374
Surpluses and Deficits.
Power to make rules.
Names of depositors,
etc., not to be
disclosed.
Settlement of disputea.
Non-liability of Government.
14
13. (1) If in any year the revenue of the Savings Bank shall be insufficient to defray the interest due to depositors and all expenses under this Ordinance, such deficiency shall be met out of the general revenues of the Colony.
(2) If in any year the revenue of the Savings Bank shall be more than sufficient to defray the interest due to depositors and all expenses under this Ordinance, then the Governor may direct the transfer of the surplus or any portion thereof to the general revenues of the Colony;
Provided that no such transfer shall be made unless the assets of the Savings Bank will thereafter exceed the liabilities by not less than fifteen per centum of the liabilities to depositors.
(3) If on the [thirty-first day of December] in any year the assets of the Savings Bank exceed the liabilities by more than fifteen per centum of the liabilities to depositors then the Governor, with the prior consent of the Secretary of State, may direct that the surplus over fifteen per centum or any portion thereof shall be transferred to the general revenues of the Colony.
14. (1) The Governor-in-Council may make rules for the management and regulation of the Savings Bank.
(2) In particular and without prejudice to the generality of the foregoing powers such
rules may-
(a) Prescribe limits of deposits;
(b) Prescribe the modes of making deposits;
(c) Prescribe the modes of withdrawing deposits and interest;
(d) Prescribe the times at which deposit books shall be returned to the Savings Bank by depositors;
(e) Regulate deposits by minors, guardians, trustees, married women, Friendly Societies and other charitable bodies;
(f) Prescribe conditions for the withdrawal of moneys by minors, guardians, trustees, married women, Friendly Societies and other charitable bodies;
(g) Prescribe the modes of dealing with the deposits of deceased or insane persons: () Prescribe penalties not exceeding a fine of [£100] for the breach of any such rule; (4) Provide for the forfeiture of deposits made in wilful contravention of this Ordinance;
Authorize the [Postmaster-General] to enter into an arrangement with the Post Office Savings Bank of the United Kingdom of Great Britain and Northern Ireland or with the Government Savings Bank of any British Dominion, Colony, Protected State, or Protectorate, or any territory in respect of which a mandate on behalf of the League of Nations is being exercised by His Majesty, or any foreign country, for the transfer of any sums standing to the credit of depositors from such Savings Banks to the [Colony] Savings Bank, and vice versa, and prescribe conditions for such transfers.
(3) Ail rules made in pursuance of this section shall be published in the Government Gazette and shall come into operation on such publication or at such later date as may be named in such rules.
(4) Rules made in pursuance of this section shall be of the same effect as if they were contained in this Ordinance.
15.-(1) No person appointed to carry this Ordinance into effect shall disclose the name of any depositor or the amount which may have been deposited or withdrawn by any depositor except in due course of law, or to such person or persons as may be appointed to assist in carrying this Ordinance into operation.
(2) Any person contravening the provisions of this section shall on summary conviction be liable to a fine not exceeding [one hundred pounds).
16. If any dispute shall arise between the [Postmaster-General] or the officer managing and controlling any Branch Savings Bank and any individual depositor therein, or any executor, administrator, next-of-kin of a depositor, or any creditor or assignee of a depositor who may become bankrupt or insolvent, or any person claiming to be such executor, administrator, next-of-kin, creditor or assignee, or to be entitled to any money deposited in such Savings Bank, then, and in every such case, the matter in dispute shall be referred to an arbitrator to be appointed by the Governor, and whatever award, order or deter- mination may be made by such arbitrator shall be binding and conclusive on all parties, and shall be final to all intents and purposes, without any appeal.
Relevant
paragraphs
in the Report.
17. When any payment is made or act done by the [Postmaster-General] or any person acting under his authority in accordance with this Ordinance and the Rules for the time being made thereunder, the Government, the [Postmaster-General] and such person shall not be liable in respect of any claim on the part of any person in connection with such payment or act, but any person may nevertheless recover any sum lawfully due to him from the person to whom the [Postmaster-General] has paid the same.
18. Repealing Clause.
19. Saving Clause.
25.
26.
To
30.
15
Appendix "B".
[COLONY] SAVINGS BANK,
REVENUE AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED [31ST DECEMBER, 1934].
Expenditure.
Income.
Interest paid to Depositors on closed By Interest on Investments. accounts.
To Interest capitalized and credited to sundry
Depositors' accounts on [31.12.34). To Salaries.
To Payment to Colonial Treasurer in respect of services rendered by sundry Departments and indirect charges.
To Passages and Travelling Expenses.
To Rent and maintenance of premises, station-
ery, etc.
To [Balance, carried to Reserve Account]. Το [Balance, transferred to Colonial
Revenues].
By Fees on issue of duplicate deposit books. By [Balance, transferred from Colonial
Revenues].
ACCOUNT OF DEPOSITS AND WITHDRAWALS FOR THE YEAR ENDED [31ST DECEMBER, 1934].
Deposits.
By Withdrawals.
Withdrawalɛ.
By Balance at credit of Depositors on [31.12.34].
32.
To Balance at credit of Depositors on [1.1.34]. To Deposits received.
34
To Interest.credited to Depositors.
INVESTMENTS ADJUSTMENT ACCOUNT.
• Cr.
Dr.
To Loss on sales of investments. To Depreciation of investments.
To [Balance, carried to Reserve Account].
Dr.
By Profit on sales of investments. By Appreciation of investments.
By [Balance, carried to Reserve Account].
RESERVE ACCOUNT.
To [Investments Adjustment Account]. To Amount transferred to Colonial Revenues]. To Balance on [31.12.34.]
Depositors.
Cr.
By Balance on [1.1.34].
By [Revenue and Expenditure Account]. By [Investments Adjustment Account].
BALANCE SHEET AS ON [31ST DECEMBER, 1934].
Liabilities.
Temporary Advances from Colonial Treasurer. Reserve.
Cash in hand.
Assets.
Cash with Treasurer. Investments at Market Value (Deficit]. Note. There is a contingent liability amounting to
in respect of the outstanding aggregate of amounts paid in past years from Colonial Revenues to meet deficits on the Revenue and Expenditure Account.
Appendix "O").
7
MEMORANDUM ON THE UNITED KINGDOM POST OFFICE SAVINGS BANK DEPARTMENT EXPENSES OF MANAGEMENT.
The expenses of management of the Post Office Savings Bank fall under two main heads, viz. :—
(1) Expenses incurred within the chief office of the Savings Bank Department;
(2) Expenses incurred on Savings Bank business by other Post Office Departments and by the National Debt Commissioners.
To arrive at the net amount of Savings Bank expenses there are deducted from the total of these two items:-
(3) Appropriations-in-aid.
(1) Expenses incurred within the chief office of the Savings Bank Department,
(a) Salaries and wages of the staff of the Savings Bank Department. (b) Travelling expenditure incurred on Savings Bank business.
(c) Buildings, etc. This includes all expenditure incurred by the Office of Works on the upkeep of the chief office. The cost of any new building would be included in this item. It includes also such items as rates, water and the heating and lighting of the building. (As the chief office buildings belong to the Post Office Savings Bank the question of rent does not arise.)
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