Trustee Savings Banks Act, 1965
What is this act about?
This law updates and expands previous laws concerning Trustee Savings Banks, making changes to how these banks operate, manage deposits, and handle certain administrative tasks.
Who it applies to: Trustee Savings Banks and their trustees, managers, and officers; Depositors in Trustee Savings Banks.
At a glance
- Country
- Ireland
- Area of law
- Banking, insurance and financial markets
- Articles
- 12
- Source
- irishstatutebook.ie
- Text retrieved
- Explanation updated
What does this act regulate?
- How payments can be made from depositor accounts, including standing orders and payments for death duties.
- The types of business Trustee Savings Banks can undertake to promote saving.
- How certain unincorporated, non-trading bodies can deposit funds and how these payments are discharged.
- The appointment of commercial banks as treasurers for Trustee Savings Banks.
Who does this act apply to?
- Trustee Savings Banks and their trustees, managers, and officers.
- Depositors in Trustee Savings Banks.
- Certain unincorporated and non-trading bodies like boys clubs, sports clubs, and Christmas clubs.
What are the key points?
- Payments can be made from a depositor's account to another person on instruction, even without the deposit book if it's a standing order.
- For payments up to ten pounds (or another prescribed amount), reference to the ledger is not mandatory if the deposit book is presented.
- Trustee Savings Banks can undertake business to encourage thrift with the Minister for Finance's consent.
- Trustee Savings Banks must keep records, receipts, and similar documents for at least six years.
- The maximum amount for certain references in older acts has been increased from one hundred pounds to five hundred pounds.
Banking, insurance and financial markets
Banking, insurance and financial markets
Legal text
Legal text
Trustee Savings Banks Act, 1965 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaeilge English Produced by the Office of the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts of the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses of the Oireachtas) Iris Oifigiúil / Official Gazette Revised Acts (LRC) Classified List of Legislation (LRC) Translations (acts.ie) Translations (Houses of the Oireachtas) Government Publications for Sale EU Law (EUR-Lex) FAQ Disclaimer Feedback Helpdesk Search Baile Reachtaíocht Achtanna an Oireachtais Ionstraimí Reachtúla Reachtaíocht Réamh-1922 Bunreacht Acmhainní Seachtracha Billí (Tithe an Oireachtais) Iris Oifigiúil Achtanna Athbhreithnithe (CAD) (An Coimisiún um Athchóiriú an Dlí) Liosta Rangaithe Reachtaíochta Aistriúcháin (achtanna.ie) Aistriúcháin (Tithe an Oireachtais) Foilseacháin Rialtais ar Díol Dlí AE (EUR-Lex) CCanna (Ceisteanna Coitianta) Séanadh Aiseolas Deasc chabhrach Cuardach TitleTeideal Year(s) or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 1965 Trustee Savings Banks Act, 1965 Trustee Savings Banks Act, 1965 Permanent Page URL View by SectionAmharc de réir Ailt View Full ActAmharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Print Full ActPriontáil an tAcht Iomlán Number 11 of 1965.
TRUSTEE SAVINGS BANKS ACT, 1965 ARRANGEMENT OF SECTIONS Section
Section 1
Interpretation.
Section 2
Authorisation of certain payments.
Section 3
Power to undertake business calculated to encourage thrift.
Section 4
Deposits by certain bodies of persons.
Section 5
Appointment of commercial bank as treasurer.
Section 6
Retention of records, receipts and similar documents.
Section 7
Amendment as to security to be given by officer of bank.
Section 8
Amendment of paragraph 7 of section 6 of Trustee Savings Banks Act, 1863.
Section 9
Amendment of section 11 of Trustee Savings Banks Act, 1863.
Section 10
Amendment of section 41 of Trustee Savings Banks Act, 1863, and section 3 (2) of Savings Banks Act, 1887.
Section 11
Amendment of section 5 (1) of Savings Banks Act, 1904.
Section 12
Short title and collective citation.
Acts Referred to Trustee Savings Banks Act, 1863 1863, c. 87 Provident Nominations and Small Intestacies Act, 1883 1883, c. 47 Savings Banks Act, 1887 1887, c. 40 Savings Banks Act, 1904 1904, c. 8 Number 11 of 1965.
TRUSTEE SAVINGS BANKS ACT, 1965 AN ACT TO AMEND AND EXTEND THE TRUSTEE SAVINGS BANKS ACTS, 1863 TO 1958. [30th June, 1965.] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS :— Interpretation.
1.—(1) In this Act “the Acts” means the Trustee Savings Banks Acts, 1863 to 1958.
Authorisation of certain payments.
2.—In the case of any trustee savings bank, notwithstanding anything contained in the Acts or the rules and regulations for the management of the bank— (a) a payment may, on the instructions of a depositor, be made out of his deposits to another person, (b) such a payment may be made without production of the deposit book where it is being made under a standing order from the depositor, (c) where a demand for payment out of deposits is made on production of the deposit book, reference to the ledger shall not be obligatory if the amount demanded does not exceed ten pounds or such other amount as may be prescribed by the Minister for Finance by regulations, (d) on the death of a depositor, payment may be made to the Revenue Commissioners out of his deposits in respect of death duties, and probate or other proof of title of his personal representative may be dispensed with in relation to any such payment.
Power to undertake business calculated to encourage thrift.
3.—(1) The trustees of a trustee savings bank may, with the consent of the Minister for Finance, undertake any business which is, in the opinion of that Minister, calculated to encourage thrift and within the financial capacity of the bank.
Deposits by certain bodies of persons.
4.—(1) The trustees or treasurers of any body of persons to which this section applies may invest the funds of the body in the funds of a trustee savings bank.
Appointment of commercial bank as treasurer.
5.—(1) A trustee savings bank may appoint a commercial bank as its treasurer, and section 8 of the Trustee Savings Banks Act, 1863, shall not apply in relation to a treasurer appointed by virtue of this section.
Retention of records, receipts and similar documents.
6.—A trustee savings bank shall retain its records, receipts and similar documents for a period of at least six years.
Amendment as to security to be given by officer of bank.
7.—(1) The security to be given in pursuance of section 8 of the Trustee Savings Banks Act, 1863, as amended by any subsequent enactment, may be either in the form required by that section as so amended or in the form of a single bond of a guarantee society guaranteeing all the persons employed by the bank or at any branch thereof who are required to give such security.
Amendment of paragraph 7 of section 6 of Trustee Savings Banks Act, 1863.
8.—Paragraph 7 of section 6 of the Trustee Savings Banks Act, 1863, is hereby amended by the insertion of “(being a depositor making a specific request for inspection of such book)” after “every depositor”.
Amendment of section 11 of Trustee Savings Banks Act, 1863.
9.—(1) Section 11 of the Trustee Savings Banks Act, 1863, is hereby amended by the insertion of the following paragraph after paragraph 1: “1A. Subject to a limit of one hundred pounds, for any deficiency which may arise in the funds of such savings bank:”
Amendment of section 41 of Trustee Savings Banks Act, 1863, and section 3 (2) of Savings Banks Act, 1887.
10.—References to five hundred pounds are hereby substituted for the references to one hundred pounds in— (a) section 41 of the Trustee Savings Banks Act, 1863, as amended by section 3 of the Provident Nominations and Small Intestacies Act, 1883 , and (b) subsection (2) of section 3 of the Savings Banks Act, 1887 .
Amendment of section 5 (1) of Savings Banks Act, 1904.
11.—Subsection (1) of section 5 of the Savings Banks Act, 1904 , is hereby amended by the substitution of “Minister for Finance” for “National Debt Commissioners, on the recommendation of the Inspection Committee”.
Short title and collective citation.
12.—(1) This Act may be cited as the Trustee Savings Banks Act, 1965.
Privacy Statement Accessibility European Legislation Identifier (PDF) Open Data License Ráiteas Príobháideachais Inrochtaineacht Aitheantóir Eorpach Reachtaíochta (ELI) Ceadúnas Sonraí Oscailte Liosta Fianán © Government of Ireland. Oireachtas Copyright Material is reproduced with the permission of the Houses of the Oireachtas © Rialtas na hÉireann. Atáirgtear ábhar faoi Chóipcheart le cead ó Thithe an Oireachtais