CO129-567-10 Companies Amendment Ordinance- draft bill 15-9-1938 - 28-9-1938 — Page 291

372

373

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In view of the diverse conditions in the various Colonies, we consider that it would serve no useful purpose to attempt the preparation of a model set of regula- tions. Certain of the more important points to be covered in any regulations are set out in section 14, sub-section 2, of the model Ordinance, and we annex to this report a set of the current regulations* of the United Kingdom Post Office Savings Bank, with which, however, the managements of most Colonial savings banks are probably already familiar.

37. In conclusion we wish to express our cordial appreciation of the services of our Secretary, Mr. A. H. Hicks, of the Office of the Crown Agents for the Colonies. To his readiness to assist us in every way, his industry in extracting information from a voluminous series of Ordinances and reports, his skill in digesting this information and preparing suggestions for our consideration, and his able draftsmanship in connection with the report and the model Ordinance, we owe a debt which we gratefully acknowledge. We are also much indebted to Mr. K. O. Roberts-Wray, one of the assistant Legal Advisers to the Colonial and Dominions Offices, who was good enough to examine for us and to make several valuable suggestions in connection with the draft model Ordinance.

A. HAXWELL HICKS, Secretary.

22nd February, 1935.

*

Not reproduced.

P. EZECHIEL.

J. C. FISHER.

F. J. HOWARD.

G. ISMAY.

J. THOMPSON.

Relevant paragraphs

in the

Report.

11.

33.

3.

18-22.

6-8.

12-15.

9.

13

Appendix A. MODEL ORDINANCE.

1. This Ordinance may be cited as the Savings Bank Ordinance, 19

2.

In this Ordinance unless the context otherwise requires :—

Prescribed means prescribed by rules under this Ordinance. "Revenue" of the Savings Bank does not include moneys received on deposit. [Any other necessary interpretations.]

Short Title.

Interpretation.

3. The [Colony] Savings Bank (and all offices thereof) subsisting at the time when this Appointment of Ordinance comes into operation shall be deemed to be constituted and appointed under this Savings Bank. Ordinance.

4. Subject to the provisions of Section 11 of this Ordinance the [Colony] Savings Bank shall be under the management and control of the [Postmaster-General] who may, subject to the provisions of this Ordinance and any rules made thereunder, take such steps as may be desirable for the encouragement of thrift, for the proper management of the Savings Bank, and otherwise for the promotion of the objects and purposes of this Ordinance.

5. The [Postmaster-General] may, with the approval of the Governor, open branch Establishment and savings banks at any [post office] in the Colony and may, with the like approval, close any closure of branch branch savings bank.

savings banks. 6. The [Postmaster-General], with the approval of the Governor, may engage such Employment of officers as may be necessary for the execution of this Ordinance, and for that purpose may officers. employ for part of their time officers in the service of the Government.

7. Deposits of money to be paid into the Savings Bank shall be received and repaid Deposits and under such conditions as may be prescribed.

Repayments.

६ The repayment of all moneys deposited in the Savings Bank together with interest Security of thereon is guaranteed by the Government of [Colony], and accordingly if at any time or Government. times the assets of the Savings Bank shall be insufficient to pay the lawful claims of every depositor, the Governor shall cause such deficiency to be met out of the general revenues of the Colony, and the Colonial Treasurer shall certify such deficiency to the Legislative Council without delay.

9-(1) Interest shall be payable on deposits at the rate of [24] per centum per annum, or Interest. at such other rate as may be fixed from time to time by the Governor-in-Council with prior approval of the Secretary of State: Provided that not less than three months notice of any change of rate shall be given in the Government Gazette.

(2) Such interest shall not be payable on any amount less than [a pound] or on any fraction of [a pound] and shall not commence to accrue until the first day of the month next following the day of deposit, and shall cease on the last day of the month preceding that in which such deposit shall be withdrawn,

(3) Interest on deposits shall, subject to the provisions of sub-section (2) of this section, be calculated to the [thirty-first day of December] in every year and shall then be added to and become part of any principal money remaining on deposit.

10. (1) All expenses incurred in the execution of this Ordinance shall be met from the Salaries and moneys in the Savings Bank.

(2) For the purposes of this Ordinance expenses shall mean the cost of any work or service done by or in connection with the Savings Bank, including such sum on account of administrative and other overhead expenses as may, with the approval of the Governor, be reasonably assigned to that work or service.

Expenses.

11. (1) Subject to the provisions of this Ordinance moneys in the Savings Bank shall Disposal of not be applied in any way to the purposes of the Colony but, except so far as any sums may Moneys, be prescribed to be kept in hand for the general purposes of the Savings Bank, shall be deposited in the Public Treasury of the Colony and shall, as far as practicable, be invested on behalf of the Savings Bank, under the direction of the Colonial Treasurer, in such securities or be employed at interest in such manner as shall be approved from time to time by the Governor-in-Council, or, in the case of moneys remitted to London for invest- ment, by the Secretary of State, and any such investment may at any time be changed into other like securities: Provided that not more than [one-third] of such moneys shall at any time be or remain invested in securities of the Government of [Colony].

(2) Any sums of money that may from time to time be required for the repayment of any deposit or deposits under the authority of this Ordinance, or for the payment of interest thercon or expenses incurred in the execution of this Ordinance, may be raised by the sale of the whole or a part of such securities: Provided that any sums of money which may be required for the purposes aforesaid, may, with the approval of the Governor, be advanced to the Savings Bank by the Colonial Treasurer out of the general revenues of the Colony until they can be raised by the sale of such securities and such advances shall bear interest at the rate from time to time payable to depositors.

12. Annual accounts of the revenue and expenditure of the Savings Bank and of Accounts. deposits received and repaid and interest credited to depositors during the year ended on the [thirty-first day of December] together with a statement of the assets and liabilities of the Savings Bank, shall, after being audited and certified by the [Government Auditor], be laid by the Treasurer before the Legislative Council not later than the [thirty-first day of May ensuing in every year and shall as soon as practicable thereafter be published in the Government Gazette and submitted to the Secretary of State.