Bankers and Banking.
580 Sect.
7.
Post Office Savings Banks. Application of deposits.
Eegulations. Eestrictions of deposit.
on amount
Interest.
Infants and
married
women. Withdrawal of deposit.
Death of depositor.
Investment of deposit.
Moneys
received by the Postmaster-General are paid over Debt Commissioners and invested. Deficiencies in the investments are to be reported to the Treasury, and are met out 1181.
to the National
of the Consolidated
Fund
(l).
1182. Eegulations for the conduct of business have been made by the Postmaster-General with the consent of the Treasury, and have statutory authority (m). By such regulations (71) a depositor may not deposit more than £50 in one year (December 31 to December 31), but may pay in one or more sums to replace one previous withdrawal in the same The aggregate limit for deposit is £200, but if reduced by year. investment, transfer, or withdrawal, a further ordinary deposit may be made, bringing it up to £200, subject to the rule as to not more than ^£50 being deposited in one year. The depositor's book should be sent in yearly on the anniversary of the first deposit. The interest paid to depositors is 2J per cent, per annum. Deposits may be made and withdrawn by anyone over seven years old, including married women (0). A depositor may make or withdraw deposits at any Post Office transacting savings bank business, without change of deposit book. Special facilities are afforded for repayment of sums not exceedin<::^ £100 on death, and for the nomination by depositors over sixteen of a person or persons to receive not more than £100 out of the deposit on the depositor's death. Investments may be made out of the deposit at the depositor's request in Government stock up to a total of £500 stock. If such stock is reduced by sale, it may be made up to the same amount. Not more than £200 stock is to be bought in one year, but additional stock may be bought to replace any sold in the same year.
The minimum
Annuities and insurance.
Restriction
on number of accounts.
Protection against
attachment. Settlement of disputes.
limit of stock is one shilling. of " special investment " in Post Office savings banks, but annuities can be purchased and life insurance effected by depositors through them.
There
is
no system
1183. Money cannot be deposited in two Post Office savings banks, or in a Post Office savings bank and a trustee savings bank. A declaration has to be made on opening the account that such is not the case, and breach of the rule renders the depositor liable to forfeiture of all sums illegally deposited (p). 1184. Deposits in Post Office savings banks are not attachment for judgment debts of the depositor (q). 1185. Claims by depositors are settled in the same the case of trustee savings banks (r).
liable to
way
as in
Post Office Savings Banks Act, 1861 (24 & 25 Vict. c. 14), ss. 5, 6. (m) Ihid., s. 11 Savings Banks Act, 1887 (50 & 51 Vict. c. 40), s. 1. (n) See Post Office Guide. (0) See also Married Women's Property Act, 1882 (45 & 46 Vict. c. 75), s. 6. Ip) Savings Banks Act, 1887 (50 & 51 Vict. c. 40), s. 1 (2), and regulations printed in Post Office Guide. (g) So stated in regulations, presumably because the deposits are debts due from the Government. As to attachment of other deposits, see p. 588, post ; and as to attachment of debts generally, see title Execution. (/)
(r)
See p. 578,
ante.
