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Act Repealed Latest version as at 20 October 1978 (as enacted) | 1978 No 129

Trustee Savings Banks Amendment Act 1978

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Act Repealed Latest version as at 20 October 1978 (as enacted) | 1978 No 129

Trustee Savings Banks Amendment Act 1978

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Trustee Savings Banks Amendment Act 1978

Public Act
  
1978 No 129
Date of assent
  
20 October 1978
 

Contents

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

This Act may be cited as the Trustee Savings Banks Amendment Act 1978, and shall be read together with and deemed part of the Trustee Savings Banks Act 1948 (hereinafter referred to as the principal Act).

2 Grants to officers on retirement

Section 16 of the principal Act is hereby amended by adding the following subsection:

“(3)

On retirement from the service of any savings bank of any officer whose total length of service is less than 10 years, or on the death of any such officer (whether before or after his retirement), the Board may pay to him or to his dependants or any of them, by way of gratuity, such amount as may be approved from time to time or in any particular case by the Minister.”

3 Power to invest money

(1)

Section 24(3)(b) of the principal Act (as substituted by section 2 of the Trustee Savings Banks Amendment Act 1958) is hereby amended by adding the following proviso:

“Provided that a savings bank may hold such lesser aggregate sum as may be permitted from time to time by the Minister, for such period and subject to such conditions as he may specify.”

(2)

Section 24(3a) of the principal Act (as inserted by section 10(2) of the Trustee Savings Banks Amendment Act 1972) is hereby amended by adding the following proviso:

“Provided that a savings bank may hold a lesser aggregate sum than that prescribed by Order in Council of such amount as may be permitted from time to time by the Minister, for such period and subject to such conditions as he may specify.”

(3)

Section 24(6)(f) of the principal Act (as added by section 2 of the Trustee Savings Banks Amendment Act 1966) is hereby amended by repealing the proviso.

This Act is administered in the Reserve Bank of New Zealand
Act Repealed Latest version as at 20 October 1978 (as enacted)

Trustee Savings Banks Amendment Act 1978

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