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Expenses of Inspection Committee.
26 & 27 Vict. c. 87.
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4.—(1) Such of the expenses (including the remuneration of members and officers) incidental to the exercise by the Inspection Committee of their powers under this Act as may be sanctioned by the Treasury on the recommendation of the National Debt Commissioners may, to an extent not exceeding six thousand pounds in any one year, be paid out of the interest earned in that year by the National Debt Commissioners in respect of the separate surplus fund which has accrued under section twenty-nine of the Trustee Savings Banks Act, 1863, and which does not carry interest to the trustees of savings banks.
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(2) If in any year the amount available under the foregoing provision is insufficient for payment of the expenses so sanctioned the deficiency shall, in accordance with a scheme made by the Committee, with the approval of the National Debt Commissioners, be defrayed out of contributions from the several trustee savings banks. The amount to be contributed by each trustee savings bank shall not exceed threepence per one hundred pounds on the amount of the funds appearing by the last annual statement of the bank to be invested on behalf of the bank and in respect of money invested in the names of the National Debt Commissioners may be deducted by those Commissioners from the interest payable to the trustees of the bank on the money so invested, and in respect of money otherwise invested shall be paid by the trustees of the bank on the requisition of the said Commissioners.
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