In 1828 a further Act was passed, entitled "An Act to consolidate and amend the laws relating to Savings' Banks," and it is under the provisions of this Act (9 Geo. IV. c. 92) that all savings banks are at present conducted. It is provided herein, "that the rules of every savings bank shall be signed by two trustees, and submitted to a barrister appointed by the commissioners for the reduction of the national debt, fur the purpose of ascertaining whether the same are in conformity to law, and that the said barrister shall give a certificate thereof, which, together with the rules signed by the trustees, shall be laid before the justices for the county, riding, division, or place at the general or quarter semsions; and it shall be lawful for such justices to reject and disapprove of any part or party thereof, or to allow and confirm the said rules or such parts as shall be conformable to the act." The riles and regulations thus made and confirmed were to be deposited with the clerk of the peace for the county or division, and are then declared to be Li nding on the officers and the depositors of the institution. The money deposited in ravings banks must be invested in the Bank of England, or of Ireland, in the names of the commissioners for the reduction of the national debt. The receipts given to the trustees of savings banks for money thus invested bore interest at the rate of 24 per cent. per• then, or 3/. 16.. Oid. per cent. per annum, while the interest paid to deksitors was not in any case to exceed 21 per rent per diem. or 3/. 8e. 51d. per cent. per annum, the difference being retained by the trustees to defray the expenses of the bank. The trustees were not allowed to receive deposits from any individuals whose previous deposits have amounted to 150/., and when the balance due to any one depositor amounts with interest to 2001., no further interest is to be allowed. Friendly societies and charitable institutions were allowed to invest sums not exceeding 300l.
By another Act (3 William IV. c. 14) the industrious classes were encouraged to purcha.so annuities, to commence at any deferred period which the purchaser may choose, the purchase-money being paid either in one sum at the time of agreement, or by weekly, monthly, quarterly, or yearly instalments, as the purchaser may determine. The transac tions under this act were to be carried on through the medium of savings banks, or by societies established for the purpose, and of which the rector or other minlater of the parish, or a resident justice of the peace, shall be one of the trustees.
The 5 & 6 Wm. IV. c. 57, passed hi September, 1835, extended the provisions of the D Gee. IV. c. 92; acrd of 3 Wm. IV. c. 14, to savings banks in Scotland, and enabled existing banks to conform to the mid acts by preparing and depositing their rules pursuant to these acts.
Military or Regimental Savings Banks, were established by warrant dated October 11, 1843.
On the 9th of August, 1844, the royal assent was given to an act (7 & 8 Vict. c. 88) entitled "An Act to amend the Laws relating to Savings Banks, and to the Purchase of Government Annuities through the medium of Savings Bapke."
The first clause of this Act reduces, from and after tho 20th of November, 1844, the interest of all moneys invested by the trustees of savings banks in the national funds, to the rate of 3/. 5s. per cent. ; and s. 2 declares that the maximum of interest to be allowed to depositors shall not exceed the rate of 37. Os. 10d. per cent.
From the same date every depositor, on making his first deposit (s. 3), is to sign a declaration as provided by previous Acts, a copy of which is to be annexed to the deposit-book; and once in every year at least this book (a. 5) is to be produced at the institution for the purpose of examination.
Any actuary, cashier, or other person holding a situation at a savings bank (a. 4), receiving deposits and not paying over the same to the managers, is declared guilty of a misdemeanor ; but no trustee or manager to be liable (s. 6) for any deficiency unless they have declared in writing their willingness to be so responsible, and this responsibility may be limited, except in cases of money actually and personally re ceived by them.
When deposits are made in trust for another (s. 7), the sum is to be invested in the names of the trustees and the person on whose account the same is so invested; and repayment is not to be made without the receipt of both, or of their trustees, executors, or agents appointed by power of attorney.
Annuities under the 3 & 4 Wm. IV. c. 14 are not to exceed the aunt of 30/. in the whole, but separate annuities to that amount may be grouted to a husband and wife : but instead of the charges under the former Act, the charges are now (s. 9),• for an annuity under pl., the sum of 5s.; Si. and under 10/., 10s.; 10/. and under 15/., 15s.; 15/. and under 201., 20s.; 20/. and under 25/., 25s. ; 251. and not ex ceeding 30/., 30s.
Where deposits exclusive of interest do not exceed 50/. (s. 10), if a will or letters of administration are not produced within a month, the money may be paid to the widow, or the person entitled to the effects of the deceased ; if a depositor be illegitimate and die intestate, the managers (a. 11), with the sanction of the barrister appointed to certify the rules, may pay the same to such persons as would be entitled to the same under the statute of distribution, if all the parties were legitimate; and where:a married woman has made deposits it is lawful for the managers (s. 12) to repay such woman, unless the husband give notice to the contrary.
The time for issuing the half-yearly receipts for interest is extended (s. 13) to sixty days from and after the 20th of May and 20th of November ; and the time for transmitting the annual statement is extended to nine weeks after the 20th of November in each year.
Any dispute between the depositors and the managers is to be settled (s. 14) by arbitration of the barrister appointed under the previous acts, whose award is to be exempt from stamp-duty ; the barrister is empowered for this purpose (a. 15) to inspect the books of the insti tution, and to examine witnesses on oath or affirmation : false evidence to be punished as perjury.