Trustee Savings Banks Act, 1989
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Liability of trustees of trustee savings bank. |
22.—(1) A person who is a trustee of a trustee savings bank shall not be personally liable in respect of his conduct (not being fraudulent conduct) in the carrying out of his duties as such a trustee except— | |
(a) for moneys actually received by him on account of or for the use of the bank that is not paid over and disposed of in accordance with the rules of the bank, | ||
(b) for any deficiency in the funds of the bank caused by neglect or omission in complying with the rules of the bank relating to the matters for the time being standing specified in the Second Schedule or any neglect or omission in complying with the rules of the bank or the requirements of the Central Bank in relation to the checking of transactions carried out by the bank, the audit and examination of accounts of the bank, the holding of meetings of trustees of the bank or the keeping of minutes of such meetings: | ||
Provided that the total amount for which the trustee may be liable in respect of any such deficiencies during his term of office as such a trustee shall not exceed £10,000. | ||
(2) The amount specified in subsection (1) (b) may be altered by the Minister by regulations so as to reflect changes in monetary values and subsection (1) (b) shall have effect subject to any regulations under this subsection for the time being in force. |