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Payment of honoraria to trustees of trustee savings bank.
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20.—(1) (a) A trustee savings bank may pay to its trustees honoraria of such amounts as may be approved of by the Central Bank.
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(b) The aggregate amount of any honoraria paid by a trustee savings bank to its trustees in any financial year of the bank shall be stated in the accounts of the bank for that year.
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(2) (a) A trustee savings bank may lend money to a trustee of the bank if, but only if—
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(i) the loan is made on and subject to such terms and conditions as may be specified by the Central Bank,
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(ii) the loan does not exceed such amount, if any, as may be specified by the Central Bank, and
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(iii) the aggregate amount of the loan and any amount not repaid or paid to the bank in respect of other loans made by the bank to the trustee and interest thereon does not exceed such amount, if any, as may be specified by the Central Bank.
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(b) The aggregate amount of any loans under this subsection not repaid to a trustee savings bank at the end of any financial year of the bank and of any interest on the loans due and payable, but not paid, to the bank at the end of that year shall be stated in the accounts of the bank for that year; any such statement shall be accompanied in the accounts of the bank by a statement to the effect that the loans concerned were made on and subject to the same terms and conditions as loans by the bank to members of the public.
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(3) Where, in the opinion of the auditor of a trustee savings bank, the bank has contravened subsection (1) (b) or (2) (b) for a financial year of the bank, the auditor shall include a statement to that effect in his report on the accounts of the bank for that year and a statement of the amounts, or any part thereof, referred to in subsection (1) (b) or (2) (b), as the case may be, of which he is aware.
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(4) A person who contravenes this section shall be guilty of an offence.
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