Trustee Savings Banks Act 1981

• (b) a sum, to be determined by the Treasury, to provide against the depreciation in the value of the securities, and

• (c) any amount applied under paragraph 8(1)

the Commissioners shall cause the amount of the surplus to be paid out of the Fund into the Consolidated Fund in such manner as may from time to time be agreed on between the Treasury and the Commissioners.

• (2) If the Fund is insufficient to meet its liabilities the Treasury may, on being informed of this by the Commissioners, issue the amount of the deficiency out of the Consolidated Fund, and the Treasury shall certify the deficiency to Parliament.

Annual statement of liabilities of Government to banks

10

• (1) The Commissioners shall at the close of each year ending on 20th November prepare a statement in such form as the Treasury may direct showing the aggregate of the liabilities of the Government to trustee savings banks and the nature and amount of the securities held by the Commissioners to meet those liabilities.

• (2) The statement shall, not later than 31st May in each year, be transmitted to the Comptroller and Auditor General.

Account to be prepared by Commissioners

11

• (1) The Commissioners shall at the close of each year ending on 20th November prepare an account with respect to trustee savings banks containing such particulars and in such form as the Treasury may direct

• (2) The account shall, not later than 31st May in each year, be transmitted to the Comptroller and Auditor General.

Comptroller and Auditor General to report on certain accounts etc.

12

The Comptroller and Auditor General shall each year examine, certify and report on the account transmitted to him under paragraph 7 or 11, and on the statement transmitted to him under paragraph 10, and shall lay copies of them, together with copies of his report, before each House of Parliament.

Commissioners' staff

13

The Commissioners may employ such clerks and other officers as may be necessary for the purposes of this Act; and the Minister for the Civil Service may determine the remuneration of those clerks or other officers.

Closure of the Fund

14

• (1) The Treasury may by order fix a limit on the sums which may be withdrawn in any period of six months ending on 20th November or 20th May by a trustee savings bank from the amount standing to the bank's credit in the Fund.

• (2) At the end of the period of six months ending on 20th November or, as the case may be, 20th May immediately preceding the appointed day, the Commissioners shall pay to each trustee savings bank the amount (if any) standing to its credit in the Fund, together with any interest accrued thereon under sub-paragraph (1) of paragraph 3 from the date on which interest was last credited under sub-paragraph (2) of that paragraph to the date of payment.

• (3) After paying each bank in accordance with sub-paragraph (2) of this paragraph, the Commissioners shall pay any surplus amount remaining in the Fund into the Consolidated Fund.

• (4) Any order under this paragraph shall be made by statutory instrument, which shall be subject to annulment in pursuance of a resolution of either House of Parliament.

• (5) The provisions of this paragraph shall cease to have effect on the appointed day.

• (6) In this paragraph " the appointed day " means the day appointed for the closure of the Fund under section 53(1).

SCHEDULE 6

BANKERS' BOOKS EVIDENCE ACT 1879 (c. 11)

In subsection (1)(b) of section 9, as substituted by Schedule 6 to the Banking Act 1979, for " section 3 of the Trustee Savings Banks Act 1969 " substitute " the Trustee Savings Banks Act 1981 ".

BANKRUPTCY ACT 1914 (c. 59)

In section 33(9), for " section 72 of the Trustee Savings Banks Act 1969 " substitute " section 45 of the Trustee Savings Banks Act 1981 ".

AGRICULTURAL CREDITS ACT 1928 (c. 43)

In section 5(7), in the definition of "Bank", as substituted by Schedule 6 to the Banking Act 1979, for " section 3 of the Trustee Savings Banks Act 1969 " substitute " the Trustee Savings Banks Act 1981 ".

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

In section 9(2), in the definition of "Bank ", as substituted by Schedule 6 to the Banking Act 1979, for " section 3 of the Trustee Savings Banks Act 1969 " substitute " the Trustee Savings Banks Act 1981 ".

COMPANIES ACT 1948 (c. 38)

1

In section 398, for "the Trustee Savings Banks Act 1954 or the Trustee Savings Banks Act 1969" substitute " 1954, 1969 or 1981 ".

2

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

(8) A petition for winding up a trustee savings bank may be presented by the Trustee Savings Banks Central Board or by a commissioner appointed under section 35 of the Trustee Savings Banks Act 1981 as well as by any person authorised under the other provisions of this Act to present a petition for winding up a company.

PAYMENT OF WAGES ACT 1960 (c. 37)

In section 7(6)(a), for " 1954 " substitute " 1981 ".

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

1

In section 348, for "the Trustee Savings Banks Act 1954 or the Trustee Savings Banks Act 1969" substitute " 1954, 1969 or 1981 ".

2

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

(8) A petition for winding up a trustee savings bank may be presented by the Trustee Savings Banks Central Board or by a commissioner appointed under section 35 of the Trustee Savings Banks Act 1981 as well as by any person authorised under the provisions of this Act to present a petition for winding up a company.

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

1

In section 5(1), for "or to section 28(5) of the Trustee Savings Banks Act 1969" substitute " or to section 27(4) of the Trustee Savings Banks Act 1981 ".

2

In section 6(3), for " or section 29 of the Trustee Savings Banks Act 1969 " substitute " or section 28 of the Trustee Savings Banks Act 1981 ".

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

In paragraph (b) of section 87(7), as added by Schedule 6 to the Banking Act 1979, for " section 3 of the Trustee Savings Banks Act 1969 " substitute " the Trustee Savings Banks Act 1981 ".

INCOME AND CORPORATION TAXES ACT 1970 (c. 10)

1

In section 304(5), as amended by paragraph 1 of Schedule 11 to the Finance Act 1980, for " section 95(1) of the Trustee Savings Banks Act 1969 " substitute " section 54(1) of the Trustee Savings Banks Act 1981 ".

2

In section 339(1), for " within the meaning of section 95(1) of the Trustees Saving Banks Act 1969 " substitute " as denned in section 54(1) of the Trustee Savings Banks Act 1981 ".

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

In section 39(1)(b), for " the Trustee Savings Banks Act 1954 or the Trustee Savings Banks Act 1969" substitute " 1954, 1969 or 1981 ".

NATIONAL SAVINGS BANK ACT 1971 (c. 29)

1

In section 21(3)(c) (i), for " 1969 " substitute " 1981 ".

2

In section 27, in the definition of "trustee savings bank", for " the Trustee Savings Banks Act 1954, the Trustee Savings Bank Act 1969 " substitute " 1954, 1969 or 1981 ".

FRIENDLY SOCIETIES ACT 1974 (c. 46)

In section 46(1)(a), for " the Trustee Savings Banks Act 1954 or the Trustee Savings Banks Act 1969" substitute " 1954, 1969 or 1981 ".

SOLICITORS ACT 1974 (c. 47)

In section 87(1), in paragraph (c) of the definition of "bank", for " section 3 of the Trustee Savings Banks Act 1969 " substitute " the Trustee Savings Banks Act 1981 ".

SOLICITORS (SCOTLAND) ACT 1976 (c. 6)

In section 5(1), for " section 95 of the Trustee Savings Bank Act 1969" substitute " the Trustee Savings Banks Act 1981 ".

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

In paragraph 6 of the Schedule, for " 1969 " substitute " 1981 ".

CREDIT UNIONS ACT 1979 (c. 34)

In section 31(1), in paragraph (a) of the definition of "authorised bank ", for " section 3 of the Trustee Savings Banks Act 1969 " substitute " the Trustee Savings Banks Act 1981 ".

BANKING ACT 1979 (c. 37)

In section 50(1), in the definition of " trustee savings bank ", for "section 3 of the Trustee Savings Banks Act 1969" substitute " section 54(1) of the Trustee Savings Banks Act 1981 ".

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

In paragraph 3 of the Schedule, for " 1969 " substitute " 1981 ".

FINANCE ACT 1980 (c. 48)

In paragraph 8 of Schedule 11, in the definition of "trustee savings bank ", for " 1969 " substitute " 1981 ".

SCHEDULE 7

General provisions

1

Any enactment or other document whatever referring to an enactment repealed by this Act, by the Trustee Savings Banks Act 1969 or by the Trustee Savings Banks Act 1954 shall, so far as may be necessary for preserving its effect, be construed as referring (or as including a reference) to the corresponding provision of this Act.

2

Where a period of time specified in an enactment repealed by this Act is current at the commencement of this Act, this Act shall have effect as if the corresponding provision thereof had been in force when that period began to run.

3

Any reference in this Act (whether express or implied) to a thing done or falling to be done under a provision of this Act shall, so far as the context permits, be construed as including, in relation to times, circumstances and purposes in relation to which the corresponding provision repealed by this Act had effect, a reference to a thing done or falling to be done under that corresponding provision; and where that provision was itself a re-enactment of an earlier provision such references shall extend in the same way to that earlier provision, and so on.

Appointments of first members of Central Board

4

Any person who was, immediately before the commencement of this Act, a member of the Central Board having been appointed a member by a trustee savings bank falling within paragraph (a) of paragraph 2(4) of Schedule 1 to the Trustee Savings Banks 1976 (banks eligible to appoint first members of the Board) shall, notwithstanding the repeals made by this Act, continue to be a member of the Board as if he had been appointed under paragraph 1(1)(a) of Schedule 2 to this Act.

Loans on real security

5

Nothing in the repeal by this Act of subsections (3) and (4) of section 1 of the Trustee Savings Banks Act 1978 shall affect the continued operation of those subsections in relation to loans on real security (within the meaning of that section) made by trustee savings banks before the commencement of this Act.

Amounts disposable on death without representation

6

In its application in relation to any death occurring before 10th August 1975, section 27(4) shall have effect as if for the reference to £1500 there were substituted a reference to the amount applicable in relation to that death immediately before the commencement of this Act by virtue of any enactment corresponding to that subsection and then in force.

Returns under section 33(1)

7

On such day as the Treasury may by order made by statutory instrument appoint section 33(1) shall have effect with the substitution of the words " the Registrar for the words " the Commissioners " in both places where they occur.

Superannuation schemes

8

In so far as any provisions of sections 75, 76 and 78 to- 82 of the Trustee Savings Banks Act 1969 or of any instruments made thereunder had effect immediately before the commencement of this Act in accordance with subsection (5) of section 30 of the Trustee Savings Banks Act 1976 as if they constituted a scheme under subsection (2) of that section, they shall, notwithstanding the repeals made by this Act, continue to have effect (with any necessary adaptations and modifications) as if they constituted a scheme under section 46(2) of this Act, and may be revoked or amended accordingly.

Withdrawal of sums from Fund for the Banks for Savings

9

• (1) Until such time as paragraph 6 of Schedule 5 is repealed by an order under section 53(3), section 48 shall have effect as if there were added at the end of the section the words " but shall not affect anything contained in any regulations made by the Commissioners under paragraph 6 of Schedule 5 ".

• (2) Nothing in section 51 applies in relation to any liability arising by virtue of paragraph 14 of Schedule 5.

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

10

Nothing in the repeals made by this Act shall affect the continued operation of the provisions of section 33 of the Trustee Savings Banks Act 1976 until such time as the stock registered in the parts of the National Savings Stock Register kept by trustees of trustee savings banks has been transferred to the Director of Savings in accordance with an order under subsection (2) of that section.

Amendments made by Banking Act 1979

11

If at the commencement of this Act the amendment made by Schedule 6 to the Banking Act 1979 in the case of any of the following enactments, namely—

• (a) the Bankers' Books Evidence Act 1879,

• (b) the Agricultural Credits Act 1928,

• (c) the Agricultural Credits (Scotland) Act 1929, and

• (d) the Industrial and Provident Societies Act (Northern Ireland) 1969,

is not in force, then, the amendment to that enactment (as so amended) contained in Schedule 6 to this Act shall not come into force until such time as the amendment made by Schedule 6 to the Banking Act 1979 has been brought into force under section 52(3) thereof.

Saving of amendments etc.

12

Notwithstanding the repeals made by this Act—

• (a) the amendments made by paragraphs 1, 3, 4 to 7, 19 and 20 of Schedule 5 to the Trustee Savings Banks Act 1976 (" the 1976 Act") shall, subject to sub-paragraph (b) of this paragraph, continue to have the same effect as they had immediately before the commencement of this Act (any reference to section 95(1) of the Trustee Savings Banks Act 1969 being read as a reference to section 54(1) of this Act);

• (b) if any of those amendments, or any repeal in the National Debt Act 1972 contained in Schedule 6 to the 1976 Act was not in force immediately before the commencement of this Act, it may be brought into force on or after that commencement by means of an order under section 38 of the 1976 Act as if this Act had not come into force.

Other savings

13

Notwithstanding the repeals made by this Act, the moneys received by the Central Board under section 23(1) of the Trustee Savings Banks Act 1976, being moneys formerly standing to the credit of the closed banks fund under section 65 of the Trustee Savings Banks Act 1969, shall continue to be subject to any claim that may be substantiated on account of any depositor in a closed bank up to the amount of money (if any) carried in that fund on account of the bank.

14

Nothing in the repeals made by this Act shall affect—

• (a) the savings on the repeal of section 11(4) of the Trustee Savings Banks Act 1969 (" the 1969 Act") contained in section 10(3) of the Trustee Savings Banks Act 1976 ("the 1976 Act");

• (b) the savings on the repeal of sections 53, 54 and 62 of the 1969 Act contained in sections 15 and 21(1) of the 1976 Act;

• (c) the savings on the repeal of any of sections 75 to 82 of the 1969 Act contained in section 30(6) or 32(2) of the 1976 Act; or

• (d) the savings on the repeal of section 19(2)(b) of, and paragraph 65 of Schedule 2 to, the Pensions (Increase) Act 1971 contained in paragraphs 17 and 18 of Schedule 5 to the 1976 Act.

15

Nothing in the repeals made by the Trustee Savings Banks Act 1954 shall affect-

• (a) the application of an Act passed in the 59th year of the reign of King George the Third intituled an Act for the Protection of Banks for Savings in Scotland to any savings bank established under that Act before 28th July 1863 unless and until that bank becomes a trustee savings bank ; or

• (b) the savings on the repeal of section 12 of the Trustee Savings Banks Act 1863 contained in section 12 of the Savings Banks Act 1949.

SCHEDULE 8