1 Name and Object.
The Bank shall be called the ‘Birmingham Corporation Savings Bank,’ and shall be carried on to facilitate the investment of savings in accordance with the Municipal Savings Banks (War loan Investment) Act, 1916.
The Bank shall be conducted and governed in conformity with the provisions of the said Act and regulations made by the Treasury in pursuance thereof and the following rules, which rules shall be binding on the Committee of Management and the officers of the bank and the depositors therein and their representatives. These rules shall be open at the bank and any of its branches at all reasonable times during banking hours for the inspection of depositors or persons eligible and wishing to deposit in the bank, and copies shall be furnished on demand in return for a fee of twopence for each copy.
3 Committee of Management
The affairs of the bank shall be under the control and management of a Committee of Management (hereinafter called the Committee), consisting of five members with the Lord Mayor ex officio of whom four at least shall be members of the council appointed annually by the Birmingham City Council.
4 Offices and Branches
The head office of the bank shall be at the Council House, Birmingham. The committee may from time to time open and maintain branch offices for transacting the business of the bank elsewhere than at the head office and for that purpose may acquire the tenancy of any premises. The committee may close any branch if they think fit to do so. The committee shall give seven days’ previous notice before opening or closing any branch, each notice to be displayed in a conspicuous place at the head office and be sent to the Chief Registrar of Friendly Societies.
5 Hours and Days of Business
The offices of the bank shall be open for the transaction of business on one day at least in every week except Sunday and during such hours as the committee shall from time to time appoint, but shall not be open on any Bank Holiday or public holiday. Notice of any change in days or hours shall be posted in a conspicuous place at the head office and at any branch office affected thereby. No money shall be paid to any depositor except at one of the offices of the bank and during the prescribed hours of banking business.
6 Accounts to be kept and Books
There shall be kept by the officers of the bank such books of account as shall be requisite, and shall be prescribed by the Committee of Management.
The committee shall appoint annually one or more chartered or incorporated accountants as auditors, but not out of their own body, to audit and examine the books, securities and vouchers and to report in writing to them not less than once every half-year. Such accountant or auditor shall (inter alia) examine and test the accuracy of the cash books and ledgers, and shall certify as to the correct amount of the whole liabilities and assets of the bank. A retiring auditor shall be eligible for re-appointment.
8 Method of joining Bank
(a) No person shall be eligible to be a depositor at the bank except a person in the employ of some other person in the city of Birmingham who is prepared to co-operate with the committee in regard to the making of deposits by or on account of his employees in accordance with the Act and these rules.
(b) All deposits at the bank shall be made in Birmingham Corporation Savings Bank coupons (herein after referred to as coupons), which shall be of value of 1s. or a multiple of 1s., and shall be purchasable from the bank by any employer direct or obtainable by him through any bank in the city from whom he desires to obtain them, and for that purpose any such other bank shall be supplied with such coupons by the bank on terms arranged with the committee.
(c) The coupons shall not be transferable or negotiable.
(d) Any person eligible and desiring to become a depositor (hereinafter referred to as the depositor) shall, in a form prescribed by the committee which shall be supplied by the bank to the employer, authorise and request his employer to pay to him a specified amount of his wages in coupons instead of in cash until such time as he revokes or varies the authority in the prescribed form.
(e) On receipt of such request and authority the employer shall be entitled to pay to the depositor the specified amount of wages in coupons, and the depositor shall accept such coupons in lieu of cash.
(f) The depositor shall affix all coupons received by him to a coupon card (the form of which shall be prescribed by the committee), which shall he supplied by the bank to the employer, and by the employer to the depositor. Each coupon card shall he numbered by the bank before issue, and a record of the name of the employer to whom it is issued shall be made. The depositor shall sign his name on the card and fill in his address thereon. The name of the employer shall also be entered on the card.
(g) When coupons to the value of £1 have been annexed to the card the depositor shall take the card to the bank or a branch thereof, and an account shall thereupon be opened at the bank in the name of the depositor, and a depositor's pass book issued to the depositor with a coupon card for further savings. The depositor, on opening an account at the bank, shall furnish a specimen of his signature.
All deposits, repayments and withdrawals shall he regularlyentered in the pass book issued to each depositor, and this book must he produced at the bank whenever any business is transacted, and left at the head office twice at least in every year for the purpose of being examined and of having the interest credited.
The pass hook shall be the depositor's receipt and voucher, and its production by the depositor, or other person authorised in writing by the depositor, in the absence of any previous claim to the deposits entered therein, shall be at all times a sufficient authority for repayment of money notwithstanding bankruptcy, insolvency or any other legal disability of the depositor.
The deposits shall not be transferable or negotiable in any way.
The bank shall not receive any deposit which makes the sum standing in the name of any depositor in the bank exceed £200.
A depositor desiring to withdraw his money, whether represented by a deposit book or an incomplete card, or both, may give seven days’ notice in writing of his intention to the committee at the bank, and shall forward his book or current card, and at the expiration of that period shall attend either personally, or by a representative authorised by writing at the bank to receive the amount of the withdrawal.
The notice of withdrawal shall in all cases state the amount to be withdrawn, and shall be in the form prescribed by the committee and must be signed by the depositor.
Any notice of withdrawal which is not acted upon within fourteen days after the expiration of the notice will be treated as cancelled and of no effect.
11 Interest on Deposits
The interest allowed to depositors shall be at the rate of £3 10s per centum, and shall be calculated at the rate of seven-tenths of a penny on every complete £ per month. It shall be credited on the 30th September and the 31st March in each year. The interest so credited shall become part of the principal and shall carry interest in like manner as a deposit. The rate of interest may be varied at any time by the committee with the approval of HM Treasury, but shall not be reduced except after giving three months' previous notice to the depositors.
12 Savings Bank Year
The period of the Savings Bank year shall be from the first day of April to the thirty-first of March.
13 Payment for Incomplete Cards
(a) If any person owning an incomplete card shall die the committee shall pay on production of the card at the head office to the person or persons who appear to the committee to be entitled thereto the amount represented by such card without interest.
(b) In the event of the bank being wound up the committee shall pay to the owner of every incomplete card the amount represented by such card without interest on presentation of the card by the owner at the head office.
14 Closing of Accounts
The committee shall have power to close any account and return to any depositor the amount of his deposit, interest in such cases being allowed for not more than seven days after notice has been given to such depositor.
15 Lost Pass Books
In the event of any depositor losing his pass book he must at once give notice to the head office, and in one month from that notice, on a satisfactory indemnity being given and the payment of sixpence, he may receive a new pass book containing a duplicate of his account. Should any person present a depositor's pass book or other voucher and unlawfully obtain from the bank any deposit or sum of money credited therein without the authority of the depositor, neither the bank nor any of the officers will be responsible for the loss that may be sustained thereby, nor be liable to make good the same unless the depositor shall have previously given notice in writing of the loss of the pass book or voucher.
16 Winding up
The Council may at any time pass a resolution intimating their desire to discontinue the operation of the bank, whereupon the bank shall forthwith be wound up.
17 Interpretation of Rules
Words and expressions which have been defined by the Interpretation Act, 1889, shall have the same meaning in these rules as is assigned to them by that statute.
18 Alteration of Rules
The Council of the City of Birmingham may on the recommendation of the committee from time to time alter or rescind all or any of the then existing rules of the bank or make any new rules in conformity with the statutes and statutory regulations for the time being relating to the bank, but no alteration or rescission of rules or new rule shall come into force until approved by the Chief Registrar of Friendly Societies.
19 Commencement of Rules
These rules and any alterations or amendments thereof shall come into force and be binding on the Council, the committee, the officers, and the depositors of the bank or their representatives as soon as they shall have been approved by the Chief Registrar of Friendly Societies.
20 Prescribed Forms
Where any form is prescribed by the rules, it shall be prepared by the committee and submitted to the Chief Registrar of Friendly Societies for his approval, and such form may be altered or revised from time to time by the committee subject to the like approval.
The Corporation Seal was affixed hereto on the 15th day of September, One Thousand Nine Hundred and Sixteen.
I approve the foregoing rules of the Birmingham Corporation Savings Bank pursuant to Regulation 3 (4) of the Municipal Savings Banks Regulations 1916.
G STUART ROBERTSON
Chief Registrar of Friendly Societies
September 18, 1916