Trustee Savings Banks Act 1981

• (1) Except in so far as the Central Board consider adequate machinery exists for achieving the purposes of this paragraph, the Board shall seek consultation with such independent trade unions as appear to the Board to be appropriate with a view to the conclusion between the Board and any such trade union of agreements to establish and maintain machinery for—

• (a) the settlement by negotiation of terms and conditions of employment of persons employed by the Board, the Board's subsidiaries and trustee savings banks, with provision for reference to arbitration in default of such settlement in such cases as may be determined by or under the agreements; and

• (b) consultation between the Board and independent trade unions on matters of common interest to the Board, the persons employed by the Board and the Board's subsidiaries and persons employed by trustee savings banks.

• (2) In this paragraph " independent trade union " has (throughout the United Kingdom) the meaning assigned to it by section 30(1) of the Trade Union and Labour Relations Act 1974.

Accounts and audit

15

• (1) The Central Board shall keep proper accounts and proper records in relation to the accounts, and shall prepare in respect of each financial year a statement of accounts in a form which shall conform to the best commercial accounting practice.

• (2) Each statement of accounts shall include—

• (a) a balance sheet giving a true and fair view of the state of affairs of the Central Board at the end of the financial year; and

• (b) a consolidated balance sheet in respect of the Central Board and their subsidiaries giving a true and fair view of the state of affairs of the Board and their subsidiaries at the end of the financial year ; and

• (c) a consolidated income and expenditure account of the Central Board and their subsidiaries giving a true and fair view of the income and expenditure of the Board and their subsidiaries for the financial year.

• (3) The accounts prepared in pursuance of this paragraph shall be supported by—

• (a) schedules or notes to the accounts, including a statement of the accounting policies adopted by the Central Board and their subsidiaries, giving such information as is necessary for a proper understanding of the accounts ; and

• (b) a statement with respect to the state of affairs of the Central Board and their subsidiaries listing the names of the persons who at any time during the financial year were members of the Board, the principal activities of the Board and their subsidiaries in the course of the year and indicating any significant change in those activities in that year.

• (4) A copy of the audited accounts shall be transmitted to the Registrar within four months of the end of each financial year.

• (5) In this and the following paragraph "financial year" in relation to the Central Board means the period in respect of which a consolidated income and expenditure account of the Board and their subsidiaries is laid before the Board, whether that period is a year or not.

Appointment and qualifications of auditors

16

• (1) The Central Board shall at the beginning of each financial year appoint a qualified auditor or qualified auditors to audit the accounts of the Board and their subsidiaries.

• (2) A person shall not be qualified to be an auditor of the Central Board unless he is a member of one or more of the following bodies—

• (a) the Institute of Chartered Accountants in England and Wales,

• (b) the Institute of Chartered Accountants of Scotland,

• (c) the Association of Certified Accountants,

• (d) the Institute of Chartered Accountants in Ireland,

• (e) any other body of accountants established in the United Kingdom and for the time being recognised for the purposes of section 161(1)(a) of the Companies Act 1948 or section 155(1)(a) of the Companies Act (Northern Ireland) 1960,

or is a person who is for the time being authorised under section 161(1)(fe) of that Act of 1948 or section 155(1)(6) of that Act of 1960 as being a person with similar qualifications obtained outside the United Kingdom.

• (3) None of the following persons shall be qualified to be an auditor of the Central Board—

• (a) a member, officer or servant of the Central Board ;

• (b) a person who is a partner of or in the employment of a member, officer or servant of the Central Board ;

• (c) a body corporate.

• (4) References in sub-paragraph (3) to an officer or servant shall be construed as not including an auditor.

• (5) Notwithstanding anything in this paragraph, a Scottish firm shall be qualified to act as auditor of the Central Board if all the partners are qualified so to act.

Authentication of documents

17

• (1) The application of the seal of the Central Board shall be authenticated by the signature of the chairman of the Board or by the signature of any member of the Board authorised by them either generally or specially to act for that purpose.

• (2) Any document purporting to be a document duly executed under the seal of the Central Board shall be received in evidence and shall, unless the contrary is proved, be deemed to be so executed.

Status of Board and their property

18

The Central Board shall not be regarded as the servant or agent of the Crown or as enjoying any status, privilege or immunity of the Crown; and the property of the Board shall not be regarded as property of or property held on behalf of the Crown.

SCHEDULE 3

1

• (1) The custodian trustees of every trustee savings bank shall have an official seal which shall be officially and judicially noticed.

• (2) The seal shall be authenticated by the signatures of one of the custodian trustees and of an officer of the trustee savings bank authorised by the custodian trustees to act on their behalf.

2

Every document purporting to be a document executed by the custodian trustees and to be sealed with the seal of the custodian trustees and authenticated in the manner provided by paragraph 1(2) shall be received in evidence and be deemed to be such a document without further proof, unless the contrary is proved.

SCHEDULE 4

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

1

Cash.

2

Deposits in the Fund for the Banks for Savings.

3

Money held on current account by other bankers (including the Central Trustee Savings Bank Limited) on behalf of the trustee savings bank.

4

Deposits in accounts with other bankers (including the Central Trustee Savings Bank Limited) repayable at not longer than 7 days' notice.

5

Loans of either of the kinds mentioned in paragraph 9 of Part II of Schedule 1 to the Trustee Investments Act 1961, being loans repayable within one month.

6

Treasury Bills payable not more than 91 days from date; bills so payable issued by Her Majesty's Government in Northern Ireland and by local authorities in the United Kingdom.

7

Marketable fixed interest securities issued by Her Majesty's Government in the United Kingdom or Her Majesty's Government in Northern Ireland, being securities within one year of the final redemption date.

8

Marketable fixed interest securities the payment of interest on which is guaranteed by Her Majesty's Government in the United Kingdom or Her Majesty's Government in Northern Ireland, being securities within one year of the final redemption date.

9

Assets of such other classes as may from time to time be designated by the Treasury for the purposes of this Part of this Schedule.

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

10

Cash.

11

Deposits in the Fund for the Banks for Savings.

12

Money held as mentioned in paragraph 3 of this Schedule.

13

Deposits in accounts with other bankers (including the Central Trustee Savings Bank Limited).

14

Sterling Certificates of Deposit.

15

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

16

Marketable fixed interest securities issued by Her Majesty's Government in the United Kingdom, Her Majesty's Government in Northern Ireland or the Government of the Isle of Man.

17

Marketable fixed interest securities the payment of interest on which is guaranteed by Her Majesty's Government in the United Kingdom, Her Majesty's Government in Northern Ireland or the Government of the Isle of Man.

18

Loans of either of the kinds mentioned in paragraph 9 of Part II of Schedule 1 to the Trustee Investments Act 1961.

19

Fixed interest securities of the kinds mentioned in paragraphs 3, 5 and 9 of Part II of that Schedule.

20

Debentures of the kind mentioned in paragraph 8 of Part II of that Schedule.

21

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

22

Assets of such other classes as may from time to time be designated by the Treasury for the purposes of Part I of this Schedule or for the purposes of this Part of this Schedule.

SCHEDULE 5

The Fund for the Banks for Savings

1

• (1) Subject to section 53(1), there shall continue to be an account maintained in the name of the Commissioners in the books of the Banks of England and Ireland respectively called the Fund for the Banks for Savings (which account relates to sums invested before 21st November 1979 by trustee savings banks under section 33 of the Trustee Savings Banks Act 1969 and corresponding earlier enactments in respect of ordinary deposits).

• (2) In this Schedule " the Fund " means the Fund for the Banks for Savings.

Interest-bearing receipts

2

• (1) Receipts issued under section 34(1) of the Trustee Savings Banks Act 1969 or any corresponding earlier enactment in respect of payments into the Fund before 21st November 1979 shall carry interest at such rate, not being less than £2.75 per cent, per annum, as the Treasury may fix by order.

• (2) Any order under sub-paragraph (1) shall be made by statutory instrument, which shall be subject to annulment in pursuance of a resolution of either House of Parliament.

• (3) The principal and interest of all sums mentioned in any receipt shall be charged on all money in the Fund and on any money produced by the sale of any securities standing to the credit of the Fund.

Interest on sums in the Fund

3

• (1) All sums credited to an account of a trustee savings bank in the books of the Commissioners shall carry interest at the prescribed rate from the day at which they are credited to the account to the day preceding that at which they are debited to it; but no interest shall be allowed on any fraction of a pound of the balance for the time being standing to the credit of the account.

• (2) The officer of the Commissioners shall, within six weeks from 20th November and 20th May in each year, calculate the interest due on the said sums for the six months ending with that day, and that interest shall be credited to the account as at the following day (any fraction of a penny being disregarded); and within 60 days from 20th November and 20th May in each year he shall issue, in a form approved by the Commissioners, a receipt signed by him for the amount of the interest so credited as if that amount had been a payment made by the trustees of the bank into the Fund on the 21st day of that month.

• (3) In sub-paragraph (1) "the prescribed rate" means the rate for the time being fixed by order under paragraph 2(1).

Investment of money in the Fund

4

• (1) The Commissioners, subject to reserving such sums as they think fit, shall invest money paid into the Fund in the following securities, namely—

• (a) securities issued by Her Majesty's Government in the United Kingdom or by Her Majesty's Government in Northern Ireland ;

• (b) securities the payment of interest on which is guaranteed by Her Majesty's Government in the United Kingdom or by Her Majesty's Government in Northern Ireland.

• (2) The interest on such investments shall also be invested under this paragraph.

• (3) Without prejudice to section 17(2)(b) of the Interpretation Act 1978, any investments held by the Commissioners immediately before the commencement of this Act in accordance with section 36 of the Trustee Savings Banks Act 1969 shall have effect as if made under this paragraph.

Power to hold cash balance in Bank of Ireland

5

Notwithstanding the provisions of paragraph 4, the Commissioners may, in accordance with arrangements made by them with the Bank of Ireland, pay any sums of money into the Bank of England to be placed to the credit of the Fund in the Bank of Ireland; and those sums shall be applied as if they had originally been paid into the Fund in the Bank of Ireland by the trustees of a trustee savings bank.

Withdrawal of sums from the Fund

6

The Commissioners with the concurrence of the Treasury may by statutory instrument make regulations as to the manner in which sums standing to the credit of a trustee savings bank in the books of the Commissioners may be withdrawn, the manner in which payments may be made on any such withdrawal and the manner in which a valid discharge is to be given to the Commissioners for any such payment.

Annual account as between Commissioners and trustee savings banks

7

• (1) The Commissioners shall annually make out an account in such form as the Treasury may direct with respect to the year ending on 20th November—

• (a) showing on the one side the interest accrued from the securities standing to the credit of the Fund, and

• (b) showing on the other side the interest paid and credited to trustee savings banks.

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

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

8

• (1) The Commissioners shall in every year, out of the amount by which the gross amount of the interest accrued during the preceding year on the securities standing to the credit of the Fund appears by the account under paragraph 7 to have exceeded the gross amount of interest paid and credited in that year to trustee savings banks, apply, in accordance with the directions of the Treasury, such sums as the Treasury may from time to time authorise towards defraying the expenses incurred by the Commissioners in the execution of this Act.

• (2) For the purposes of this paragraph the expenses incurred by the Commissioners in the execution of this Act shall be deemed to include—

• (a) such sum as, in the opinion of the Treasury, approximately represents the amount in each year of the accruing liability in respect of the benefits for which any officers or persons employed by the Commissioners in the execution of this Act will on their retirement become eligible under the Superannuation Act 1972;

• (b) such proportion of the salary, or of the said accruing liability in respect of superannuation benefits, of any officer or person who is so employed in part only in the execution of this Act as, in the opinion of the Treasury, is attributable to the execution of this Act;

• (c) any capital expenditure incurred in providing premises wholly used by the Commissioners for the purposes of this Act and such part of any such expenditure incurred in providing premises partly so used as was, in the opinion of the Treasury, incurred for those purposes;

• (d) in the case of any premises occupied by the Commissioners wholly or partly for the purposes of this Act and in respect of which no rent is payable, such an amount as is estimated by the Treasury to represent the rental value of the premises or of the part of the premises used for those purposes, after allowing for any capital expenditure incurred as mentioned in paragraph (c) which has been charged to the Fund.

• (3) If, in any case where any capital expenditure incurred as mentioned in sub-paragraph (2)(c) has been charged to the Fund, the premises in respect of which the expenditure was incurred are sold or cease to be used for the purposes of this Act, there shall be deducted from the amount thereafter chargeable to the Fund such sum as may be determined by the Treasury to represent the then value of the premises or of the part of the premises which was used for those purposes.

Adjustment of balances

9

• (1) Where the annual account mentioned in paragraph 7 shows that in the year for which the account is made up the gross amount of interest accrued from the securities standing to the credit of the Fund exceeded—

• (a) the gross amount of interest paid and credited during the year to trustee savings banks in pursuance of this Act, together with

• (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