Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698071947336.pdf (Guyana)
Post Office Savings Bank.

[Cap.

133.

1805 CHAPTER 133.

POST OFFICE SAVINGS BANK.

ARRANGEMENT OF SECTIONS.

SECTION.

to manage and control of branch Saving s Banks.

Bank.

the Savings General and closure and repayments.

of Government.

1 .

8hort title.

2.

Interpretation.

Bank.

of Savings 3.

Appointment 4.

Postmaster 5.

Establishment of officers.

6.

Employment 7.

Deposits 8.

Security 9.

Interest.

10.Salaries 11.Disposal 12.Accounts.

13.Surpluses 14.Power to make regulations.


15.Names of depositors, 16.Settlement 17.Non-liability 18.Recovery and expenses.

of moneys.

etc., of disputes.

of Government.

of penalties.

and deficits.

not to be disclosed.

CHAPTER 133.

POST OFFICE SAVINGS BANK.

An Ordinance Savings management thereof.

to continue the establishment of the Post Office 24 of 1937.

23 of 1948· Bank and to provide for the better control and 1.This Ordinance may be cited as the Post Office Savings Short title.
Bank Ordinance.

[1ST JANU.ARY, 1938.]

2.In this Ordinance " depositor" the context unless includes of a depositor " means prescribed " prescribed and assignees ; the heirs, executors, administrators otherwise requires­ Interpreta­ tion.

by rules under this Ordinance; " revenue " of the Savings Bank does not include moneys received on deposit.

1806 Cap.

133.]

Post Office Savings Bank.

Appointment of Savings Bank.


3.The Post Office Savings Bank) and all offices thereof Bank (hereinafter referred subsisting at the time to as the Savings when this Ordinance be constituted comes into operation shall be deemed to and appointed under this Ordinance.

Postmaster General to manage an d control the Savings Bank.
11 of this Ordinance of section to the provisions Bank shall be under the management 4.Subject the Savings who may, subject General of the Postmaster of this Ordinance and any regulations such steps as may be desirable for the proper management for the promotion of the objects and purposes of the Savings for the encouragement made thereunder, take of thrift, Bank, and otherwise of this Ordinance.

to the provisions and control Establish­ ment and closure of branch Savings Banks.
5.The Postmaster General Governor, open branch savings Colony and savings bank.

may, with the approval banks at any post office in the of the may, with the like approval, close any branch Employment of officers.

General, 6.The Postmaster approval of the for Governor, may engage such officers as may be necessary may and for that purpose the execution employ for part of their time officers in the service of the Government.

of this Ordinance, with the Deposits and repayments.
7.Deposits of money to be paid into the Savings and repaid under such conditions Bank shall as may be be received prescribed.

Security of Government.

8.The repayment of all moneys deposited thereon with interest by the is guaranteed in the Savings of the Colony, Bank together Government times the assets the lawful such deficiency Colony, to the Legislative Council claims of the Savings to be met out of the general and the Financial Secretary without shall certify delay.
and accordingly if at any time or Bank shall be insufficient to pay shall cause the Governor of the revenues such deficiency of every depositor, Interest.

9.

(1) Interest shall be payable on deposits at the rnte of 2·4 per centum per annum, or at such other ra_te as may be :fixed from time to time by the Governor of State: of the Secretary approval in Council with the prior Provided that not less than three months notice of any change of rate shall be given in the Gazette.
(2)Such interest shall not be payable than five dollars commence to accrue until the :first day of the month next or on any fraction of five dollars on any amount less and shall not Post Office Saving s Bank.

[Cap.

133.

1807 and shall cease on the last day of the day of deposit, following the month preceding drawn.
For the purposes deemed to be withdrawn by means of which payment that in which such deposit of this subsection shall be with­ shall be a deposit of the issue of the warrant on the date to be effected.

(3) Interest on deposits (2) of this section subsection in every year and shall then money remaining any principal be added to and become part of on deposit.

is intended subject shall, be calculated to the provisions to the 30th November of 23_ ofl948, s. 2· 10.
(1) All expenses incurred in the execution of this Salari s and e s Bank.

expens .

e Ordinance shall be met from the moneys in the Savings (2)For the purposes of this Ordinance shall mean done by or in connection with expenses the cost of any work or service the Savings administrative approv�l of the Governor, or serVIce.

Bank, including and other overhead such sum on account of expenses as may, with the be reasonably assigned to that work 11.
(1) Subject to the provisions of this Ordinance moneys in Disposal of to be kept in hand for the general Bank, shall be deposited in the Public Bank shall not be applied in any way to the moneys.
of the Colony but, except so far as any sums may be the Savings purposes prescribed Savings Colony and shall, of the Savings Secretary, manner as shall be approved in Council, investment, may at any time be changed as far as practicable, Bank, under the direction be invested or be employed from time to time by the Governor of the Financial at interest in such in such securities or, in the case of moneys remitted by the Secretary of State, to London for and any investment of the purposes of the Treasury on behalf into other like securities: Provided that not more than one-third invested in securities of such moneys shall of the Government at any time be or remain of the Colony.
for the payment (2)Any sums of money that may from time to time be or deposits or for the payment of interest the execution of this Ordinance, incurred in of this Ordinance, of any deposit or expenses under the by the sale of the whole or a part of such required authority thereon may be raised securities Provided the purposes be advanced out of the general that any sums of money which may be required aforesaid, to the Savings revenues Bank by the Financial may, with the approval until they can be raised of the Governor, of the Colony Secretary for 1808 Cap.
133.]

Post O.ffice Saving s Bank.

by the sale of such securities interest at the rate from time to time payable shall bear to depositors.

and such advances Accounts.

12.Annual accounts of the revenue received and expenditure and repaid and interest of the together Bank and of deposits Savings credited to depositors December of the Savings by the Director not later than the 31st May ensuing soon as practicable submitted to the Secretary of State.
with a statement during the year ended on the 31st of the assets Bank, shall, after being audited of Audit, be laid before the Legislative and liabilities and certified Council thereafter Le published in the Gazette and in every year and shall as Surpluses and deficits.

13.

(1) If in any year the revenue to defray the interest be insufficient expenses of the general under this Ordinance, the deficiency revenues of the Colony.
Bank shall of the Savings and all due to depositors shall be met out (2)If in any year the revenue more than sufficient all expenses direct general revenues to defray the under this Ordinance, of the surplus the transfer of the Colony : of the Savings interest Bank shall be due to depositors and may then the Governor to the thereof or any portion Provided that no such transfer shall be made unless the assets of the Savings by not less than fifteen per centum of the liabilities Bank will thereafter exceed the liabilities to depositors.
(3)If on the 31st December of the in any year the assets liabilities Bank exceed the Savings centum of the liabilities to depositors the prior consent of State, surplus over fifteen transferred by more than fifteen per with then the Governor, that the may direct shall be or any portion thereof of the Secretary to the general of the Colony.

revenues per centurn Power to make regulations.

14.
14.

(1) The Governor the management (2)In particular the foregoing in Council may make regulations for and regulation of the Savings Bank.

of and without prejudice to the generality powers such regulations ; of deposits (a)prescribe ( b)prescribe (c)prescribe limits the modes of making deposits the modes of withdrawing ; deposits may- and interest; (d)prescribe the times at which deposit returned to the Savings Bank by depositors books shall be ; Post Office Saving s Bank.

[Cap.

:133.
1809 (e)regulate deposits by minors, women, Friendly Societies guardians, trustees, and other charitable married bodies; (f)prescribe conditions for the withdrawal of moneys by minors, Societies trustees, guardians, ; bodies and other charitable married women, Friendly the modes of dealing with the deposits of deceased (g)prescribe or insane (h)prescribe dollars persons ; penalties and eighty not exceeding for the breach for the forfeiture of this Ordinance a :fine of four hundred of any such regulation ; of deposits made in wilful ; General to enter into an the Postmaster contravention ( j ) authorise ( i)provide with the Post Office Savings Bank of the in respect Protected arrangement United Kingdom of Great Britain or with the Government Savings Colony, Dominion, any territory League of Nations foreign country, the credit Office Savings for such transfers.
(3)Regulations for the transfer of depositors made in pursuance is being exercised and Northern Ireland Bank of any British or State, or Protectorate, on behalf of the by Her Majesty, or any of any sums standing to the Post Banks to Bank and vice versa, and prescribe from such Savings conditions of which a mandate of this section shall be in this Ordinance.

of the same effect as if they were contained 15.


(I) No person appointed the name of any depositor to carry this Ordinance into Names of posit or the amount d �� : effect shall disclose which may have been deposited except be appointed in carrying in due course to assist of law, or to such person or withdrawn by any depositor as may or persons te\kclosed.

this Ordinance into operation.


(2)Any person contravening to a-:fine not exceeding the provisions four hundred of this section and eighty shall be liable dollars.

the Postmaster General any Branch Savings Sett�ement of disputes.

next-of-kin shall arise between 16.


If any dispute or the officer managing Bank and any individual administrator, assignee of a depositor or any person claiming next-of-kin, deposited the matter in dispute III-12 creditor in such Savings and controlling depositor therein, of a depositor, who may become bankrupt to be such executor, or to be entitled shall be referred or assignee, B.G.-VOL.
Bank, then, and in every such case, to an arbitrator to be or any executor, or any creditor or or insolvent, administrator, to any money 1810 Cap.

133.]

Post Office Savings Bank.

by the Governor, and whatever appointed determination and conclusive and purposes, on all parties, without any appeal.

may be made by such arbitrator award, order or shall be binding and shall be final, to all intents Non-liability of Govern­ ment.
17.When any payment is made or act done by the Post­ or any person acting under his authority in and the regulations with this Ordinance master General accordance being made thereunder, General claim on the part of any person in connection or act, but any person may nevertheless lawfully General has paid the same.
and such person shall not be liable the Government, in respect with such payment recover due to him from the person to whom the Postmaster the Postmaster of any for the time any Rum Recovery of penalties.

18.Penalties under this Ordinance or the regulations shall and recovered under the Summary Jurisdiction be enforced Ordinances.