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initial approval by the Governor, the
amendments will require similar approval
Section 364. It is not clear
whether this section means that
hew
Lee No/6)
deposits cannot be increased by more
than $200 a month net, or whether it
means that deposits in any one month,
irrespective of withdrawals, must not be
greater than $200.
It is suggested
that the limit on new deposits in each
month should apply to gross deposits
not net deposits. The object of such
a limit is not only to keep a Savings
Bank Account from being used for money
that ought to be invested, but also to
keep it from being used as a current
account. The position should be
clarified.
It might be preferable that
the maximum limit on total deposits
should be prescribed by rules made
under the Ordinance, and if necessary
altered from time to time by the
Governor
No comments yet.
Private notes are available after approval.