1Commonwealth Savings Bank Regulations

STATUTORY RULES.

1945. No. 129.

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REGULATIONS UNDER THE COMMONWEALTH BANK ACT 1945.*

I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Commonwealth Bank Act 1945.

Dated this twentieth day of August, 1945.

HENRY

Governor-General.

By His Royal Highness’s Command,

J. B. CHIFLEY

Treasurer.

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Commonwealth Savings Bank Regulations.

Citation.

1. These Regulations may be cited as the Commonwealth Savings Bank Regulations.

Commencement.

2. These Regulations shall come into operation on the twenty-first day of August 1945.

Office hours.

3. Branches, agencies and sub-agencies of the Savings Bank shall be open for the transaction of business on such days and during such hours as the Savings Bank determines.

Deposits may be refused in certain cases.

4. The Savings Bank may, if it considers that to do so would be in accordance with established savings bank practice—

(a) refuse to open an account for any person; and

(b) refuse to continue any person as a depositor, in which case the Savings Bank shall pay to that person any money standing to the credit of his account, including accrued interest.

School savings bank accounts.

5. The Savings Bank may conduct school savings bank accounts and may receive deposits of not less than One penny for the credit of such accounts.

Joint accounts.

6. Where money has been deposited with the Savings Bank in an account in the names of two or more persons, the Savings Bank may, on the death of any of those persons, pay the money standing to the credit of the account to the survivor or the survivors and the receipt of the money by the survivor or the survivors shall be a good discharge to the Savings Bank.

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* Notified in the Commonwealth Gazette on 20th August, 1945.

4325.—Price 3d.

Trustees.

7. Where money has been deposited with the Savings Bank by a person or persons in trust for any other person, the Savings Bank may—

(a) allow the name of another person, as a trustee, to be substituted for the name of an existing or deceased trustee;

(b) on the death of a trustee, pay the money standing to the credit of the account to the surviving trustee or trustees and the receipt of the money by that trustee or those trustees shall be a good discharge to the Savings Bank; and