Savings Bank Act


Published: 1937

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Savings Bank (CAP. 395 1

CHAPTER 395

T H E SAVINGS BANK ACT

Arrangement of Sections
Section

1. Short title.
2. Interpretation.
3. Appointment of Savings Bank.
4. Branch Savings Bank.
5. General Management.
6 . Employment of officers.
7. Deposits and repayments.
8. Security of Government.
9. Interest.

10. Salaries and expenses.
11. Disposal of moneys.
12. Accounts.
13. Surpluses and deficits.
14. Power to make rules.
15. Secrecy as to depositors.
16. Settlement of disputes.
17. Non-liability of Government.

SAVINGS BANK

(26th August, 1937 .)
911962.

1811989.
S.I. 3911989.

1. This Act may be cited as the Savings Bank Act. short title.

2. In this Act- Interpretation.

"prescribed" means prescribed by Rules under this Act;

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2 CAP. 395) Savings Bank

"revenue of the Savings Bank" does not include moneys
received on deposit;

.a "Savings Bank" means the Government Savings Bank
constituted under this Act and includes any Branch
Savings Bank opened in accordance with section 4
of this Act.

Appointment of
Savings Bank. 3. The Savings Bank subsisting at the time when this

Act comes into operation shall be deemed to be constituted
and appointed under this Act.

Branch Savings
Bank. 4. The Accountant-General may, with the approval

of the Governor-General, open Branch Savings Banks in any
part of Antigua and Barbuda and may with the like approval
close any of such Branch Savings Banks.

General 5 . Subject to the provisions of section 11, the Savings
management. Bank shall be under the management and control of the

Accountant-General who may, subject to the provisions of
this Act and any rules made thereunder, take such steps as
may be desirable for the encouragement of thrift, for the
proper management of the Savings Bank, and otherwise for
the promotion of the objects and purposes of this Act.

Employment of
officers. 6. The Accountant-General, with the approval of the

Governor-General, may engage such officers as may be
necessary for the execution of this Act, and for that purpose
may employ for part of their time officers in the service of
the Government.

Deposits and
repayments. 7. Deposits of money to be paid into the Savings Bank

shall be received and repaid under such conditions as may
be prescribed.

Security of
Government. 8. The payment of all moneys deposited in the Savings

Bank together with interest thereon is guaranteed by the
Government, and accordingly if at any time or times the
assets of the Savings Bank shall be insufficient to pay the
lawful claims of every depositor, the Minister shall cause such
deficiency to be met out of the general revenues of Antigua
and Barbuda and the Accountant-General shall certify such
deficiency to Parliament without delay.

LAWS OF ANTIGUA AND BARBUDA

Savings Bank (CAP. 395 3

9. (1) Interest shall be payable on deposits at the rate Interest.
of 2 per centum per annum or at such other rate as may
be fixed from time to time by the Cabinet:

Provided that not less than three months' notice of any
change of rate shall be given in the Gazette.

(2) Such interest shall not be payable on any amount
less than one dollar or on any fraction of one dollar and shall
not commence to accrue until the first day of the month next
following the day of deposit, and shall cease on the last day
of the month preceding that in which such deposit shall be
withdrawn.

(3) Interest on deposits shall, subject to the provisions
of subsection (2 ) , be calculated to the thirty-first day of
December in every year and shall then be added to and
become part of any principal money remaining on deposit.

10. (1) All expenses incurred in the execution of this
Act shall be met from the moneys in the Savings Bank.

(2) For the purposes of this Act expenses shall mean
the cost of any work or service done by or in connection
with the Savings Bank, including such sum on account of
administrative and other overhead expenses as may, with
the approval of the Minister, be reasonably assigned to that
work or service.

1 . (1) Subject to the provisions of this Act moneys Disposal of
in the Savings Bank shall not be applied in any way to the
purposes of Antigua and Barbuda but, except so far as any
sums may be prescribed to be kept in hand for the general
purposes of the Savings Bank, shall be deposited in the Public
Treasury of Antigua and Barbuda and shall, as far as
practicable, be invested on behalf of the Savings Bank, under
the direction of the Accountant-General, in such securities
or be employed at interest in such manner as shall be
approved from time to time by the Cabinet, and any such
investment may at any time be changed into other like
securities:

Provided that not more than one-third of such moneys
shall at any time be or remain invested in securities of the
Government.

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4 CAP. 395) Savings Bank

(2) Any sums of money that may from time to time
be required for the repayment of any deposit or deposits
under the authority of this Act, or for the payment of interest
therqon or expenses incurred in the execution of this Act,
may be raised by the sale of the whole or a part of such
securities:

Provided that any sums of money which may be required
for the purposes aforesaid, may, with the approval of the
Minister be advanced to the Savings Bank by the Accountant-
General out of the general revenues of Antigua and Barbuda
until they can be raised by the sale of such securities and
such advances shall bear interest at the rate from time to
time payable to depositors.

Accounts. 12. Annual accounts of the revenue and expenditure
of the Savings Bank and of deposits received and repaid and
interest credited to depositors during the year ended on the
thirty-first day of December, together with a statement of
the assets and liabilities of the Savings Bank, shall, after being
audited and certified by the Director of Audit, be laid by
the Accountant-General before Parliament not later than the
thirtieth day of June ensuing in every year and shall as soon
as practicable thereafter be published in the Gazette.

Surpluses and
deficits.

13. (1) If in any year the revenue of the Savings Bank
shall be insufficient to defray the interest due to depositors
and all expenses under this Act, such deficiency shall be met
out of the general revenues of Antigua and Barbuda.

(2) If in any year the revenue of the Savings Bank shall
be more than sufficient to defray 'the interest due to depositors
and all expenses under this Act, then the Governor-General
may direct the transfer of the surplus or any portion thereof
to the general revenues of Antigua and Barbuda:

Provided that no such transfer shall be made unless the
assets of the Savings Bank will thereafter exceed the liabilities
by not less than fifteen per centum of the liabilities to
depositors.

(3) If on the thirty-first day of December in any year
the assets of the Savings Bank exceed the liabilities by more
than fifteen per centum of the liabilities to depositors, then
the Cabinet may direct that the surplus over fifteen per

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Savings Bank (CAP. 395 5

centum or any portion thereof shall be transferred to the
general revenues of Antigua and Barbuda.

14. (1) The Minister may make rules for the manage- P;:; to make
ment and regulation of the Savings Bank.

(2) In particular and without prejudice to the generality
of the foregoing powers such rules may-

(a) prescribe limits of deposits;

( b ) prescribe the modes of making deposits;

(6) prescribe the modes of withdrawing deposits and
interest;

(6) prescribe the times at which deposit books shall
be returned to the Savings Bank by depositors;

(e) regulate deposits by minors, guardians, trustees,
married women, Friendly Societies and other charitable
bodies;

Cf) prescribe conditions for the withdrawal of
moneys by minors, guardians, trustees, married women,
Friendly Societies and other charitable bodies;

('g) prescribe the modes of dealing with the deposits
of deceased or insane persons;

( h ) prescribe penalties not exceeding a fine of five
thousand dollars for the breach of any such rule;

(2) provide for the forfeiture of deposits made in
wilful contravention of this Act;

Q authorise the Accountant-General to enter into
an arrangement with any Post Office Savings Bank or
Government Savings Bank of the Commonwealth or any
foreign country for the transfer of any sums standing
to the credit of depositors from such Savings Bank to
the Savings Bank and vice versa, and prescribe condi-
tions for such transfers.

(3) All rules made in pursuance of this section shall be
published in the Gazette and shall come into operation on
such publication or at such later date as may be named in
such rules.

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6 CAP. 395) Savings Bank

Secrecy as to
depositors.

(4) Rules made in pursuance of this section shall be
of the same effect as if they were contained in this Act.

15. (1) No person appointed to carry this Act into
effect ;hall disclose the name of any depositor or the amount
which may have been deposited or withdrawn by any
depositor except in due course of law, or to such person or
persons as may be appointed to assist in carrying this Act
into operation.

(2) Any person contravening the provisions of this
section shall be liable on summary conviction to a fine not
exceeding five thousand dollars.

Settlement of
disputes.

16. If any dispute shall arise between the Accountant-
General and any individual depositor, or any executor,
administrator, next-of-kin of a depositor, or any creditor or
assignee of a depositor who may become bankrupt or
insolvent, or any person claiming to be such executor,
administrator, next-of-kin, creditor or assignee, or to be
entitled to any money deposited in the Savings Bank, then,
and in every such case, the matter in dispute shall be refer-
red to an arbitrator to be appointed by the Minister, and
whatever award, order or determination may be made by
such arbitrator shall be binding and conclusive on all parties,
and shall be final to all intents and purposes, without any
appeal.

NO^-liability of 17. When any payment is made or act done by the
Government. Accountant-General or any person acting under his authority

in accordance with this Act and the rules for the time being
made thereunder, the Government, the Accountant-General
and such person shall not be liable in respect of any claim
on the part of any person in connection with such payment
or act, but any person may nevertheless recover any sum
lawfully due to him from the person to whom the
Accountant-General has paid the same.

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