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 2½% 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
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.