LegalizeTrustee Savings Banks Act , 1979
1 Loans by trustee savings banks.
1.—Section 3 of the Trustee Savings Banks Act, 1965, shall have effect, and shall be deemed always to have had effect, as if “(including, notwithstanding anything in the Acts, the making of loans (whether secured by mortgages of land or any interest in land or otherwise) and the using, for the purpose of making the loans, of money deposited with the bank by depositors)” was inserted after “business” in subsection (1) and the said subsection (1), as so amended, is set out in the Table to this section.
TABLE
(1) The trustees of a trustee savings bank may, with the consent of the Minister for Finance, undertake any business (including, notwithstanding anything in the Acts, the making of loans (whether secured by mortgages of land or any interest in land or otherwise) and the using, for the purpose of making the loans, of money deposited with the bank by depositors) which is, in the opinion of that Minister, calculated to encourage thrift and within the financial capacity of the bank.
2 Short title and collective citation.
2.—(1) This Act may be cited as the Trustee Savings Banks Act, 1979.
(2) The Trustee Savings Banks Acts, 1863 to 1965 and this Act may be cited together as the Trustee Savings Banks Acts, 1863 to 1979.
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