Your Committee recommend that, subject to the approval of HM Treasury and the Registrar of Friendly Societies, the Birmingham Municipal Bank Regulations, 1947, which have been framed to give effect to the foregoing matter and are set out hereunder, be now prescribed.

 

It was moved by Mr Alderman Barrow, seconded, and Resolved:

That, subject to the approval of HM Treasury and the Registrar of Friendly Societies, this Council do hereby prescribe the following regulations, and that the Town Clerk be authorised to affix the Corporate Seal thereto and to make application for the necessary approvals:

 

BIRMINGHAM MUNICIPAL BANK REGULATIONS, 1947

 

1    These Regulations may be cited as the Birmingham Municipal Bank Regulations, 1947.

 

2    For Regulation No. 36 of the Birmingham Municipal Regulations, 1930 (as amended by the Birmingham Municipal

      Bank Regulations, 1946), the following shall be substituted: 

36 – Limitation on the Amount of Annual Deposits and on Deposits in the Aggregate

(1)  Subject to Regulation No. 37, the Bank shall not receive a deposit from, or make credit to, an account of any person in 

       any case where-

 (a)  the amount standing to the credit of that person, whether solely or jointly with any other person, exceeds, or would as

        a result of the receipt of the said deposit or the making of the said credit, exceed two thousand pounds; or

 (b)  the aggregate amount deposited by or credited to that person, whether solely or jointly with any person, in the same 

       bank year, exceeds, or would as a result of the receipt of the said deposit or the making of the said credit, exceed five

       hundred pounds; provided that a depositor may, not more than once in the same bank year, deposit money to replace

       money previously withdrawn in one entire sum during the year.

(2)  The foregoing paragraph (1) shall not operate to prevent the crediting to a depositor’s account of-

 (a)  interest on deposits in any such account;

 (b)  dividends on any Government stock or bonds held by him on the Post Office register;

 (c)  any sum accruing to him in respect of any savings bank annuity or insurance;

 (d)  any sum transferred from the account of another depositor who has died;

 (e)  war gratuity due in respect of service in connection with the present war under any of the Orders in Council, Royal 

       Warrants, King’s Orders, Army Orders, or Air Ministry Orders, or under any of the arrangements referred to in Section

       23 of the Finance (No. 2) Act, 1945;

 (f)   any sum due in respect of post-war credits under any Order in Council, Royal Warrant or King’s Order, or under any

       arrangements referred to in Section 19 of the Finance Act, 1943;

 (g)  any sum due in respect of income tax credited in accordance with the provisions of Section 7 of the Finance Act, 1941.

(3)  In computing, for the purpose of this Regulation, the amount standing to the credit of any person or the aggregate amount  

       deposited by or credited to any person in the same bank year, whether solely or jointly with any other person, there shall 

       not be taken into account deposits made for the purpose of an immediate investment in any Government stock or bonds.

(4)  In computing, for the purpose of this Regulation, the aggregate amount deposited by or credited to any person, whether

       solely or jointly with any other person, in the same bank year, there shall not be taken into account credits made of any war

       gratuity or sum due in respect of any of the matters referred to in paragraphs (2) (e), (f), and (g) of this Regulation.

 

3    For Regulation No. 37 of the Birmingham Municipal Bank Regulations, 1930 (as amended by the Birmingham Municipal Bank

      Regulations, 1946), the following shall be substituted: 

37 – Exceptions to Limitation of Deposits

(1) The limitations on the amounts of deposits imposed by Regulation No. 36 shall not apply to deposits made with the

      approval of the National Debt Commissioners,

(a)  by a friendly society registered under the Acts relating to friendly societies or by a registered branch of such a society;

(b)  by a society incorporated under the Building Societies Acts;

(c)  by a society registered under the Industrial and Provident Societies Act, 1893;

(d)  by a charitable or provident institution or society;

(e)  by any person in respect of donations or bequests for the maintenance, education or benefit of the poor;

(f)   by a savings club;

(g)  by a penny savings bank.

(2) Nothing in these Regulations shall operate to render unlawful any deposit or credit of whatsoever amount lawfully made

      before the date on which these Regulations come into operation.

 

4    These Regulations shall come into operation on Tuesday, the first day of April, one thousand nine hundred and forty-seven, on

      and from which date Regulations Nos. 36 and 37 of the Birmingham Municipal Bank Regulations, 1930 (as they were both

      amended by the Birmingham Municipal Bank Regulations, 1946), and Regulations Nos. 2, 3, and 5(i) of the said Birmingham

      Municipal Bank Regulations, 1946, are hereby repealed.

 
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Birmingham Municipal Bank Regulations, 1947

The Report of the Bank Committee that was presented to the City Council on March 11th 1947, included the following:

 

AMENDMENT OF REGULATIONS

 

The Government have issued a Statutory Order applicable to the Post Office Savings Bank and Trustee Savings Banks amending the provisions with regard to limitations on deposits, and have invited the Corporation to make corresponding alterations in the Municipal Bank Regulations.

 

In compliance with this request your Committee have caused to be prepared certain new regulations, entitled the Birmingham Municipal Bank Regulations, 1947, which it is proposed shall operate on and from 1st April, 1947.

 

The principal effects will be:

(a)  To maintain the existing limits of £2,000 on aggregate deposits and £500 on annual deposits, but restoring the proviso

       that a depositor may, not more than once in the same year, deposit money to replace money previously withdrawn in one

       entire sum during that year.

(b)  To define the conditions under which the limits shall not prevent the making of certain classes of deposits.

(c)  To define certain kinds of deposits which are to be ignored in computing the amount of the account for the purpose of the

       annual or the aggregate limit.

(d)  To define the classes of depositors to whom limits may not apply, subject to the approval of the National Debt

       Commissioners.