Sec. 12. Trustees or managers in Ireland may limit the amount of their responsibility by declaring in writing that they are willing to be answerable for a specific amount only, which shall not be less, however, than 100l. At the same time Irish trustees, &c., to be liable for amounts actually received by them and not accounted for. (d) and (e)
Sec. 13. Provides that the treasurer or any trustee may be required, on a demand from not less than two trustees and three managers, or from a meeting of trustee and managers, to pay over all the moneys remaining in his or their hands, and assign and transfer or deliver all securities and effects, books, papers or other property, to such persons as may be appointed to receive them; proceedings to be taken in case of any neglect or refusal to comply with the demand. (a)
Sec. 14. Provides that executors, &c., of officers of Savings Banks shall pay money due to Savings Banks, in case of death, bankruptcy or insolvency, before any other debts whatsoever. (b)
See. 15. The trustees of Savings Banks shall invest all the money received by them in the Banks of England or Ireland; and no sum or sums shall be paid or laid out by trustees in any other manner or upon any other security whatever, except only such sums of money as from time to time must remain in the hands of the treasurers of such banks to answer the exigencies thereof. This provision not to prevent any depositor withdrawing his money from a Savings Bank and investing the same in any other securities. (a)
Sec. 16. Provides that trustees of Savings Banks may receive money from depositors and apply it for their benefit in any other manner agreed upon. (a)
Sec. 17. Provides that central banks may invest the money of branch banks in the manner already described. (a)
Sec. 18. Provides penalties for false declarations for the purpose of paying money into the Banks of England or Ireland. (a)
Sec. 19. The Commissioners of the National Debt to invest the money paid into the bank in the purchase of bank annuities, Exchequer-bills, or parliamentary securities of whatsoever kind created or issued, or any stock or debenture guaranteed by authority of Parliament; the interest arising from the money so invested to be in like manner invested as above. (a)
Sec. 20. Makes it lawful for any three or more National Debt Commissioners to execute and to do all matters and things required by the operations of this Act. (b)
Sec. 21. Money invested with the Commissioners to be allowed interest at the rate of three pounds five shillings per cent. per annum. (c)