CO129-561-6 Companies Amendment Ordinance draft bill- correspondence 18-1-1937 - 6-7-1938 — Page 63

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Section 361.

This Department used to publish pages of information in its bank books but it was found that this information was seldom referred to by depositors and became out of date, so the practice was abandoned and a brief summary of conditions occupying one page only is now printed in the book.

Except that there is some protection in that a depositor has a copy of the rules and cannot in consequence plead ignorance, is there much likelihood that he will read them?

Section 364.

An annual limit has been imposed in the British Post Office Savings Bank but there is no total limit.

This clause presumably allows a depositor to leave five thousand dollars in the Savings Bank Company, the interest on which could be credited to the account from year to year, but without earning interest, or would steps be taken to compel the depositor to withdraw the interest or receive payment direct.

Section 366.

The depositors in a Savings Bank Company in effect get a Government guarantee of one half of their deposits.

Is any restriction imposed on the Company as to how the other half of the deposits shall be employed?

Section 371.

It is presumed this clause would only operate in the event of a Company getting into difficulties and that normally the ordinary withdrawal facilities through the Company would suffice.

I am returning the copy of the principle Ordinance together with its amendments which you were good enough to enclose for reference.

همچیده

would allow

ape ful not

ар

Larry

The Under Secretary of State,

Colonial Office.

I am, Sir,

Your obedient Servant,

Deputy Controller.