SCHOOL SAVINGS BANKS.

Globe, Volume XX, Issue 1589, 24 March 1879, Page 3

SCHOOL SAVINGS BANKS.

[Press Wire.] Wellington, iu»r c h 21. An Order in Council on the 18th inst. makes the following regulations for the management of penny savings banks established for the use of children attending the public schools: 1. The penny bank shall be under management of a trustee, a treasurer, and at least one other person, all of whom shall be appointed by a school committee, and who are hereinafter termed “ managers.” In all cases the head master or (with the consent of the head master) one of the other teachers of the school, shall be one of the managers ; but no penny bank shall bo opened until the treasurer has furnished to the satisfaction of the school committee and Education Board security for such amount as shall be fixed by the committee, with the express approval of the Board. 2. The deposits at penny banks, excepting a balance not exceeding 20s, shall be invested on the day after receipt in an account to be opened in the nearest post office savings bank in the names of the trustee and treasurer of the school. The bank shall be open for receipt and repayment of deposits on days and during hours to be fixed by the school committee. 4. Deposits of Id and upwards may be receive d. 5. Every depositor shall be supplied on making his first deposit with a deposit book free of .charge. 7. Depositors may withdraw all or any portion of their deposits on giving one week’s notice on any bank day and leaving their deposit book with the manager in attendance. 8 No depositor shall be allowed to have more than £5 in the Bank at one time, and when his deposits amount to £2 he shall bo recommended to open a separate account in his own name in the Savings Bank. A depositor may, if ho desires to do so, open an account in his own name in the Post-office Savings’ Bank when his deposits amounts to 15s. 18. The journals, ledgers, and depositors’ hooks to be used hereunder shall bo supplied by the Minister of Education.

19. Interest may he allowed to each depositor at a rate to be fixed In the school committee, on the recommendation of the managers, on every complete deposit fixed in like manner by the school committee. Such interest shall bo calculated from the first d :y of the month following that in which deposits are made, to the last day of the month p eceding that in which they are withdrawn. But it is recommended that no interest he allowed during the first year after the establishment of the Hank.

20. The operations of the Bank shall not in any way interfere with school -work. 21. Strict secrecy must be observed respecting all deposits. 22. These regulations shall come into force upon the date hereof.