(8) The trustees or committee of management to hold meetings at least every half-year, and keep minutes of their proceedings in a book to be provided for the purpose.
(9) In the case of banks having branch agencies, the rules to provide for the due receipt and accounting of all moneys received; for the presence of a second party to every transaction; and for a periodical examination of the depositor's book.
Sec. 7. Provides that the trustees of every Savings Bank shall transmit weekly returns to the National Debt Office, giving such particulars as the Commissioners shall direct, showing the week's transactions and the cash balances remaining in the treasurer's hands.
Sec. 8. The treasurer, actuary, or cashier, and every paid officer of a Savings Bank entrusted with the receipt of money, to give security by means of bond or bonds, with one or more sureties, to the Comptroller-General of the National Debt Office. (c)
Sec. 9. Provides that any officer receiving deposits and not paying them over to the managers shall be guilty of a misdemeanour. (c)
Sec. 10. The moneys, goods, chattels, and effects of all Savings Banks to be invested in the trustees for the time being. (a)
Sec. 11. No trustee or manager of Savings Banks in Great Britain shall be personally liable except—
(1) For moneys actually received by him on account of said banks and not paid over in the usual manner.
(2) For neglect or omission to comply with the above recited regulations as to the maintenance of checks, the audit of accounts, the holding of meetings and the keeping of the minutes of the same;
(3) Or for neglect in taking security from his subordinate officers.