The Short Title of this Act is “The Savings Bank Act 1858 Amendment Act, 1885.”

In this Act, if not inconsistent with the context,—

The trustees of any savings bank may from time to time cause any proportion of the deposits in such bank (not exceeding one-third part of the total deposits in such bank) to be invested in debentures issued, or mortgages executed, under authority of law by or on behalf of any local body in New Zealand, and secured upon general or special rates, or upon real estate held in fee-simple as by any such law provided, at such rate of interest as may be agreed on between the governing authority of such local body and the trustees of the savings bank.

Nothing herein shall authorize any local body to pay or agree to pay a higher rate of interest than such body may be authorized by law; nor authorize the trustees of any savings bank to make any investment under this Act which, together with any other investment of the deposits in such savings bank, shall in the aggregate exceed nine-tenths of the total deposits therein,

Section seventeen of the said Act shall be amended by adding the words “and in a newspaper circulating in the district where the bank carries on its business.”