PENNY SAVINGS BANKS IN PUBLIC SCHOOLS.

New Zealand Times, Volume XXXIV, Issue 5610, 22 March 1879, Page 3

PENNY SAVINGS BANKS IN PUBLIC SCHOOLS.

A very complete set of regulations for the conduct of Penny Savings Banks in schools has been published in the Gazette. We reprint the rules of general public interest only : I. The Penny Bank shall be under the management of a trustee, a treasurer, and at least one other person, all of whom shall be appointed by the school committee, and who are hereinafter termed the “managers.” In all cases the headmaster, or (with the consent of the headmaster) one of the other teachers of the school, shall be one of the managers. But no Penny Bank: shall be opened until the treasurer has' furnished, to the satisfaction of the school committee and the Education Board, security for his intromissions as treasurer, of such amount as shall be fixed by the committee with the express approval of the Board, and no treasurer shall thereafter take office until he shall have furnished approved security as herein provided. ■ 2. The deposits of the Penny Bank, excepting a balance not exceeding twenty shillings, shall be invested on the day of or the day after receipt, in an account to be opened in the nearest Post Office Sayings Bank in the names of the trustee and treasurer of the School Penny Bank. 3. The Penny Bank shall be open for the receipt and repayment of deposits on the days and during the hours to be fixed by the school committee, when not less than two of the managers shall attend, one to enter the transactions in the depositors’ books, and the other to receive the deposits, to make repayments, and to enter the transactions in the journal ; or, if two managers cannot attend, one of the depositors who may be qualified shall be appointed to act along with the manager in attendance. Tfip depositors qualified for the duty may be appointed in turn by the managers to make the entries in the passbooks and to post the entries from the journal into the ledger.; but the money must be received and the transactions entered in the journal by the treasurer, trustee, or other manager. 4, Deposits of one penny'and upwards may be received. 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 be recommended to open a separate account in his own name in the Post Office Savings'Bank. A depositor may, if he desires to do so, open an account in his own name in the Post Office Savings Bank when. his deposits amount to five shillings. 18. Tho journals, ledgers, and depositors’ books to be used hereunder shall be supplied by tho Minister of Education. ’ 19. Interest may be allowed to each depositor, at a rate to bo fixed by the school committee on the recommendation of the managers, on every complete deposit, fixed in like manner by tho school committee. 20. The operations of the bank shall not in any way interfere with school work. 21. Strict secrecy must be observed respectiiig all deposits. 22. These regulations shall come into force upon the date hereof.