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Powers and duties of Inspection Committee.
26 & 27 Vict. c. 87.
50 & 51 Vict. c. 47.
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3.—(1) The Inspection Committee may appoint persons to inspect the books and accounts of trustee savings banks, and to examine and ascertain and report to the Committee from time to time with respect to each bank, whether the bank has complied with the requirements of the Acts and rules relating to the bank as to the security to be taken from officers, the accounts of the bank and the conduct of its business, and whether any portion of the expenditure is excessive or unnecessary; and every trustee savings bank shall give all due facilities for enabling any such inspection or examination to be made.
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(2) If on the report of any such person it appears to the Committee that any trustee savings bank has made default in giving such facilities or complying with any of the requirements aforesaid, or that any portion of the expenditure of the bank is excessive or unnecessary the Committee shall call upon the bank to remedy the default, or, as the case may be, to reduce the expenditure, within a specified time, and if the default is not remedied or the expenditure is not reduced within that time the Committee shall report the matter to the National Debt Commissioners.
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(3) Thereupon the National Debt Commissioners may in their discretion either close the account of the trustees of the bank in which case the provisions of section fifty-five of the Trustee Savings Banks Act, 1863, shall apply as in the case of neglect or refusal to obey any orders or directions given by the Commissioners, or report the matter to the Treasury with a view of action being taken under section two of the Trustee Savings Banks Act, 1887, or adopt both of these courses.
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(4) The trustees of every trustee savings bank shall, on the requisition of the Committee, supply the Committee with a copy of the pass book in use in the bank, of the annual general statement of the accounts of the bank, and of the rules of the bank, and of any amendments thereof.
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(5) If in the opinion of the Committee the rules of any such bank are insufficient for the purpose of maintaining an efficient audit, the bank shall with all convenient speed make such additional rules as may, in the opinion of the Committee, be required for the purpose.
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(6) If the bank do not, within a time specified by the Committee from the date of being required to make any such rules, comply with the requirement, the Committee may make such rules, and shall submit the rules so made to the registrar of friendly societies, to be certified by him; and, when so certified, they shall be binding on the trustees.
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(7) The Committee shall annually report their proceedings under this Act to the National Debt Commissioners, and this report shall be laid before Parliament.
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(8) The Committee may, with the approval of the National Debt Commissioners, make rules for regulating the duties of persons appointed by the Committee under this section.
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(9) The Committee may act by a majority of the members present and voting at any meeting of the Committee, and may signify their acts by an instrument in writing signed by any two of the members of the Committee, and an act of the Committee shall not be invalid by reason only of any vacancy in their number.
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