It was moved by Councillor Brown, seconded, and Resolved:
That, subject to the approval of HM Treasury and the Registrar of Friendly
Societies, the 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 consents:
BIRMINGHAM MUNICIPAL BANK REGULATIONS, 1960
1 These Regulations may be cited as 'The Birmingham Municipal Bank Regulations, 1960'.
2 For existing
Regulation No. 36 of the Birmingham Municipal Bank Regulations, 1930 (as amended by the Birmingham
Municipal Bank Regulations, 1946, 1947, 1952 and 1957) shall be substituted the following:
No. 36 - Limitation of Deposits
Subject to Regulation No. 37, the Bank shall not receive a deposit from any person crediting to an account in Depositors' Department
No. 1 or make a credit to such an account of any person in any case where the amount standing to the credit of that person in that
Department, whether solely or jointly with any other person, exceeds or would, as the result of the receipt of the said deposit or
making of the said credit, exceed £5,000.
(2) The foregoing paragraph (1) shall not operate to prevent the crediting to a depositor's
(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.
In computing, for the purpose of this Regulation, the amount standing to the credit of any person, 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.
3 For the words 'thirty pounds' where they appear in Regulation No. 41 of the Birmingham
Municipal Bank Regulations, 1930,
there shall be substituted the words 'fifty pounds'.
4 For the amount of '£1,000' where it appears in Regulation No. 3 of the Birmingham Municipal Bank Regulations, 1957, there
shall be substituted the amount '£2,000' and paragraphs (ii)(e), (f) and (g) of Regulation
No. 3 of the Birmingham Municipal
Bank Regulations, 1957, shall be deleted.
5 These Regulations shall come into operation on the 14th day of June 1960.
Birmingham Municipal Bank Regulations, 1960
The Report of the Bank Committee that was presented to the City Council on June 14th 1960, included the following:
The Government have issued a Statutory Order applicable to the Post Office Savings Bank and Trustee Savings Banks
which has the effect of suspending the limitation on the amount of annual deposits and raising the limit on deposits in the aggregate
from £3,000 to £5,000, as from the 2nd May 1960.
Your Committee consider, and HM Treasury agrees, that certain alterations should
be made to relevant Municipal Bank Regulations. Accordingly, new Regulations have been prepared entitled 'The Birmingham Municipal
Bank Regulations, 1960', which it is proposed shall operate on and from the 14th June 1960.
The principal effects will be:
(a) to increase from £3,000 to £5,000 the limit on the aggregate amount standing to the credit of an account in
Depositors' Department No. 1;
(b) to suspend the limit on the amount which may be deposited
in or credited to an account in the Depositors' Department No. 1 in
Municipal Bank year;
(c) to define the conditions under which the limit shall not prevent the making
of certain classes of deposit;
(d) to define certain deposits which are ignored in computing the amount
of the account for the purpose of the limit;
(e) to increase the amount which may be withdrawn on demand
from £30 to £50;
(f) to increase from £1,000 to £2,000 the limit on the aggregate amount standing to
the credit of an account in Depositors'
Department No. 2.
Your Committee recommend
that, subject to the approval of HM Treasury and the Registrar of Friendly Societies, the Birmingham Municipal Bank Regulations, 1960,
which have been framed to give effect to the foregoing matter be prescribed in the form now submitted.