TRUSTEE SAVINGS BANKS ACT, 1965

AN ACT TO AMEND AND EXTEND THE TRUSTEE SAVINGS BANKS ACTS, 1863 TO 1958. [30th June, 1965.]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS :—

1 Interpretation.

1.—(1) In this Act “the Acts” means the Trustee Savings Banks Acts, 1863 to 1958.

• (2) This Act shall be construed as one with the Acts.

2 Authorisation of certain payments.

2.—In the case of any trustee savings bank, notwithstanding anything contained in the Acts or the rules and regulations for the management of the bank—

• (a) a payment may, on the instructions of a depositor, be made out of his deposits to another person,

• (b) such a payment may be made without production of the deposit book where it is being made under a standing order from the depositor,

• (c) where a demand for payment out of deposits is made on production of the deposit book, reference to the ledger shall not be obligatory if the amount demanded does not exceed ten pounds or such other amount as may be prescribed by the Minister for Finance by regulations,

• (d) on the death of a depositor, payment may be made to the Revenue Commissioners out of his deposits in respect of death duties, and probate or other proof of title of his personal representative may be dispensed with in relation to any such payment.

3 Power to undertake business calculated to encourage thrift.

3.—(1) The trustees of a trustee savings bank may, with the consent of the Minister for Finance, undertake any business which is, in the opinion of that Minister, calculated to encourage thrift and within the financial capacity of the bank.

• (2) Any expenses properly incurred by a bank in carrying on any such business shall be deemed part of the necessary expenses of the bank within the meaning of section 2 of the Trustee Savings Banks Act, 1863.

4 Deposits by certain bodies of persons.

4.—(1) The trustees or treasurers of any body of persons to which this section applies may invest the funds of the body in the funds of a trustee savings bank.

• (2) Where a payment is made by a trustee savings bank to a trustee, treasurer or other officer of a body of persons to which this section applies who appears to be authorised to require that payment, his receipt shall be a sufficient discharge and the trustee savings bank and its trustees, managers and officers shall not be responsible for any misapplication or for any want of authority of the person requiring or receiving the payment.

• (3) It is hereby declared that nothing in this section is to be construed as imposing any obligation on a trustee savings bank as respects its receiving any funds.

• (4) This section applies to—

• (a) boys clubs, sports clubs and Christmas clubs, and

• (b) similar bodies of persons,

being unincorporated and non-trading.

5 Appointment of commercial bank as treasurer.

5.—(1) A trustee savings bank may appoint a commercial bank as its treasurer, and section 8 of the Trustee Savings Banks Act, 1863, shall not apply in relation to a treasurer appointed by virtue of this section.

• (2) In this section “commercial bank” means any of the following banks:

• (a) the Bank of Ireland,

• (b) the Hibernian Bank, Limited,

• (c) the Munster & Leinster Bank, Limited,

• (d) the National Bank, Limited,

• (e) the National City Bank, Limited,

• (f) the Northern Bank, Limited,

• (g) the Provincial Bank of Ireland, Limited,

• (h) the Royal Bank of Ireland, Limited,

• (i) the Ulster Bank, Limited.

6 Retention of records, receipts and similar documents.

6.—A trustee savings bank shall retain its records, receipts and similar documents for a period of at least six years.

7 Amendment as to security to be given by officer of bank.

7.—(1) The security to be given in pursuance of section 8 of the Trustee Savings Banks Act, 1863, as amended by any subsequent enactment, may be either in the form required by that section as so amended or in the form of a single bond of a guarantee society guaranteeing all the persons employed by the bank or at any branch thereof who are required to give such security.

• (2) When security is given in the last-mentioned form, the annual premium on the bond shall be paid by the trustees, and the trustees shall be entitled to recover from each person covered by the bond such proportion of the premium as that person's annual salary bears to the total amount of the annual salaries of the persons covered by the bond.

8 Amendment of paragraph 7 of section 6 of Trustee Savings Banks Act, 1863.

8.—Paragraph 7 of section 6 of the Trustee Savings Banks Act, 1863, is hereby amended by the insertion of “(being a depositor making a specific request for inspection of such book)” after “every depositor”.

9 Amendment of section 11 of Trustee Savings Banks Act, 1863.

9.—(1) Section 11 of the Trustee Savings Banks Act, 1863, is hereby amended by the insertion of the following paragraph after paragraph 1:

“1A. Subject to a limit of one hundred pounds, for any deficiency which may arise in the funds of such savings bank:”

• (2) The words “(subject to the provision herein-after contained in respect to Savings Banks in Ireland)” in section 11 of the Trustee Savings Banks Act, 1863, and section 12 of that Act are hereby repealed.

10 Amendment of section 41 of Trustee Savings Banks Act, 1863, and section 3 (2) of Savings Banks Act, 1887.

10.—References to five hundred pounds are hereby substituted for the references to one hundred pounds in—

• (a) section 41 of the Trustee Savings Banks Act, 1863, as amended by section 3 of the Provident Nominations and Small Intestacies Act, 1883, and

• (b) subsection (2) of section 3 of the Savings Banks Act, 1887.

11 Amendment of section 5 (1) of Savings Banks Act, 1904.

11.—Subsection (1) of section 5 of the Savings Banks Act, 1904, is hereby amended by the substitution of “Minister for Finance” for “National Debt Commissioners, on the recommendation of the Inspection Committee”.

12 Short title and collective citation.

12.—(1) This Act may be cited as the Trustee Savings Banks Act, 1965.

• (2) The Acts and this Act may be cited together as the Trustee Savings Banks Acts, 1863 to 1965.