Star.
London, England, 1828-09-29 00:00:00

SAVINGS' BANKS.

By an Act which received the Royal Assent on the
28th of June, the laws wiih respect to these useful in.
atitutions have been consolidated and modified. Some
of the alteuations are iropostant t the rate of interest
has been seduced, and the sanction of the local Magis-
trates has been declated necessary before any new
Banks can be e•tablished.

The following is a brief outline of the Act—
All Ins mer Acts are repealed. A Saving Bank i,
generally defined as an institution established for the sale
custody and increase of small savings belonging to the
industrious classes. The privileges secured to the exist-
ing Banks by the present Act ate to be extended to all
which may hereafter be established. provided the esta•
blishment of the same be sanctioned by the local Magis-
trates. at their General Quarter Session. and by the
Commissioners for the Reduction of the National Debt.
The rules of the Bank to be entered in a book, which
is to bs open to the inspection of the depositors, and a
copy of the same to be delivered to the Clerk of the
Peace, to be by him enrolled. No situation to be made
in the rules without previous notice to the Clerk of the

Peace.
The rules tre to be submitted to a Barrister to be
named by the Commissioners for the Reduction of the
National Debt, and if approved of, they are declared to
be bi oding on the members and depositors of the BAnk.
The Treasurer, Trus en, and Managers, are to derive
no benefit from the institution.
The Treasurer and other officers intrusted with the
receipt or custody of money are to give security by
bond, to be deposited with the Cles kof the Peace. No
stamp duty to be charged.
The funds of the ins ittoion to be vested in the Trus-
tees for the time being, who may sue or be sued, in
their own names.
The Trustees or Managers, if guilty of wilful neglect
or drfault, to be liable for the consequences.

The officer s having custody of sectssetae' or money to'
deliver up an account for the same whenever called
Upon, either by an order of two Trustees and Three
Magistrates, or by vote of a- general meeting. In de-
fault, the Al aglittates at the nest Sessions are empower-
ed to proems' summarily against the officers.
The Trustees to invest all monies deposited with them
in the Banks of England or Ireland, in the names of
ihe Commissioners for the Reduction of the National.
Debt, with the exception of such sums as shall be re-
quired for the current disbursements of the institution.
The money invested is not to be less than SOL at a time,
and is to be ceit.fied by two of the Trustees as being
the exclusive propertrof the institution. The Trustees
may, however, otherwise employ the money, provided
they have the express authority of the party depositing
the. same. - -

Central Banks may be established, and may invest
the monies received from their Branch Banks.
The COMMiSibetTS fir Reducing the National Debt
are to invest the monies they receive on account of the
Saving Banks in Bank Annuities or Exchequer Bills.
On the payment of money in the Banks of England
or Ireland, to the credit of the Commissioners, their
officer is to give a receipt for the same, which is to bear
interest at the rate of nd. per day per cent. The in-
terest to -be calculated half yearly, and none to be al.
lowed on the fractional parts cf a pound.
The Trustees of Savings Banks may at option cake-
late the interests on deposits received by them either
b 411 F-yearly or yearly. The interest after calculation to
be carried forward to the credit of the depositor. as so
Much additional principal, and thenceforward to bear
interest as such.
The Trustees may appoint agents to draw money
from the Bank, from time to time, on their account.—
If the draught is for more than 5,0001. it is to be signed
by tour Trustees, whose signatures are to be attested by
separate witnesses. If for 10,0001. it is not to be paid
till 14 days after date; 10.0001. is the maximum for
which draughts can be drawn on any one day.
The interest received by the Trustees from the Com-
missioners, after deducting necessary expenses, is to be
divided equitably among the depositors; but after the
1/oth of November next, the interest allowed to depo-
siors is not to exceed 20. per day per cent. The sur-
plus, if any, to be yearly paid over to the Commis-
sioners, who are to keep accounts of the same, and, if
required, to pay it back to the institution whence
received.
The savings of minors may be invested in Savings'
Banks, and their receipt is to be a sufficient discharge
for any repayments made to them. .
Deposits made by married women may be drawn
ant by them, unless the husband gives previous notice
to the Trustees, stating his marriage, and requiring pay.
Inept Of the money to be made to biro.
Charitable, or Provident, or Friendly Societies, may
invest any sum not exceeding 1001. per annum, or 5001.
to the whole, is any Saving Bank willing to receive
the same.
_ _ _

• Members of Friendly Societies may make deposits ,
in Savings' Banks without being liable to any•penalty
to the Friendly Society to which they belong for se
doing; any rule of that Society to the contrary not. I
*rich:tending.
Every depositor is to give his name, occupation, and
residence.
Persons may make deposits, as TIMMs on basalt of
others.
Every depositor, on entering his name as a subscriber
at any Savings Bank, is to make a declaration that he
is mot subscribing to say other Bank. If the declara-
tion prove to be falsely made,. the money deposited is
declared to be forfeited to the National Sinkeg Fend.
The Trtsstees are not to receive more than SOL in a
year, or 1501. in all, from any depositor. KIK% the
principal and interest amount to iOOl. all Inure interest
is to cease. This clause is not to affect the continued
payieteht of interest on deposits of 2001. or upwards,
made previous to the passing of this Act ; but no flesh
deposit is to be received from such parties till their in-
terest and principal are reduced to 1501.
Deposits may be withdrawn from one Savings Rank
and placed in another. on production of a certificate
stating the fact of the withdrawal, and the amount : the
depositor to become liable to the rules of the new insti-
tution in which be places his money.
It a depositor die and leave a sum exceeding 501. in
the Sittings Bank, the same is not to be paid over by
the 'trustees tier the will of the deceased has been
proved, of letters of administration taken out. if under
SOL the parties ieceiving the same are to be exempted
from the stamp uuty on legacy receipts, or letters of ad-
ministration. as the case may be.
In CB6lll where the Trustees ate satisfied that a depo-
sitor to the amount of less than SOL has died intestate,
it eto letters of administration ate taken out, they may
proceed to divide the money among the parties entitled
the effects of the deceased, according to the law of
distaletkm. flf they may divide it according to any
Sole of the lastiteties 'polka* to such cases.
Is the diatsiagsies shall nave been erroneously made,
the injured patty Is to have nosemedy against the Tsar,

tees, but only agalust the pawns who have sreaugfilllT
received the 'honey( Payments made by the Trustees
under wills or lett'', of administration appearing to be
in force. are also declared to be valid, and the semedy
of the injuredparty similarly restrained.
Powers of attorney given by depositors are not liable
to the payment of any stamp duty.
I s the case of any dispute between a depositor and
the Tiostees, it is to be refuted to arbitration, and
award if to be binding on either party. No stamp duty
is to be charged.
The Trustees are annually, on the 20th November.
to make up an account of the state of the bank owe,
which they preside, and transmit the same to the Na•
60:1.1 Debt Commissioners. Adu licate of such ac-
count is to be affind in the Savings' Bask office.
The remainder of the Act consists of details of no,
public interest.