of bank rules.
(1) No alteration of the rules of a trustee savings bank shall take effect until it has been entered in the book mentioned in section 2 of this Act.
(2) Subject to subsection (3) below, 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.
(3) An alteration as respects the days or hours of attendance need not be submitted to the Registrar.
(4) One of the copies when so certified shall be returned to the trustee savings bank and the other copy shall be deposited by the Registrar with the Commissioners.
(5) The foregoing provisions of this section shall not apply in relation to any alteration of rules made under section 76, 80 or 81 of this Act.
(6) In this section ‘alteration’ includes repeal.
7 General provisions as to bank rules.
(1) Subject to section 6(1) of this Act, the rules of a trustee savings bank, and any alterations of those rules, shall, from the time when they are certified by the Registrar, be binding on the trustees, managers and officers of the bank and on the depositors.
(2) The copy of any rules of a trustee savings bank, transmitted under this Act to the Commissioners, or a true copy examined with the original copy so transmitted, and proved to be a true copy, shall be admissible as evidence of the rules in all cases.
8 Objects on which a trustee savings bank may expend money.
(1) Any expenditure incurred by a trustee savings bank which, in the opinion of the Commissioners, is calculated to further the objects of the bank shall be deemed to be necessary expenses within the meaning of section 1 of this Act.
(2) The trustees of a trustee savings bank may, with the consent of the Commissioners given after consultation with the Inspection Committee and the Association, and subject to such conditions as the Commissioners after such consultation as aforesaid may impose either generally or in the case of any particular bank, undertake any business which is, in the opinion of the Commissioners, calculated to encourage thrift and within the financial capacity of the bank.
(3) The trustees of a trustee savings bank may defray all or any of the expenses of a penny savings bank which has a deposit account with the trustee savings bank.
(4) Any expenses properly incurred by a bank in carrying on such a business as is mentioned in subsection (2) above and any expenses defrayed under subsection (3) above shall be deemed to be necessary expenses within the meaning of section 1 of this Act.
(5) In this Act ‘the Association’ means the association registered under the Companies Acts 1908 to 1917, by the...
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