CO129-567-10 Companies Amendment Ordinance- draft bill 15-9-1938 - 28-9-1938 — Page 72

be that deposits should not be accepted

above the limit of $5,000.

Interest

which is earned on a deposit and accumulates

mm

so that the deposit exceeds that mưu should

not be regarĉed as earning interest when

in excess of the limit, i.e. ammual

interest should not accrue on any

above $5,000. It will presumably not

be necessary to force a depositor to

withdraw any excess so caused over the

maxima. This should be made clear in

the Ordinance,

Section 366. There is under this

section no restriction on savings banks

as to how their deposits are to be

employed or invested beyond the securities

to the value of 50' of deposits which they

are required to deposit with the Colonial

Treasurer Incorporated.

It is desirable

that savings banks should at least be

prohibited

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