Savings Banks Act, 1891

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Amendment of law as to closing trustee savings bank.

26 & 27 Vict. c. 14.

6.—(1) Notwithstanding anything in section three of the Post Office Savings Bank Act, 1863, it shall not be necessary for the trustees of a trustee savings bank to pay off, either in money or by transfer to a post office savings bank, three fourths of their depositors amount before closing the bank, but they shall not close the bank before the expiration of one month from the giving of the notice required by that section.

(2) Where the trustees of a trustee savings bank propose to close the bank they shall give to depositors such notice as the National Debt Commissioners may require of the facilities afforded by law to depositors for transferring their deposits to a post office savings bank.