SAVINGS' BANK ORDINANCE. (Passed the 26th day of August, 1847.)

New Zealander, Volume 3, Issue 131, 1 September 1847, Page 3

SAVINGS' BANK ORDINANCE. (Passed the 26th day of August, 1847.)

Preamble. For the purpose of providing for the management of Savhigs' Batiks, and for the receipt and/security of the money deposited therein. Be it enacted by the Lieutenant-Governor of New Zealand, with tlie advice and consent of the Legislative Council thereof, as follows: Governor to be President. 1. The Governor of New Zealand for the timebeing, shall be the President of every Saving's Bank within the colony, proclaimed by him to come within the operation of this ordinance. *• Vice President and Tnistees to be nominated by Governor. 2. The management of the affairs of every such Bank shall be vested iv not less than 4, or more than 36 Trustees, to be nominated by the Governor, of whom one shall be styled •« Vice-President," to be elected by a majority of such trustees piesent at a meeting to be convened for that purpose. And be removeable by him. 3. Such Trustees, or any of them, may from time to time be removed from office, and be re-appointed, or others, or another may be appointed in their, or his place, in case of any such removal, or of any vacancy, as the Governor shall, from lime lo time, think fit ; and every such nomination, re-appoint-ineiit, or fresh nomination of any such Trustees, shall be signified by the publication of an order to that effect in the " Government Gazette." Number of Trustees to form a quorum. 4. All acts, nia'ters, and things (save as hereinafter excepted), which the said Trustees are by any of the provisions of this ordinance authorised or required to do, shall and may be done by any tour of such Trustees. Provided always, that such four Trustees be for such purpose assembled at a meeting whereof due notice shall have been given to all the said Trustees. Chairman, 5. At all meetings of the said Trustees, the senior Trustee in the order of the appointment present, hhdll preside as chairmau, and shall not only vote as a tiustee, but shall also, iv case of the equality of votes, have a casting vote. Accoun'ant' 6- It shall be lawful for the vice-president and the majority of the trustees of any such Savings' Bank, subject to the approval of the Governor, to appoint fit persons to be the accountants of any such Bank, and of any branch thereof and from lime to time to remove Iroui office any such accouutaut, aud to rcappoiut him, or to appoint another iv his place, in case of any such removal, or of any vacancy, as such vice-president aud trustees shall think fit ; and any such appointment, re-appointmeut, or fresh appointment of any such accountant, shall be signified by the publication of a notice to that effect in the " Government Gazette." Salary. 7. It shall also be lawful lor such vice-president, aud the majority of such trustees (subject to such approval as aforesaid), to appoint such salaries as they may deem fit to be paid to such accountantsregard being bad to the nature and extent of the duties to be performed, and to the responsibility which may respectively attach to them. Security to be given by Accountant. 8. Every such accountant shall give security for the due and faithful discharge of the duties of his office by bond, with two or more sureties, to be approved by the said vice-president and such majority of trustees— which sureties shall join with the said accountant iv such bond, aud they aud he shall bind themselves jo.ntly aud severally, to the vice president aud trustees of the Savings' Bank, in such penal sum as shall be named by the said trustees, and be approved by the Governor. Clerks. 9. It shall also be lawful for any such vice-pre-sident, and the majority of such trustees, subject to such approval as aforssaid, to appoint clerks, aud such other subordinate officers as they, in their discretion shall think necessary fop the execution of the several duties hereby reposed in them. Their Salary. 10. It shall also be lawful for such vice-president and trustees, out of the interest received by them on monies lent out as herein -after directed, to pay the salary so appointed to be paid to the accountant of any such banks as herein-before provided, and such other salaries to the clerks and subordinate officers as the said vice-president aud the trustees, with the consent aud approbation of theGovernoi, shall think fit and allow ; and also such incidental charges aud cxpeuces as shall be necessarily incurred in conducting the business and keeping the accounts of any such Saving's Batik, and which shall be allowed and approved by the Governor*

Trustees &c. to make Rules. 11. It shall also be lawful for the vice-preside - and the majority of the trustees of any such bank, to make such rules and regulation-; fur the conduct and management of such banks as to them shall seem meet, and from time to time to revoke, alter, and modify such rules and regulations respectively ; Provided always, lhatj no such rules or regulations, or any revocation, alteration, or modification thereof, shall be deemed valid, or be acted upon, until the same shall have been submitted to the Governor for his approval, and shall have been confirmed and allowed by him under his hand. Rules to be recorded in Supreme Court. 12. All such rules and regulations which shall be so confirmed and allowed as aforesaid, shall he foithwith transcribed on parchment, and deposited with ihe Registrar of the Supreme Court, and the said transcript shall be filed by such registrar, and preserved amongst the records of the said court without any fee or reward in respect thereof — and ,a copy of the same shall be kept in the said bank, open to, the inspection of the depositors during the hours of business. Rules to be binding on dejiositors. 13. The rules and regulations so deposited, shall be binding on the several mencbers and officers of such bank, and upon all depositors therein, and their representatives, all of whom shall be deemed to have had full notice] thereof; and the transcript thereof, go deposited as aforesaid, or a true copy thereof examined with the original, and proved to* be a true copy, shall be received as evidence of such, rules and regulitions respectively as aforesaid ; and every copy of any such transcript so deposited as aforesaid, shall be made without fee or reward, except the actual expence of such copy. Liability of Trustees how limited, 14. The trustees of any such bank shall not be answerable or accountable for the other or others of them, but each an J every of them only for his and their own acts, icceipls, neglects, or defaults, respectively ; and the said trustees, or any of them', shall not be amenable or accountable for any banker, broker, or other person with whom, or in whose hands or custody any part of the monies of such bank, shall, or may be deposited or lodged lor safe custody or otherwise, in the execution of the trusts hereby in them reposed, or for the insufficiency or deficiency of any security or securities in or upon' which any monies shall jbe placed out or invested, or for the defect of title, or value of auy lands, nor for any other misfortune, lo3s, or damage, wlrcli may happen in the execution of the aforesaid trusts, or in relation thereunto, except the same shall happen by, or through their own wilful default respectively. No Trustee, &c. to be Depositor, &c. 15. No person being a trustee, or district trustee, or treasurer of auy such bank, or being in anywise concerned ,in the management thereof, shall be allowed to deposit any sum or sums of money therein nor to borrow any money therefrom, nor to derive any benefit from any deposit made in such bank, nor shall act in the capacity of accountant or clerk, or district accountant or clerk, of such bank, nor receive directly or indirectly any salary allowance, profit, or benefit, whatsoever from the funds of the said bank, or be a party in any way whatever, to any bill discounted by the said bank, Penult//. 16. If any person being a trustee, or district trustee, or treasurer, of any such bank, shall offend in any one of the particulars hereinbefore mentioned, he shall forfeit and pay for such offence the sum of £100, to be sued for in the Supreme Court, by any person having money deposited in the said bank, to the amount' of £30. And such penalty shall be paid one-half to Her Majesty, her heirs, and successors, for the public uses of the colony, and the support of the government thereof, and one-halt to the informer. Bank to have prior claim on Jsscts of Officers. 17. If auy person holding any office iv such bank, or any branch thereof, and having in his hands or possession, any monies, or effects belonging to the said bank, or any deeds or securities relating to the same, shall become bankrupt or insolvent, or shall make any ass gnineut of his lands, goods, chattels, or effects, for the benefit of his creditors, or against whose lands, goods, chattels, or effects, any execution, attachment, or other process shall have issued ; or if any such officer shall die, then and in such case it shall be lawful for auy two or more of the trustees, of any such bank respectively, to apply to such officer or to his assignees, or to the sheriff, or other person executing such process, or to his executors, or administrators, or to any other person or persons having legal right as the case may require, and to demand that such monies or effects belonging to the said bank, and all deeds, securities, or papers relating to the same, shall be paid over or delivered up to the said trustees, or to such persons as they shall appoint, and the party or parties so applied to and having the same, shall within 40 days after such demand as aforesaid, deliver over to such trustees, or to any person or persons whom they may appoint to receive the same, all effects or other things belonging to Such bank, and all deeds, securities, or papers relating to the same, and shall pay out of the assets or effects of such person all sums of money belonging or due by such officer to the said oauk, tefore any other of the dewts of the said officer, shall be paid or satisfied, or before the money directed to be levied by such process as aforesaid be paid over to fhe pai ty issuing such process as the case may be, and all assets, goods, chattels, and effects, shall be bound to the payment and discharge thereof accordingly. Trustees to prepare Balance Sheet. 18. The trustees of such bank, or any four of them shall within one calendar month after the close of every year, cause a balance sheet to be prepared containing a true statement of the receipts and payments on account of such bank during the past year, and of the balance of money deposited as hereinafter provided— and of all sums of money which may in auy manner be due to the trustees of sucli banks as such trustees as aforesaid, and shall certify that they have counted the cash iv hand, and have, to the best of their belief, ascertained the correctness of the said account or balance sheet, which they have with their names subscribed, and shall, within ten days after such subscription, cause the same to be laid before the Governor for the time being for his approval, and shall also cause the same after being approved by him, to be published in the " Government Gazette." Amount of deposits limited. 19. It shall be lawful for any one or more of such trustees together with the accountant, or in the event of his absence, for any two or tuore of suclt • trustees at such time and place as shall We fixed by ■ such rules and regulations as aforesaid, and at no other time or place whatsoever, to receive irom any person or persons in the way of deposit, any sum or sums of money not being of value less than (one shilling) nor by one, or by successive deposits ok-

cccding the sum of £50 in any one year, exclusive of interest, nor of £100 in the whole, to the credit of any one account except as hereinafter provided, and the amount of the money so received shal be entered in 4 hook (to be provided for that purpose) to the credit of the party making such deposit, or to the credit of such other person ns he mny appoin^

To be continued,