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Trustee Savings Banks Amendment Act 1969

Public Act		1969 No 31
Date of assent		15 September 1969

	Title
1	Short Title and commencement
2	Investment of deposits
	Administrative information

An Act to amend the Trustee Savings Banks Act 1948

BE IT ENACTED by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows:

1 Short Title and commencement

(1)

This Act may be cited as the Trustee Savings Banks Amendment Act 1969, and shall be read together with and deemed part of the Trustee Savings Banks Act 1948 (hereinafter referred to as the principal Act).

(2)

This Act shall come into force on the 1st day of October 1969.

2 Investment of deposits

(1)

Section 24 of the principal Act is hereby amended by repealing subsection (4) (as amended by section 4(4) of the Trustee Savings Banks Amendment Act 1957) and by repealing subsection (4a) (as inserted by section 4(5) of the Trustee Savings Banks Amendment Act 1957), and substituting the following subsection:

“(4)

A savings bank shall invest in New Zealand Government securities not less than such proportion as may be prescribed by the Governor-General by Order in Council of all or any part of the money deposited in or belonging to the bank at such time or times as may be so prescribed. The Order in Council may prescribe different proportions in respect of different periods of time, or different classes of deposits or money belonging to the bank.”

(2)

Section 4 of the Trustee Savings Banks Amendment Act 1957 is hereby consequentially amended by repealing subsections (4) and (5).

This Act is administered in the Treasury.

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Trustee Savings Banks Amendment Act 1969