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EVOLUTION OF THE BANK'S
RULES & REGULATIONS
(continued)
 
Regulations
 
Legislation

Repayment of Deposits.

 

Repayment of deposits may be made on demand at the Head Office to an extent amount not exceeding 30 thirty pounds in any week, or at any Daily or Sub-Daily Branch Office to an extent amount not exceeding 5 five pounds in any week, but no Depositor shall as a matter of right shall be entitled to repayment of any sum whatever without giving notice of intended withdrawal as may be prescribed from time to time by the Committee of Management. For all sums over 30 thirty pounds repayable at Head Office or 5 five pounds at any Daily or Sub-Daily Branch Office, one week's notice shall be given. Repayment of deposits at any weekly evening Branch Office shall be subject to one week's notice.

 

Notices of withdrawal shall in all cases state the amount intended to be withdrawn and may be given verbally or by letter, signed by the Depositor, and addressed to the Bank at the office where the Depositor's account is kept. Any notice of withdrawal which is not acted upon in accordance with the within three days after the termination of the period of Notice will be treated as cancelled and of no effect.

 

Payments under this rule will only be made to the Depositor or to any other person being the bearer of the Depositor's Pass Book on production of an Order signed by the Depositor.

 

Interest on Deposits.

 

Interest shall should be allowed on deposits at the rate of eight pence on every pound three pounds ten shillings per centum per annum. The rate of interest payable on deposits shall be subject to the approval of the Treasury, and shall not be varied by the Corporation except after giving three months' notice to the depositors. No interest will be allowed on any less sum than one pound or on any fractional part of one pound or for any less period than three months. The interest shall be computed yearly up to the last day of the Bank year, and shall be placed to the credit of the depositor. If an account is closed during the before the last day of any Bank year the interest due shall be paid with the principal.

 

Transfers.

 

(1) Any Depositor may transfer his account from Head Office to any Branch Office, or vice versa, or from one Branch Office to another upon giving written notice of his desire to do so, which notice must be sent to the Office at which the account is kept.

(2) Deposits may be transferred from or to any other certified Savings Bank or the Post Office Savings Bank upon written application sent to the Office at which the account is kept. A Certificate will be given of the amount due to the Depositor, inclusive of interest, to enable such transfer to be made.

 

Transfer from one Account to another.

 

(1) Any depositor may apply to the Corporation for the transfer of deposits standing in his name into the name of any other person entitled to deposit in the Bank.

(2) The Manager shall be furnished with such evidence as the Committee of Management may require of the title of the depositor to the sums to which the application relates.

(3) (a) Every such application shall be in writing, or in a form which may be provided by the Committee of Management, and shall state the amount to be transferred, the full name and address of the person into whose name it is desired to transfer the deposits (hereinafter referred to as the transferee) and particulars of the account (if any) to which the deposits are to be transferred.

(b) A separate record shall be kept of all such applications, each of which shall be approved and signed by the Manager.

(4) Upon receiving such application as aforesaid, and upon being satisfied as to the title of the applicant to transfer the deposits to which the application relates, the Committee of Management shall transfer from the account of the applicant to the account of the transferee the sums specified in the application.

(5) Such application shall be a good discharge to the Corporation from the transferor for the sums specified therein.

(6) If the transferee is not already a depositor:

(a) He shall be required to make a like declaration to that made in relation to a first deposit, and the depositor's book and copy of these rules shall be handed to him, subject to his compliance with the requirements of these rules;

(b) Where the transfer is made in the name of a Friendly Society or Charitable Society, and such declaration as last aforesaid shall (so far as the same is necessary in the case of a first deposit) be made by the person who would make the same in the case of a first deposit.

 

Transfer from Account of Deceased or Insane Depositor.

 

(1) Any person of the age of sixteen years or upwards to whom any sum due to a depositor at the time of his decease or to a depositor who has become insane might be paid under and in accordance with a provisions of the Birmingham Municipal Bank regulations and of these rules may, subject to the provisions of the Birmingham Municipal Bank regulations and of these rules as to duty in lieu of withdrawing such sum, apply to the Committee of Management in writing for the transfer of such sum into his own name or the name of any other person specified in such application.

(2) The provisions of these rules relating to the transfer of deposits shall apply to the transfer of sums from the account of a deceased depositor so far as the same are applicable.

(3) A transfer under these rules shall be deemed to be a payment within the meaning of the provisions of the Birmingham Municipal Bank regulations and these rules as to duty.

 

Addition of Name to an Account.

 

Upon the application of any depositor the Committee of Management may, if they deem it just or expedient so to do, add one or more names to an account already in the Bank.

Every person whose name is so added to an account under this rule shall make the declaration required upon the making of a first deposit.

 

A Depositor may Nominate.

 

Subject to the provision of these Rules a depositor of the age of sixteen years or upwards may nominate any person to receive any sum due to such depositor deceased.

 

Requirements for Nomination.

 

(1) Every such nomination shall be in writing or in a form which may be provided by the Committee of Management, and shall be signed by the depositor in the presence of a witness and shall be sent by post or otherwise to the Manager during the lifetime of the depositor.

 

(2) The receipt of every such nomination shall be acknowledged by the Bank.

 

Registration.

 

Every such nomination shall be registered by the Manager in a book to be kept for the purpose.

 

Revocation.

 

(1) Any such nomination may be revoked by the depositor by writing under his hand signed in the presence of a witness.

 

(2) Any such revocation shall be sent by post or otherwise to the Manager during the lifetime of the depositor, and shall be registered by the Manager in a book to be kept for that purpose in like manner as in the case of a nomination.

 

(3) The receipt of every such revocation shall be acknowledged by the Bank.

 

Scope of Nomination.

 

(1) A nomination may relate to the whole of a deposit standing in the name of a depositor, or to part only of such deposits.

 

Division of Sums Nominated.

 

A nomination may be in favour of one person or of several persons, and in the latter case may direct that specific sums shall be paid to one or more of the persons named in the nomination or that the persons named in such nomination may take the deposits in specified shares, or may give directions to both effects.

 

Witness to Nomination Disqualified from taking under it.

 

No person who witnesses a signature of a depositor to a nomination shall take any benefit under such nomination.

 

Operation of Nomination.

 

(1) Where the sums due by the Corporation on the decease of a depositor do not exceed in the whole the sum of one hundred pounds and the Corporation have no notice of the claim of any creditor of the depositor, the Committee of Management shall, subject to the provisions of the Birmingham Municipal Bank regulations and these rules as to duty, pay the persons named in any nomination made by such depositor, and in force at the time of his death, according to the directions of such nomination, and the receipt of any person so named shall be a good discharge to the Corporation for the sum so paid, notwithstanding such person has not attained the age of twenty-one years if such person has attained the age of sixteen years.

 

(2) If upon the decease of a depositor the sums due to him or to his estate exceed one hundred pounds, any nomination made by such depositor shall take effect subject to the provisions of the Birmingham Municipal Bank regulations and these rules as to duty as regards any sum or sums to which the same relates not exceeding one hundred pounds in like manner as if it were a will of the deceased depositor duly executed, but shall not take effect in any other manner, and a nomination shall not in such case be deemed void because the depositor was a minor at the time such nomination was made.

 

(3) In any such case as last aforesaid, the Committee of Management may, if the Corporation have no notice of a claim of any creditor of the depositor, and subject to the provisions of this rule, pay any sum or sums to which a nomination relates not exceeding in the aggregate one hundred pounds according to the directions of such nomination, notwithstanding the production of probate of the will of a deceased depositor or letters of administration to his estate.

 

Payment of Debts out of Nominated Deposits.

 

Where on the death of a depositor who has made a nomination, the Corporation have notice of a claim of any creditor against the estate of such depositor, and such estate apart from the amount nominated is not sufficient to satisfy such claim, the Committee of Management may in their discretion apply the amount nominated in or towards the satisfaction of such claim; but subject as aforesaid any payment made by the Committee of Management to the nominee, whether the amount due to the depositor at his death does or does not exceed one hundred pounds, shall be a valid payment,  and the receipt of the nominee shall be a good discharge to the Corporation for a sum so paid.

 

Payment for the Benefit of a Nominee under sixteen.

 

Where any person nominated to receive any sum on the death of a depositor is an infant under the age of sixteen years, and it is proved to the satisfaction of the Committee of Management that funds are urgently needed for the maintenance, education, or benefit of such infant, the Committee of Management may pay the sum mentioned in the nomination or any part thereof to any person who may satisfy the Committee of Management that he will apply such money for the benefit of such infant, and the receipt of such person shall be a good discharge to the Corporation  for the amount so paid.

 

Nominations in favour of Issue not to lapse.

 

Where any person nominated to receive any sum on the death of a depositor, and such person dies in the lifetime of a depositor leaving issue, and such issue of such person is living at the time of the death of the depositor, the nomination shall take effect as if the death of the person nominated had happened immediately after the death of the depositor, unless a contrary intention appears by the nomination; but in every other case the death of the person nominated in the lifetime of the depositor making the nomination shall operate as a revocation of the nomination in favour of such person.

 

Nomination revoked by marriage.

 

(1) Subject to the provisions of these rules, the marriage of a depositor contracted after the date when these rules come into operation shall operate as a revocation of any nomination made by such depositor before such marriage.

 

(2) Where the Committee of Management have paid money to a nominee in ignorance of the fact that the person making a nomination has married subsequently to the nomination, the receipt of the nominee shall be a valid discharge to the Corporation.

 

(3) Nothing in these rules shall alter the effect of a marriage contracted prior to the date when these rules come into operation upon a nomination theretofore made by the depositor contracting such marriage.

 

Proof of Death.

 

The Committee of Management may require proof to their satisfaction of the decease of a depositor.

 

Deposits under One Hundred Pounds.

 

(1) Where the whole amount due by the Corporation to a depositor at the time of his decease does not exceed one hundred pounds, exclusive of interest, and probate of the will of such depositor or letters of administration of his personal estate is not or are not produced to the Committee of Management within such times as they may think reasonable if such depositor has made no nomination and so far as any nomination does not extend, the Committee of Management may, subject to the provisions of the Birmingham Municipal Bank regulations and these rules as to duty, without requiring probate of the will or letters of administration, pay or distribute the amount so due as aforesaid to or among any of the persons hereinafter described or indicated, that is to say:

 

(1) Any person who has paid the funeral expenses of a depositor;

(2) Creditors of the depositor;

(3) The widow or widower of the depositor;

(4) The persons entitled to the personal estate of the depositor according to the statutes of distribution;

(5) Any person undertaking to maintain the children of the depositor;

(6) The Solicitor to the Treasury if the depositor, being illegitimate, dies intestate, leaving no widow, widower, or issue;

(7) The Solicitor to the Duchy of Lancaster if the estate of a depositor has devolved upon that Duchy;

(8) The Solicitor to the Duchy of Cornwall if the estate of a depositor has devolved upon that Duchy.

 

(2) The receipt of any persons mentioned in this rule shall be a good discharge to the Corporation for the sums paid; and any such receipt may be signed by any widow, widower, or next-of-kin above the age of sixteen years, not withstanding that she or he has not attained the age of twenty-one years.

 

Estate, Succession, and Legal Duties.

 

(1) If the total property of the deceased of the deceased depositor exceeds one hundred pounds after deduction of debts and funeral expenses, any sum which may under these rules be paid to a survivor in the account (not being a trustee), whose name has been added to the account at the request of such deceased depositor or otherwise than to the legal personal representative of the depositor, shall, notwithstanding such payment be for the purposes of estate duty treated as passing under the will or intestacy of a deceased depositor.

 

(2) The Committee of Management shall, before making any payment in respect of deposits standing to the credit of a deceased depositor (either alone or jointly with any other depositor - not being a trustee - whose name has been added to such account at the request of such deceased depositor) to any one but the legal personal representative of such deceased depositor require a declaration (in the form prescribed) by the claimant or one of the claimants, or by the survivor or survivors in the account that the total estate of the deceased depositor, including the amount of such deposits, does not after the deduction of debts and funeral expenses exceed the value of one hundred pounds.

 

(3) In every case as aforesaid, where the total estate of the deceased depositor, including such deposits, but after deduction of debts and funeral expenses, exceeds one hundred pounds, the Committee of Management shall, before making any payment to any survivor in the account, or to any person other than the legal representative of the deceased depositor, require production of a certificate from the Commissioners of Inland Revenue of the payment of the estate duty and of a duly stamped receipt for the succession or legacy duty payable in respect of such deposits or of a certificate stating that no succession or legacy duty is payable.

 

Settlement of Disputes.

 

(1) If any dispute arises between the Corporation and any depositor in the Bank, or any person claiming to be entitled to any money deposited in the bank, the matter in dispute shall be referred to the Chief Registrar of Friendly Societies.

 

(2) On any such reference being made, the Chief Registrar may proceed ex parte on notice in writing sent by post to the Corporation and may inspect any books of the Corporation which relate to the matter in dispute, and may administer oaths to any witnesses appearing before him, and his award on the matter in dispute shall be final and binding on all parties.

 

Charge on Award.

 

There shall be charged on any award made under the preceding regulation by the Chief Registrar the same fee as is payable in like circumstance in the case of Savings Banks under the Treasury Warrant of March 29th, 1879, and any fee so charged shall be paid into the Exchequer, and shall be paid by such persons and in such manner as is directed by the said warrant.

 

 

 

 

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