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Trustee Savings Banks

bank, deposit, national, debt and persons

TRUSTEE SAVINGS BANKS. The various acts relating to savings banks were consolidated by the Trustee Savings Bank Act, 1863 (26 6: 27 Vict. c. 87). Before a trustee savings bank can be formed, the sanction of the Commissioners for the Reduc tion of the National Debt must be obtained. A savings bank, although established prior to 1863, must be certified under the Act of 1863, so that its title would be, for example, " \Vhitehaven Savings Bank, established in 1818. Certified under the Act of 1863." Treasurers, trustees, managers and other persons having direction in the management of a savings bank shall not receive any salary or profit beyond actual expenses for the purpose of the institution. Not less than two persons, and where two only, except in the case of sayings banks which are open for more than six hours a week, one such person to be a trustee or manager, shall be parties to every deposit and repayment, so as to form at least a double check on all transactions with depositors.

Each depositor receives a deposit book or pass-book which must be produced every time a transaction takes place. It must also be produced once a year, after November 20, to be examined with the books of the bank. The savings banks' year ends on November 20.

A person under the age of twenty-one years is entitled to make and withdraw deposits in the same manner as other persons. No person is allowed to deposit more than in the whole in one year, and the total amount standing to the credit of a depositor must not exceed £200. A registered friendly society may deposit funds without restriction as to amount. A provident or charitable

institution or a penny savings bank may deposit to extent of £100 in one year and to the extent of £300 altogether, but if the consent of the National Debt Commissioners is obtained, without restriction as to amount.

A depositor must not have a deposit in any other savings bank in Great Britain or Ire land. The rate of interest is fixed at 21- per cent. per annum.

The trustees must pay all money belong ing to the bank into the Bank of England or Ireland in the names of the Commissioners for the Reduction of the National Debt, and no sums whatever shall be deposited with any banker except such sums as shall neces sarily remain in the treasurer's hands to answer the egencies of the business.

Weekly returns must be sent to the Com missioners for the Reduction of the National Debt, showing the amounts of the week's transactions and the balance remaining in the treasurer's hands.

A bank manager is frequently the trea surer of a savings bank.

In the case of the death of a depositor whose account does not exceed E,100, if the will is not proved or letters of administration taken out within two months from the de positor's death, the trustees may pay the money to the persons who shall appear to be entitled to it according to the Statute of Distributions.

Trustee savings banks are now over shadowed to a considerable extent by the Post Office Savings Bank.