SAVINGS BANKS ORDINANCE. (Continued from our last) Rate of Interest may be reduced.

New Zealander, Volume 3, Issue 133, 8 September 1847, Page 4

SAVINGS BANKS ORDINANCE. (Continued from our last ) Rate of Interest may be reduced.

24. It shall be lawful for the trustees of any such bank, or a major pan of llicin, at a general meeting to he held in the month of J<miiaiy in eveiy year, with the consent and approbation of the Governor, to reduce the rate of interest hereinbefore prescribed. Provided always, that no sue!) reduction in the rate of interest shall be made until after thiee calendar mouths notice, he given by advertisement, to be published in the Government Gazette, Interest when to be added to credit of depositor. 25. Interest subject to the rules and regulations aforesaid, hhall be added to and incorporated with the sum which may be then standing in the books of the said bank, to the credit of each party, and shall • ear interest subject to the rules aforesaid, from the first day of the said mouth of January, and interest shall be allowed to him^upon the tottil sum, so long as the same shall remain deposited in such bank Provided always, that nothing; in this ordinance contained shall entitle any person, by one or by successive deposits, to place in charge of the trustees of any such bank, any sum exceeding £\OQ in the whole. Dii idends. 26* If at the close of any year, a surplus over and above £100 shall remain, after such interest, and alt such salaries, charges, and expenses, as aforesaiit, shall have been paid, including any debt due to the Colonial Government, in respect of advances made by the said government in aid of the funds of any such bank, fur the payment of interest as hereinbefore provided— the said trustees may, and shall caus>e such surplus to he d.vided among, and placed to the credit of the seveial persons having deposits | in such bank, in proportions corresponding with the amount of the respective sums standing to their credit at the close of the preceding year, a»d with the number of months in such year, duri u o which such sums may have remained insetted in the names of the several depositors. Governor may gauranlee Loans. 27. And Whereas, by reason of the funds of such bank I ems? invested ?n manner herein provided, the Trustees of the said bank, may, without the assistance o( the government, be unable to meet the demands made upon them from time to time, by depositors desirous of withdrawing their deposits— be it fuither enacted, that it shall be lawful for the Gorernor to gaurantee the repayment of any loan which it may be necessary for the trustees to negociate, in order to meet the demands of such depositors. Provided, that no loan or loans outstanding at any time, and so gauranteed, shall exceed the sum of £1000, without the previous advice and consent of the Colonial Legislature. Infants may be depositors. 28. In case the trustees of any such tank shall !

receive any depositof money from or for the use and. benefit of any person under the age of 21 years, it shall he lawful for the said trustees to pay such person his share and interest in the funds of the said bank, in the- manner and upon the conditions herein appointed in the case of other depositors, and the receipt of such person shall be a sufficient discharge for any money pai.l to him as aforesaid, notwithstanding his incapacity or inability in law to act for himself. Deposit" made by a Woman who shall subsequently Marry, or by a Married Woman, may be paid upon the receipt of such Woman, unless notice given. 29. In case any deposit shall have been made in any such bank, by any married woman, without notice of her marriage, or in 'case any deposit shall have been made by any woman who shall marry subsequently to making such deposit, it shall be lawful for the trustees of such bank, to pay any sum of money in respect of any such deposit to any such woman, unlesi the husband of such woman or his representatives shall give to such trustees notice in writing of such marriage, and shall require payment to be made to him or them. Friendly Societies, &<•., may become depositors. 30. It shall be lawful for the said trustees of any such hank, by order of the Governor, to receive any sum or sums' of money (although such sum shall exceed £100), which may have been, or may horeafter be received and deposited in any Savings' Bank, or Friendly, or other Society within the Colony, from the treasurer or trustees of such bank, or society, or other person competent to pay the same, and to place the same in any such bank, in the name or names of the person or persons to whom such money so to be transferred shall respectively belon" 1 , and to give credit in the books and accounts of such bank, to such persons, for the several and respective sums to which they may be entitled at the time of such transfer, and to pay interest for the samej and at aud after the same rate as if such sums had been originally deposited in any such bank by the several individuals lo whom the same shall respectively telong. On death of depositors,— deposits not exceeding £20, how to be disposed of. 31. In case any depositor in the funds of any such bank shall die, leaving any sum of money in such bank, which, with the interest thereon, shall not exceed in the whole, j£2(), it shall be lawful for the said trustees, aud they are hereby authorised, in case they shall be satisfied that no will was made and left* by such deceased depositor, and that no letters or administration will be taken out of the goods and chattels of such depositor, to pay the same at any time, after the decease of such depositor, accordiug to the rules and regulations of such bank ; and in the event of there beins no rules and regulations made in that behalf, then the said trustees are hereby authorised to pay out of such sum of money, all just debts due or owing by such deceased depositor, and to defray the expense of his funeral, so far as the snid sum of money shall extend, and lo pay and divide the surplus, if any, to and amongst the person or persons entitled to the effects of the deceased intestate, according to the statute of distributions. If deposit exceed ,£2O. 32. In case any depositor shall die, leaving any sum or sums of money in the funds of any 6ucb bank, or there shall be any dividends or intciest due thereon, belonging to htm at the time of his death, which said several sums shall exceed in the whole, the sum of £20, the same shall not be paid to any person or persons claiming to be the representative, next of kin, or creditor of such depositor, unless such person shall deliver, or cause to be delivered to the said trustees, or to the accountant of such batik, a notice in writing, signed with his name, in the presence of tw«i credible witnesses, setting forth the grounds upon which he claims to be entitled to receive the said sum of money belonging to such depositor at the time of his death, or any part thereof. Provided always, that the said notice shall have been previously published thrice or oftener in the Government Gazette, and in someone or ir ore of the newspapers of the colony, at the discretion of the trustees, and three calendar months at least shall have elapsed, subsequently to such last publication, before payment he made in satisfaction of any such claim or demand. Provided also, that if any creditor of the deceased whose debt shall not exceed the sum of 10/., shall put in his claim to be paid, it shall be lawful for the said trustees to pay the same without such public notice as aforesaid. Provided always, that the above regulations shall not be taken to intcifeie with the legal title and claim of any ropiesentative of such depositor deceased, who shall procure probate of the will of the same, or letters of administration of his effects, or with the action of the official administrator.

To be continued.