(E.)
An Abstract of the Act “To Amend and Consolidate the Laws relating to Military Savings Banks.” (22 and 23 Vict. c. 20.—13th August, 1859.)
Sec. 1. Repeals the 5 and 6 Vict. c. 71, and the 8 and 9 Vict. c. 27, amending it, and the 12 and 13 Vict. c. 71, and amends and consolidates the said Acts. It also provides that deposits made under these Acts shall not be affected by their repealment.
Sec. 2. Makes it lawful for her Majesty to establish or continue military or regimental Savings Banks, for the purpose of receiving sums of money from non-commissioned officers and soldiers employed in her service in the United Kingdom and foreign stations (India alone excepted), and for the purpose of receiving moneys or funds raised or paid for objects or purpose connected with these officers and soldiers which her Majesty may think fit to authorize to be deposited in these banks.
Sec. 3. Provides that the Secretary at War, with the concurrence of the Commander-in-Chief and the Lords of the Treasury, may make regulations for the conduct of these banks; and that when these regulations shall be signed by her Majesty and laid before Parliament they shall be binding on all concerned.
Sec. 4. These regulations shall determine the rate of interest (which must not exceed three pounds fifteen shillings per cent. per annum), and all the minor points connected therewith; the circumstances under which deposits shall be forfeited to the public; the payment of the money of deceased depositors: may make provision for the deposit of money created for charitable purposes, and may make it obligatory on commanding officers to so deposit such funds; shall make provision for the withdrawal of money; and shall provide for the keeping of proper accounts, and generally for all such matters as relate to Savings Banks.
Sec. 5. The receipt of infants and married women shall be a sufficient discharge for what shall be deemed a valid payment made to them.
Sec. 6. The moneys received in these banks may be applied by the persons receiving them to the payment of such ordinary army services as it may be their duty to pay; and sums payable to depositors shall be paid out of the grants by Parliament for these services.
Sec. 7. Provides that the Secretary at War may direct payment out of the moneys so granted to be made to the account of the National Debt Commissioners, and carried to the account of the Fund for the Military Savings Banks.