No. VI.
An Act to amend t h e Laws relating to the
Savings' Bank of N e w South Wales and P o r t
Phillip respectively. [10th November, 1843.]
W
H E R E A S a n A c t of H i s E x c e l l e n c y t h e G o v e r n o r of N e w South
W a l e s with t h e advice of t h e Legislative Council thereof was
passed in t h e t h i r d year of t h e r e i g n of H e r p r e s e n t Majesty intituled
" An Act to consolidate and amend the Laics relating to the Savings'
Bank of New South Wales" a n d a n o t h e r A c t was passed i n t h e fifth
year of t h e r e i g n of H e r said Majesty i n t i t u l e d "An Act to amend and
" to extend to Port Phillip an Act intituled 'An Act to
consolidate
" ' and amend the Pates relating to the Savings' Bank of New South
" ' Wales' " a n d whereas it is expedient f u r t h e r t o a m e n d t h e L a w s
r e l a t i n g t o t h e said Savings' B a n k B e it therefore enacted by H i s
E x c e l l e n c y t h e Governor of N e w S o u t h W a l e s w i t h t h e advice a n d
consent of the Legislative Council thereof T h a t so m u c h of t h e said
recited A c t s as relates t o t h e r a t e of i n t e r e s t t o be allowed on m o n e y
deposited in t h e said b a n k or b a n k s a n d also so m u c h of t h e said
recited A c t s as relates t o t h e e s t a b l i s h m e n t of a security fund or rest
shall be a n d t h e s a m e are h e r e b y repealed.
2. A n d be it enacted T h a t t h e conditions u n d e r w h i c h interest
shall b e p a i d on deposits a n d additions m a d e t o t h e rest or security
fund shall b e t h e following—
F i r s t l y — T h a t so long as t h e rest or security fund shall be less
t h a n t h e o n e - t e n t h p a r t of t h e whole a m o u n t of monies
deposited
deposited i n t h e h a n k t h e s u m divided a m o n g t h e depositors
in a n y y e a r shall n o t exceed t h r e e - f o u r t h s of t h e n e t profits
m a d e b y t h e b a n k d u r i n g t h e same year.
S e c o n d l y — T h a t whenever t h e security fund b e less t h a n t h e
o n e - s e v e n t h p a r t of t h e w h o l e a m o u n t of m o n i e s deposited
i n t h e b a n k t h e s u m d i s t r i b u t e d as i n t e r e s t a m o n g t h e
depositors shall n o t in a n y y e a r exceed four-fifths of t h e
net profits m a d e b y t h e b a n k d u r i n g t h e s a m e year.
T h i r d l y — T h a t w h e n e v e r t h e s e c u r i t y fund b e less t h a n t h e onef o u r t h p a r t of t h e w h o l e a m o u n t of monies deposited in
t h e b a n k t h e s u m divided a m o n g t h e depositors i n a n y
y e a r shall n o t exceed five-sixths of t h e n e t profits m a d e by
t h e b a n k d u r i n g t h e s a m e year.
Provided always t h a t w h e n e v e r t h e rest or security fund shall a m o u n t
to one-fourth p a r t of t h e w h o l e a m o u n t of m o n i e s deposited in t h e
said b a n k n o a d d i t i o n shall be m a d e t o t h e said fund u n l e s s from loss
or a n y other cause it s h o u l d a t a n y t i m e fall s h o r t of t h a t a m o u n t
P r o v i d e d also t h a t i n case a n y depositor shall w i t h d r a w t h e whole of
his deposits before t h e thirty-first day of D e c e m b e r i n a n y y e a r he
shall be allowed i n t e r e s t only for t h e period f o r m i n g p a r t of t h e
c u r r e n t year d u r i n g w h i c h t h e a m o u n t r e m a i n e d deposited in t h e b a n k
a t t h e r a t e of t h r e e p o u n d s six shillings a n d eight-pence for every
hundred pounds per annum.
3. A n d w h e r e a s b y t h e first of t h e above recited A c t s t h e T r u s ­
tees of t h e said S a v i n g s ' B a n k a r e empowered t o invest on m o r t g a g e a
p o r t i o n of t h e monies deposited in t h e said b a n k a n d it is e x p e d i e n t t o
l i m i t t h e p r o p o r t i o n of t h e funds of t h e b a n k w h i c h m a y b e so invested
on m o r t g a g e B e it enacted T h a t n o n e w m o r t g a g e shall b e t a k e n b y
t h e T r u s t e e s so l o n g as o n e - t h i r d or m o r e t h a n o n e - t h i r d of t h e entire
funds of t h e b a n k shall b e vested o n m o r t g a g e .
4. A n d w h e r e a s b y t h e said first recited A c t t h e T r u s t e e s a r e
u n d e r certain conditions e m p o w e r e d t o employ t h e funds of t h e b a n k
in t h e d i s c o u n t i n g of bills a n d it is e x p e d i e n t t o p r o h i b i t all future
i n v e s t m e n t s of t h i s k i n d B e i t e n a c t e d T h a t from a n d after t h e pass­
i n g of t h i s A c t n o d i s c o u n t of a n y n e w bill or promissory n o t e shall b e
m a d e from or out of t h e funds of t h e said b a n k P r o v i d e d however
t h a t a n y bill or n o t e now u n d e r discount m a y b e renewed in whole or
in p a r t a t t h e discretion of t h e T r u s t e e s .
5. A n d w h e r e a s it is expedient a n d necessary t o p r o v i d e o t h e r
m e a n s for t h e e m p l o y m e n t of t h e funds of t h e b a n k B e it enacted
a n d declared T h a t a n y p r o p o r t i o n of t h e funds of t h e b a n k m a y a t t h e
discretion of t h e T r u s t e e s a n d w i t h t h e a p p r o v a l of t h e G o v e r n o r b e
invested i n G o v e r n m e n t securities legally issued in t h e Colony of N e w
S o u t h W a l e s or i n t h e B a n k of E n g l a n d i n t h e m a n n e r directed b y a n
A c t passed b y t h e B r i t i s h P a r l i a m e n t i n t h e n i n t h y e a r of t h e reign of
H i s l a t e M a j e s t y K i n g G e o r g e t h e F o u r t h i n t i t u t l e d " An Act to con­
solidate and amend the Laws relating to Savings' Banks"
provided
t h e benefit of t h e said A c t of P a r l i a m e n t can be obtained for S a v i n g s '
Banks in New South Wales.
6. A n d i n order t o afford f u r t h e r m e a n s of i n v e s t i n g or employ­
i n g t h e funds of t h e Savings' B a n k B e it e n a c t e d T h a t a n y portion
of t h e s e funds n o t exceeding t w o - t h i r d s of t h e w h o l e m a y be deposited
i n a n y b a n k or b a n k s i n t h e Colony a t such r a t e of i n t e r e s t as m a y be
agreed on b e t w e e n t h e D i r e c t o r s of such b a n k or b a n k s and t h e T r u s ­
tees of t h e Savings' B a n k .
7. A n d w h e r e a s i n c o n s e q u e n c e of t h e e m p l o y m e n t of t h e funds
of t h e b a n k as hereinbefore a u t h o r i z e d or directed t h e Trustees of t h e
b a n k m a y w i t h o u t t h e assistance of t h e G o v e r n m e n t be u n a b l e t o m e e t
t h e d e m a n d s m a d e u p o n t h e m from t i m e t o t i m e b y depositors desirous
of
of w i t h d r a w i n g t h e i r deposits a n d i t is e x p e d i e n t t h a t i n case of need
s u c h assistance s h o u l d be afforded t o t h e m B e it therefore enacted
T h a t it s h a l l a n d m a y be lawful for t h e G o v e r n o r of N e w S o u t h W a l e s
t o g u a r a n t e e t h e r e p a y m e n t of a n y l o a n w h i c h it m a y b e necessary for
t h e T r u s t e e s t o n e g o t i a t e i n order to m e e t t h e d e m a n d s of s u c h depo­
sitors P r o v i d e d t h a t n o loan or l o a n s o u t s t a n d i n g a t a n y t i m e a n d so
g u a r a n t e e d shall exceed t h e s u m of fifty t h o u s a n d p o u n d s w i t h o u t t h e
p r e v i o u s advice a n d c o n s e n t of t h e Legislative Council.
8. A n d w h e r e a s b y t h e said first recited A c t it is e n a c t e d T h a t
n o p e r s o n b e i n g a T r u s t e e or D i s t r i c t T r u s t e e or T r e a s u r e r of t h e said
S a v i n g s ' B a n k or b e i n g i n a n y w a y concerned i n t h e m a n a g e m e n t
t h e r e o f shall be allowed t o deposit a n y s u m or s u m s of m o n e y t h e r e i n
n o r t o b o r r o w a n y m o n e y t h e r e f r o m n o r t o derive a n y benefit from a n y
deposit m a d e i n s u c h Savings' B a n k n o r t o act i n t h e capacity of
A c c o u n t a n t to s u c h S a v i n g s ' B a n k n o r receive directly or i n d i r e c t l y
a n y salary allowance profit or benefit w h a t s o e v e r from t h e funds of t h e
said S a v i n g s ' B a n k b u t n e v e r t h e l e s s n o p e n a l t y is imposed on a n y
p e r s o n b e i n g a T r u s t e e or D i s t r i c t T r u s t e e or T r e a s u r e r of the said
b a n k w h o m a y offend i n a n y such p a r t i c u l a r a n d w h e r e a s it is expedient
t h a t a p e n a l t y s h o u l d b e imposed B e i t therefore e n a c t e d T h a t a n y
person b e i n g a T r u s t e e or D i s t r i c t T r u s t e e or T r e a s u r e r of t h e said
S a v i n g s ' B a n k w h o shall offend in a n y one of t h e said p a r t i c u l a r s shall
forfeit a n d p a y for each offence t h e s u m of one h u n d r e d p o u n d s a n d
t h a t s u c h p e n a l t y m a y b e sued for i n t h e S u p r e m e C o u r t of t h e Colony
by a n y p e r s o n h a v i n g m o n e y deposited in t h e b a n k t o t h e a m o u n t of
t h i r t y p o u n d s t h e p e n a l t y t o b e paid one half t o t h e Q u e e n for t h e
uses of t h e Colony a n d one half t o t h e informer.
9. A n d b e it enacted T h a t if a n y d i s p u t e shall arise b e t w e e n
t h e said S a v i n g s ' B a n k or a n y p e r s o n or p e r s o n s a c t i n g on behalf
thereof a n d a n y i n d i v i d u a l depositor t h e r e i n or a n y e x e c u t o r or
a d m i n i s t r a t o r n e x t of k i n or creditor of a n y deceased depositor or a n y
p e r s o n c l a i m i n g t o be s u c h e x e c u t o r a d m i n i s t r a t o r n e x t of k i n or
creditor t h e n a n d i n every s u c h case t h e m a t t e r so i n d i s p u t e shall be
referred t o t h e a r b i t r a t i o n of t w o indifferent persons one t o b e chosen
a n d a p p o i n t e d b y t h e T r u s t e e s of t h e said S a v i n g s ' B a n k a n d t h e
o t h e r b y t h e p a r t y w i t h w h o m t h e d i s p u t e arose a n d in case t h e arbi­
t r a t o r s so a p p o i n t e d s h a l l n o t a g r e e t h e n s u c h m a t t e r i n d i s p u t e shall
be referred i n w r i t i n g t o a n u m p i r e h a v i n g n o i n t e r e s t i n s u c h m a t t e r
or i n t h e said i n s t i t u t i o n t o b e chosen b y t h e said a r b i t r a t o r s a n d w h a t ­
ever a w a r d order or d e t e r m i n a t i o n shall be m a d e b y t h e said a r b i t r a t o r s
or b y t h e said u m p i r e shall b e b i n d i n g a n d conclusive o n all p a r t i e s
a n d shall be final t o all i n t e n t s a n d p u r p o s e s w i t h o u t a n y a p p e a l .
1 0 . A n d b e it e n a c t e d T h a t t h i s A c t shall e x t e n d a n d a p p l y t o
t h e S a v i n g s ' B a n k at P o r t P h i l l i p established u n d e r t h e provisions of
t h e said last recited A c t i n as full a n d a m p l e a m a n n e r a n d t o all
i n t e n t s a n d p u r p o s e s as t o t h e said S a v i n g s ' B a n k of N e w S o u t h W a l e s .
RIDER.
A n d w h e r e a s it is e x p e d i e n t t h a t l o n g e r n o t i c e should be given
b y p a r t i e s desirous of w i t h d r a w i n g t h e i r deposits a n d also t h a t t h e
l e n g t h of such notice should b e p r o p o r t i o n e d t o t h e a m o u n t s t a n d i n g
at t h e credit of t h e p a r t y so w i t h d r a w i n g i n t h e books of the, said
S a v i n g s ' B a n k B e it enacted T h a t notice of w i t h d r a w a l from a n y holder
of deposit t o t h e a m o u n t of fifty p o u n d s or u p w a r d s shall be at t h r e e
m o n t h s ' d a t e a n d similar notice from holders of deposits u n d e r fifty
p o u n d s a t one m o n t h ' s d a t e a n y t h i n g i n t h e said recited A c t passed i n
t h e t h i r d y e a r of t h e r e i g n of H e r p r e s e n t Majesty t o t h e c o n t r a r y
thereof r e q u i r e d n o t w i t h s t a n d i n g .
4 H—VOL.
2.
No. V I I .