Savings Bank Act


Published: 2000

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CAP. 266, SAVINGS BANK ACT BELIZE

SAVINGS BANK ACT

CHAPTER 266

REVISED EDITION 2000

SHOWING THE LAW AS AT 31ST DECEMBER, 2000

This is a revised edition of the law, prepared by the Law Revision Commissioner

under the authority of the Law Revision Act, Chapter 3 of the Laws of Belize,

Revised Edition 1980 - 1990.

This edition contains a consolidation of the following laws- Page

ARRANGEMENT OF SECTIONS 3

SAVINGS BANK ACT 4

Amendments in force as at 31st December, 2000.

BELIZE

SAVINGS BANK ACT

CHAPTER 266

REVISED EDITION 2000

SHOWING THE LAW AS AT 31ST DECEMBER, 2000

This is a revised edition of the law, prepared by the Law Revision Commissioner

under the authority of the Law Revision Act, Chapter 3 of the Laws of Belize,

Revised Edition 1980 - 1990.

This edition contains a consolidation of the following laws- Page

ARRANGEMENT OF SECTIONS 3

SAVINGS BANK ACT 4

Amendments in force as at 31st December, 2000.

THE SUBSTANTIVE LAWS OF BELIZE REVISED EDITION 2000

Printed by the Government Printer,

No. 1 Power Lane,

Belmopan, by the authority of

the Government of Belize.

Savings Bank [CAP. 266

[ ]

3

CHAPTER 266

SAVINGS BANK

ARRANGEMENT OF SECTIONS

1. Short title.

2. Interpretation

3. Appointment of Savings Bank.

4. Control of Bank and its fund.

5. Establishment and closure of branch savings bank.

6. Employment of officers.

7. Deposits and repayments.

8. Security of Government.

9. Interest.

10. Salaries and expenses.

11. Disposal of moneys.

12. Yearly statement to be laid before National Assembly.

13. Surpluses and deficits.

14. Power to make rules.

15. Names of depositors, etc., not to be disclosed.

16. Settlement of disputes.

17. Non-liability of Government.

CHAPTER 266

SAVINGS BANK

[1st January, 1939]

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

2. In this Act, the expression “revenue” in respect of the Savings Bank

does not include moneys received on deposit.

3. The Savings Bank (and all offices thereof) established in Belize and

subsisting at the time when this Act comes into operation shall be deemed to

be constituted and appointed under this Act.

4. Subject to section 11, the Savings Bank shall be under the manage-

ment and control of the Accountant General who may, subject to the provi-

sions 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.

5. The Accountant General may, with the approval of the Minister, open

branch savings banks in any part of Belize and may, with the like approval,

close any branch savings bank.

Ch. 57,

R.L., 1958.

CAP. 218,

R.E. 1980-1990.

38 of 1963.

40 of 1963.

Short title.

Interpretation.

Appointment of

Savings Bank.

Control of Bank

and its fund.

Establishment and

closure of branch

savings bank.

38 of 1963.

40 of 1963.

,

No. 1 Power Lane,

Belmopan, by the authority of

the Government of Belize.

Savings Bank [CAP. 266

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5

6. The Accountant General, with the approval of the Minister, may en-

gage 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.

7. Deposits of money to be paid into the Savings Bank shall be received

and repaid under such conditions as may be prescribed.

8. The repayment 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 Consolidated Revenue Fund, and the Minister shall certify such

deficiency to the National Assembly without delay.

9.-(1) Interest shall be payable on deposits at the rate of and one-half per

centum per annum, or at such other rate as may fixed from time to time by the

Minister by Order published in Gazette.

(2) No interest shall be payable on any amount less than one dollar or on

any fraction of one dollar.

Interest shall commence to accrue on 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 subsection (2), be calculated to

31st March 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

revenue of the Savings Bank.

Employment of

officers.

38 of 1963.

40 of 1963.

Deposits and

repayments.

Security of

Government.

40 of 1963.

40 of 1963.

Interest.

Salaries and

expenses.

(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.

11.-(1) Subject to this Act, moneys in the Savings Bank shall not be applied in

any way to the purposes of Belize 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 Treasury and shall, as far as practicable, be invested

on behalf of the Savings Bank, under the direction of the Financial Secretary,

in such securities or be employed at interest in such manner as shall be approved

from time to time by the Minister, 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.

(2) Any sums of money that may from time to time be required for the

repayment of any deposit under the authority of this Act, or for the payment of

interest thereon or expenses incurred in the execution of this Act, may be

raised by the sale of the whole or a part of such securities.

(3) Any sums of money which may be required for the purposes specified

in subsection (2), may, with the approval of the Minister, be advanced to the

Savings Bank by the Financial Secretary out of the Consolidated Revenue

Fund 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.

12. At the end of every financial year, a full and complete statement of the

transactions of the Savings Bank shall, after being audited and certified by the

Auditor General, be laid by the Minister before the National Assembly and

published in the Gazette.

40 of 1963.

Disposal of

moneys.

40 of 1963.

40 of 1963.

Yearly statement

to be laid before

National

Assembly.

,

No. 1 Power Lane,

Belmopan, by the authority of

the Government of Belize.

Savings Bank [CAP. 266

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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 Consolidated Revenue Fund.

(2) If in any year the revenue of the Savings Bank is more than sufficient to

defray the interest due to depositors and all expenses under this Act, then the

Minister may direct the transfer of the surplus or any portion thereof to the

Consolidated Revenue Fund:

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 31st March 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 Minister, with the prior consent of the Cabinet, may direct that the surplus

over fifteen per centum or any portion thereof shall be transferred to the Con-

solidated Revenue Fund.

14.-(1) The Minister may make rules for the management 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;

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

(d) prescribe the times at which deposit books shall be returned to

the Savings Bank by depositors;

Surpluses and

deficits.

40 of 1963.

Power to make

rules.

40 of 1963.

(e) regulate deposits by infants, guardians, trustees, friendly

societies and other charitable bodies;

(f) prescribe conditions for the withdrawal of moneys by

infants, guardians, trustees, friendly societies, and other

charitable bodies;

(g) prescribe the modes of dealing with the deposits of de-

ceased persons or persons of unsound mind;

(h) prescribe penalties not exceeding a fine of five hundred dol-

lars for the breach of any such rule;

(i) provide for the forfeiture of deposits made in wilful contra-

vention of this Act and the manner of dealing with any deposit

so forfeited; and

(j) authorise the Accountant General to enter into an arrange-

ment with the Post Office Savings Bank of the United Kingdom

or with any Government Savings Bank in the Commonwealth

or any foreign country, for the transfer of any sums standing to

the credit of depositors from such Savings Banks to the Belize

Savings Bank and vice versa, and prescribe conditions for

such transfers.

15.-(1) No person appointed to carry this Act into effect shall 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 who contravenes this section commits an offence and is

liable on summary conviction to a fine not exceeding five hundred dollars.

Names of

depositors, etc.,

not to be

disclosed.

,

No. 1 Power Lane,

Belmopan, by the authority of

the Government of Belize.

Savings Bank [CAP. 266

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16. If any dispute arises between the Accountant General or the officer

managing and controlling any Branch Savings Bank, and any individual depositor

therein, or any executor, administrator, next-of-kin of a depositor, 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 such Savings Bank, then, and in

every such case, the matter in dispute shall be determined by a court of competent

jurisdiction in civil proceedings to be brought by or against the Government or

the other party to the dispute.

17. When any payment is made or act done by the 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 in the absence of negligence 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.

Settlement of

disputes.

Non-liability of

Government.

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