Chapter 307 – Malta Government Savings Bank (Winding Up) Act
What is this act about?
This law provides for the winding up of the Malta Government Savings Bank and regulates all related matters.
Who it applies to: The Malta Government Savings Bank; Depositors with the Malta Government Savings Bank.
At a glance
- Country
- Malta
- Area of law
- Banking, insurance and financial markets
- Articles
- 10
- Source
- legislation.mt
- Text retrieved
- Explanation updated
What does this act regulate?
- The cessation of new deposits into the Savings Bank.
- The transfer of existing deposits from the Savings Bank to commercial banks.
- The handling of deposits that were subject to court orders or other restrictions upon transfer.
- The disposal of residual deposits and surplus assets of the Savings Bank.
Who does this act apply to?
- The Malta Government Savings Bank.
- Depositors with the Malta Government Savings Bank.
- Commercial banks (Bank of Valletta Limited, Mid-Med Bank Limited).
- The Accountant General and the Minister responsible for finance.
What are the key points?
- The Savings Bank stopped accepting new deposits as from the 1st January, 1984.
- Depositors could instruct the Accountant General to transfer their accounts to a commercial bank of their choice by the 30th June, 1984.
- Residual deposits in the Government Savings Bank (Residual Deposits) Fund were passed to the Consolidated Fund.
- Residual deposits stopped bearing interest after the 30th June, 1991.
Banking, insurance and financial markets
Banking, insurance and financial markets
Legal text
Legal text
MALTA GOVERNMENT SAVINGS BANK (WINDING UP)
CHAPTER 307
MALTA GOVERNMENT SAVINGS BANK (WINDING UP) ACT To make provision for the winding up of the Malta Government Savings Bank and to regulate matters connected therewith. (22nd December, 1983)* Enacted by ACT XX of 1983 as amended by Acts IX of 1991 and XVI of 1997 .
Art. 1
This Act may be cited as the Malta Government Savings Bank (Winding up) Act.
Art. 2
In this Act, unless the context otherwise requires - Short title.
Interpretation. "commercial bank" means either the Bank of Valletta Limited, or the Mid-Med Bank Limited; "deposit" includes a savings or a fixed deposit, including any interest accrued; "financial year" means the period of twelve months ending on the 31st day of December in any year; "Minister" means the Minister responsible for finance; "Ordinance" means the Malta Government Savings Bank Ordinance; "Savings Bank" means the Malta Government Savings Bank constituted and established under article 3 of the Ordinance.
Art. 3
Notwithstanding anything contained in the Ordinance, the Savings Bank shall not accept any further deposits as from the 1st January, 1984.
Art. 4
As from the 1st January, 1984, it shall be lawful for the Accountant General to transfer any deposit with the Savings Bank to any commercial bank:
Savings Bank business.
Transfer of deposits.
Provided that depositors with the Government Savings Bank may, not later than the 30th June, 1984, give disposal instructions to the Accountant General for the transfer of their accounts to any commercial bank of their choice, in which case the transfer shall be effected according to such instructions.
Art. 5
Saving the provisions of article 6 any deposit transferred by the Savings Bank to a commercial bank shall upon such transfer remain subject to any court order or any other conditions or restrictions to which that deposit was subject at the time of the transfer.
Art. 6
Upon the transfer of any deposit to a commercial bank as is provided in the preceding articles of this Act, article 7 of the *See Government Notice No. 780 of 22nd December, 1983.
Deposits subject to restrictions.
Cesser of security.
Termination of withdrawals.
Amended by:
IX. 1991.2.
Interest on residual deposits to cease.
Substituted by:
IX. 1991.3.
MALTA GOVERNMENT SAVINGS BANK (WINDING UP) Ordinance shall cease to apply to any deposit so transferred.
Art. 7
After the transfer of deposits in accordance with disposal instructions received by the Accountant General and as otherwise provided in article 4, any residual deposits at present in the Government Savings Bank (Residual Deposits) Fund shall be passed to the Consolidated Fund.
Art. 8
Provided that these residual deposits shall no longer bear interest after the 30th June, 1991.
Disposal of assets.
Amended by:
IX. 1991.4.
Art. 9
Notwithstanding anything contained in the Ordinance any surplus assets remaining after t he Accountant General has transferred to the commercial banks assets of the Savings Bank in an amount equivalent to the deposits transferred to each of such banks, and after all liabilities have been settled, shall on a date to be determined by the Minister, be passed to the credit of the Consolidated Fund:
Provided that the part of such surplus consisting in investments may be disposed of as the Minister may direct, and the resulting proceeds shall be passed to the credit of the Consolidated Fund.
Final accounts.
Amended by:
XVI.1997.8.