Birmingham Municipal Bank Regulations, 1941
 
 
 
 
 
 
 
The Report of the Bank Committee that was presented to the City Council on Tuesday, June 10th 1941, included the following:
 
AMENDMENT OF REGULATIONS
 
Investments in Government Securities were limited by the 1930 Regulations to those maturing at a date not later than 20 years from the date of investment. The only avenue open for such investments was 2% National War Bonds, 1946/48. On the 1st January, 1941, however, the Government introduced an issue of 3% Savings Bonds, 1955/65, which your Committee considered should be available for investments by the Municipal Bank. The Treasury were accordingly approached and indicated their agreement to an amendment of the Regulations so as to permit of investment in the 3% Savings Bonds referred to. As a matter of urgency, the Town Clerk was asked to prepare and seal a suitable amendment of the Regulations, which has been approved by the Treasury in the following form:
 
BIRMINGHAM CORPORATION ACT, 1919 and BIRMINGHAM CORPORATION (GENERAL POWERS) ACT, 1929
 
BIRMINGHAM MUNICIPAL BANK REGULATIONS, 1941
 
    1  These Regulations may be cited as 'The Birmingham Municipal Bank Regulations, 1941.'
 
    2  For the words '20 years' where they appear in Regulation No. 71 of the Birmingham Municipal Regulations, 1930, shall
        be  substituted the words '30 years'.
 
    3  These Regulations shall be deemed to have come into operation on Tuesday, the First day of April, One thousand nine
         hundred and forty-one.
 
 
 
 
 
 
 
 
DJP/October 6th 2009
 
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