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Trustee savings banks.
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31.—(1) The Minister for Finance may by order appoint a day to be the appointed day for the purposes of this section and references in this section to the appointed day shall be construed as referring to the day so appointed.
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(2) In this section—
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the express ion “the National Debt Commissioners” means the body functioning in the United Kingdom of Great Britain and Northern Ireland and known as the Commissioners for the Reduction of the National Debt;
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the expression “the Minister” means the Minister for Finance.
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(3) As on and from the appointed day the following provisions shall have effect notwithstanding anything to the contrary contained in the Trustee Savings Banks Acts, 1863 to 1920, that is to say:—
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(a) the trustees of every trustee savings bank shall pay into the Bank of Ireland to a special account in the name of the Minister all moneys which, but for this section, they would be required by the Trustee Savings Banks Acts, 1863 to 1920, to pay into the Bank of Ireland in the names of the National Debt Commissioners;
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(b) the Minister may make provision for the opening of the said special account in his name in the Bank of Ireland and may make regulations for the payment of moneys into that special account in pursuance of this section and the withdrawal of moneys therefrom and for the investment of moneys to the credit of the said special account and generally for the management of the said special account;
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(c) section 3 of the Savings Bank Act, 1880, shall cease to apply or have effect in relation to trustee savings banks;
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(d) there shall be paid to the trustees of every trustee savings bank interest at such rate (not exceeding two and seven-eighths per cent, per annum) as the Minister shall think proper on the moneys paid by such trustees into the said special account;
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(e) the Minister may take such steps and make such arrangements as he thinks proper for the inspection, by persons nominated by him, of the books and accounts of every trustee savings bank and for the examination by such persons of the conduct of the business of every such bank, and it shall be the duty of the trustees and officers of every trustee savings bank to afford all requisite facilities for such inspection and examination;
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(f) the Minister may, by regulations made by him under this section, require such returns and accounts as shall be specified in such regulations to be made in respect of every trustee savings bank to the Minister at such times as shall be similarly specified, and it shall be the duty of the trustees and officers of every trustee savings bank to comply with such regulations;
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(g) it shall be the duty of the trustees and officers of every trustee savings bank to comply with such directions' and instructions in relation to the internal management of such bank and the general conduct of the business thereof as the Minister shall think proper to give for the purpose of ensuring that such bank shall be managed and conducted in accordance with the law applicable thereto.
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(4) Regulations made by the Minister under the next preceding sub-section of this section in relation to the special account mentioned in that sub-section may provide that investments of moneys to the credit of the said special account may be made by way of deposit in the Post Office Savings Bank and if such regulations so provide they may further make such provisions as shall be requisite for the payment by the Post Office Savings Bank of interest on moneys so deposited at such rate and over such periods as may, in the opinion of the Minister, be necessary or expedient for the effective administration of the relevant provisions of this section and the regulations made thereunder.
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(5) Provisions inserted under the next preceding sub-section of this section in the regulations mentioned in that sub-section shall have effect notwithstanding anything to the contrary or inconsistent therewith contained in any enactment applied by this Act to the Post Office Savings Bank.
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