Sec. 8. The Commissioners of the National Debt to invest the surplus money in the purchase of bank annuities; the interest arising also to be so applied; and such interest or dividends shall not be subject to any taxes, charges, or impositions whatever.
Sec. 9. The Secretary at War may direct, at fourteen days' notice, the moneys invested in annuities to be transferred to the account of the Paymaster-General at the Bank of England.
Sec. 10. Empowers the National Debt Commissioners to sell the annuities.
Sec. 11. The money arising from the dissolution of certain Regimental Benefit Societies, which was placed in the Savings Banks in the name of each member to accumulate until his discharge, by the Act (12 and 13 Vict. c. 71) may be withdrawn under certain conditions.
Sec. 12. The officers of Regimental Savings Banks shall not be personally liable except for their own wilful neglect or default.
Sec. 13. Provides that full accounts of all transactions in these banks shall be laid before both Houses of Parliament before the 1st of April in each year.
Sec. 14. Military Savings Banks not to be within the provisions of the Acts relating to Savings Banks proper.
Sec. 15. Refers to the construction of the word “India.”
Sec. 16. Provides that the Act shall take effect immediately after the regulations have been framed.