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Trustee Savings Banks Act 1981

Status:

This is the original version (as it was originally enacted).

  1. Introductory Text

  2. Establishment of trustee savings banks

    1. 1.Establishment of savings bank in accordance with the Act

    2. 2.Conditions as to rules of savings bank

    3. 3.Certification of a trustee savings bank

  3. General provisions

    1. 4.Title of a trustee savings bank

    2. 5.Requirements as to bank rules

    3. 6.Status of bank rules

  4. The Trustee Savings Banks Central Board

    1. 7.The Central Board

    2. 8.Revenues of Central Board and subsidiaries to cover outgoings and allocations to reserves

    3. 9.Power to levy contributions on trustee savings banks

  5. Duty of banks to comply with directions of Central Board

    1. 10.Duty of banks to comply with directions of Central Board

  6. Trustees and property of trustee savings banks

    1. 11.Scheme for appointment and removal of trustees

    2. 12.Age limit for trustees

    3. 13.Notification of changes in trustees

    4. 14.Power to pay trustees

    5. 15.Bank property to be held by custodian trustees

    6. 16.Register of custodian trustees and certificates as to custodian trustees and property

    7. 17.Power to purchase and dispose of property, erect buildings etc.

  7. General financial provisions

    1. 18.Power to carry on business of banking

    2. 19.Power to borrow

    3. 20.Liabilities as banker to be matched by certain assets

    4. 21.General powers of investment

    5. 22.Revenue of bank to cover outgoings and allocations to reserves

  8. Accounts and audit

    1. 23.Duties in relation to accounts

    2. 24.Appointment and qualification of auditors

    3. 25.Right to receive copies of accounts

  9. Deposits

    1. 26.Settlement of disputes

    2. 27.Regulations as to deposits

    3. 28.Power to increase amount disposable on death without representation

    4. 29.Deposits by, and payments to, certain institutions etc.

  10. Amalgamation

    1. 30.Power to amalgamate

  11. Closure of banks

    1. 31.Procedure for closing a bank

    2. 32.Disposal of surplus money on closure of a bank

  12. Supervision of trustee savings banks

    1. 33.Periodic returns

    2. 34.Inspection of books and documents etc. of trustee savings banks

    3. 35.Appointment of commissioner to examine affairs of trustee savings bank

  13. Control of advertising

    1. 36.Directions by Chief Registrar as to advertisements

    2. 37.Supplementary provisions as to directions under s. 36

    3. 38.Regulations as to advertisements and other communications

    4. 39.Defence in proceedings under s. 36 or 38

    5. 40.Time limit for commencement of summary proceedings under s. 36 or 38 in Scotland

  14. Liability of officers, trustees etc.

    1. 41.Persons failing to account for money received from depositors

    2. 42.Liability of trustees

    3. 43.Indemnity for trustees against claims in respect of certain acts

    4. 44.Recovery of property of a bank from certain persons

    5. 45.Priority of debts owed by bank officers to the bank

  15. Superannuation

    1. 46.Superannuation

  16. Miscellaneous

    1. 47.Form in which records may be kept

    2. 48.Rules of bank for authentication of documents

    3. 49.Fees taken by Registrar

    4. 50.Exemption from stamp duty

    5. 51.Indemnity for Bank of England etc.

    6. 52.Use of title of certified savings bank by unauthorised persons

    7. 53.Closure of Fund for the Banks for Savings

  17. Supplemental

    1. 54.Interpretation

    2. 55.Consequential amendments, transitional provisions, savings and repeals

    3. 56.Application to Isle of Man and Channel Islands

    4. 57.Citation, etc.

  18. SCHEDULES

    1. SCHEDULE 1

      Matters to be covered by the Rules of a Trustee Savings Bank

    2. SCHEDULE 2

      Additional Provisions Relating to the Central Board

      1. Appointment and tenure of members

        1. 1.(1) The Central Board shall consist of—

        2. 2.A member of the Central Board, other than the" chief...

        3. 3.A member of the Central Board may resign his office....

        4. 4.A member of the Central Board shall vacate his office...

      2. Chairman

        1. 5.(1) The chairman of the Central Board shall be elected...

        2. 6.Subject to the provisions of paragraphs 7 and 8 and...

        3. 7.If the chairman ceases to be a member of the...

        4. 8.The chairman may resign as such without resigning his membership...

      3. Meetings and proceedings of the Board and committees

        1. 9.(1) The Central Board may appoint such committees for such...

        2. 10.(1) The Central Board may make standing orders with respect...

        3. 11.(1) A trustee savings bank may, in respect of the...

      4. Officers

        1. 12.(1) The Central Board shall appoint a chief officer and...

      5. Remuneration and allowances for members and officers

        1. 13.(1) The Central Board shall pay to each member or...

        2. 14.(1) Except in so far as the Central Board consider...

      6. Accounts and audit

        1. 15.(1) The Central Board shall keep proper accounts and proper...

      7. Appointment and qualifications of auditors

        1. 16.(1) The Central Board shall at the beginning of each...

      8. Authentication of documents

        1. 17.(1) The application of the seal of the Central Board...

      9. Status of Board and their property

        1. 18.The Central Board shall not be regarded as the servant...

    3. SCHEDULE 3

      Execution of Documents by Custodian Trustees

      1. 1.(1) The custodian trustees of every trustee savings bank shall...

      2. 2.Every document purporting to be a document executed by the...

    4. SCHEDULE 4

      Classes of Assets to be Held by a Trustee Savings Bank to Match its Liabilities to Depositors

      1. PART I Classes of Assets to Match a Proportion, Determined under Section 20(1)(a), of Sums Due to Depositors

        1. 1.Cash.

        2. 2.Deposits in the Fund for the Banks for Savings.

        3. 3.Money held on current account by other bankers (including the...

        4. 4.Deposits in accounts with other bankers (including the Central Trustee...

        5. 5.Loans of either of the kinds mentioned in paragraph 9...

        6. 6.Treasury Bills payable not more than 91 days from date;...

        7. 7.Marketable fixed interest securities issued by Her Majesty's Government in...

        8. 8.Marketable fixed interest securities the payment of interest on which...

        9. 9.Assets of such other classes as may from time to...

      2. PART II Classes of Assets to be Held to Match the Residue of Sums due to Depositors

        1. 10.Cash.

        2. 11.Deposits in the Fund for the Banks for Savings.

        3. 12.Money held as mentioned in paragraph 3 of this Schedule....

        4. 13.Deposits in accounts with other bankers (including the Central Trustee...

        5. 14.Sterling Certificates of Deposit.

        6. 15.Treasury Bills; bills issued by Her Majesty's Government in Northern...

        7. 16.Marketable fixed interest securities issued by Her Majesty's Government in...

        8. 17.Marketable fixed interest securities the payment of interest on which...

        9. 18.Loans of either of the kinds mentioned in paragraph 9...

        10. 19.Fixed interest securities of the kinds mentioned in paragraphs 3,...

        11. 20.Debentures of the kind mentioned in paragraph 8 of Part...

        12. 21.Capital assets acquired under section 17(1) of this Act.

        13. 22.Assets of such other classes as may from time to...

    5. SCHEDULE 5

      Transitory Provisions Relating to the Fund for the Banks for Savings

      1. The Fund for the Banks for Savings

        1. 1.(1) Subject to section 53(1), there shall continue to be...

      2. Interest-bearing receipts

        1. 2.(1) Receipts issued under section 34(1) of the Trustee Savings...

      3. Interest on sums in the Fund

        1. 3.(1) All sums credited to an account of a trustee...

      4. Investment of money in the Fund

        1. 4.(1) The Commissioners, subject to reserving such sums as they...

      5. Power to hold cash balance in Bank of Ireland

        1. 5.Notwithstanding the provisions of paragraph 4, the Commissioners may, in...

      6. Withdrawal of sums from the Fund

        1. 6.The Commissioners with the concurrence of the Treasury may by...

      7. Annual account as between Commissioners and trustee savings banks

        1. 7.(1) The Commissioners shall annually make out an account in...

      8. Certain expenses to be defrayed out of surplus income of the Fund

        1. 8.(1) The Commissioners shall in every year, out of the...

      9. Adjustment of balances

        1. 9.(1) Where the annual account mentioned in paragraph 7 shows...

      10. Annual statement of liabilities of Government to banks

        1. 10.(1) The Commissioners shall at the close of each year...

      11. Account to be prepared by Commissioners

        1. 11.(1) The Commissioners shall at the close of each year...

      12. Comptroller and Auditor General to report on certain accounts etc.

        1. 12.The Comptroller and Auditor General shall each year examine, certify...

      13. Commissioners' staff

        1. 13.The Commissioners may employ such clerks and other officers as...

      14. Closure of the Fund

        1. 14.(1) The Treasury may by order fix a limit on...

    6. SCHEDULE 6

      Consequential Amendments

      1. BANKERS' BOOKS EVIDENCE ACT 1879 (c. 11)

      2. BANKRUPTCY ACT 1914 (c. 59)

      3. AGRICULTURAL CREDITS ACT 1928 (c. 43)

      4. AGRICULTURAL CREDITS (SCOTLAND) ACT 1929 (c. 13)

      5. COMPANIES ACT 1948 (c. 38)

        1. 1.In section 398, for "the Trustee Savings Banks Act 1954...

        2. 2.In section 399, for subsection (8) substitute the following subsection—...

      6. PAYMENT OF WAGES ACT 1960 (c. 37)

      7. COMPANIES ACT (NORTHERN IRELAND) 1960 (c. 22) (N.I.)

        1. 1.In section 348, for "the Trustee Savings Banks Act 1954...

        2. 2.In section 349, for subsection (8) substitute the following subsection—...

      8. ADMINISTRATION OF ESTATES (SMALL PAYMENTS) ACT 1965 (c. 32)

        1. 1.In section 5(1), for "or to section 28(5) of the...

        2. 2.In section 6(3), for " or section 29 of the...

      9. INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969 (c. 24) (N.I.)

      10. INCOME AND CORPORATION TAXES ACT 1970 (c. 10)

        1. 1.In section 304(5), as amended by paragraph 1 of Schedule...

        2. 2.In section 339(1), for " within the meaning of section...

      11. FRIENDLY SOCIETIES ACT (NORTHERN IRELAND) 1970 (c. 31) (N.I.)

      12. NATIONAL SAVINGS BANK ACT 1971 (c. 29)

        1. 1.In section 21(3)(c) (i), for " 1969 " substitute "...

        2. 2.In section 27, in the definition of "trustee savings bank",...

      13. FRIENDLY SOCIETIES ACT 1974 (c. 46)

      14. SOLICITORS ACT 1974 (c. 47)

      15. SOLICITORS (SCOTLAND) ACT 1976 (c. 6)

      16. HOME PURCHASE ASSISTANCE AND HOUSING CORPORATION GUARANTEE ACT 1978 (c. 27)

      17. CREDIT UNIONS ACT 1979 (c. 34)

      18. BANKING ACT 1979 (c. 37)

      19. HOME PURCHASE ASSISTANCE (NORTHERN IRELAND) ORDER 1979 (1979/1043) (N.I. 13)

      20. FINANCE ACT 1980 (c. 48)

    7. SCHEDULE 7

      Transitional Provisions and Savings

      1. General provisions

        1. 1.Any enactment or other document whatever referring to an enactment...

        2. 2.Where a period of time specified in an enactment repealed...

        3. 3.Any reference in this Act (whether express or implied) to...

      2. Appointments of first members of Central Board

        1. 4.Any person who was, immediately before the commencement of this...

      3. Loans on real security

        1. 5.Nothing in the repeal by this Act of subsections (3)...

      4. Amounts disposable on death without representation

        1. 6.In its application in relation to any death occurring before...

      5. Returns under section 33(1)

        1. 7.On such day as the Treasury may by order made...

      6. Superannuation schemes

        1. 8.In so far as any provisions of sections 75, 76...

      7. Withdrawal of sums from Fund for the Banks for Savings

        1. 9.(1) Until such time as paragraph 6 of Schedule 5...

      8. Transfer of stock registered in parts of National Savings Stock Register kept by trustee savings banks

        1. 10.Nothing in the repeals made by this Act shall affect...

      9. Amendments made by Banking Act 1979

        1. 11.If at the commencement of this Act the amendment made...

      10. Saving of amendments etc.

        1. 12.Notwithstanding the repeals made by this Act—

      11. Other savings

        1. 13.Notwithstanding the repeals made by this Act, the moneys received...

        2. 14.Nothing in the repeals made by this Act shall affect—...

        3. 15.Nothing in the repeals made by the Trustee Savings Banks...

    8. SCHEDULE 8

      Repeals

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