Birmingham Municipal Bank Regulations, 1929
The Report of the Bank Committee that was presented to the
City Council on Tuesday, June 4th 1929, included the following:
AMENDMENT OF REGULATIONS
On the instructions of your Committee,
HM Treasury has been consulted regarding certain Regulations of the Bank, and as a result, tentative approval has been obtained to
required amendments having the following effect:
(1) To enable depositors at any branch of the Bank to withdraw sums not exceeding
£30 on demand, instead of the present limitation of £5.
(2) To provide for ground rents and other payments in respect of property
mortgaged to the Corporation to be paid by the Corporation in the first instance and the amount debited to the account of the depositor
or be repaid by him. This will avoid calling for the production of receipts, and will ensure that ground rents are paid when due.
To place the Committee of Management in a position to take action against defaulting mortgagors more promptly. The Bank has experienced
difficulty and incurred expense owing to certain mortgagors who are in arrear with their payments persistently evading action by making
partial payment; the effect of such payment has been to bring the arrears just below the equivalent of three monthly instalments of
principal, which under the existing Regulation represents permissible arrears.
(4) To empower the Committee to obtain payment
from defaulting mortgagors in respect of expenses incurred in the recovery of arrears instead of the Corporation having to meet such
To give effect to the above mentioned requirements, it is, therefore, proposed to amend the Bank Regulations by making
Supplemental Regulations in the following form, which HM Treasury and the Chief Registrar of Friendly Societies have intimated their
willingness to approve:
(1) These Regulations may be cited as the Birmingham Municipal Regulations, 1929.
(2) For Regulation
No. 41 of the Birmingham Municipal Bank Regulations, 1925, the following shall be substituted:
Repayments of deposits may be
made on demand to an amount not exceeding thirty pounds in any week, but no depositor shall, as a matter of right, 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
Repayment of deposits can only take place at the office where the account is kept.
For all sums over thirty
pounds one week's notice should be given, but in cases of emergency the Manager in his discretion may sanction a shorter period of
Notices of withdrawal shall in all cases state the amount 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 within three days after the termination of the period of notice will be treated as cancelled and of no effect.
For Regulation No. 87 of the Birmingham Municipal Bank Regulations, 1925, the following shall be substituted:
All ground rents
and other payments in respect of property mortgaged to the Corporation shall be paid by the Corporation in the first instance, and
shall be debited to the account of the depositor or be repaid by him'
(4) For Regulation No. 90 of the Birmingham Municipal Bank
Regulations, 1925, the following shall be substituted:
In case of any depositor being in arrear with his monthly instalments
of principal, the Corporation shall have power to take possession of the property. But the Committee of Management shall have power
to suspend or modify the repayments of a depositor for such period as they shall determine on his showing satisfactory reasons for
requiring such suspension or modification.
(5) For Regulation No. 93 of the Birmingham Municipal Bank Regulations, 1925, the
following shall be substituted:
The Committee of Management may, if they deem it advisable, charge the depositor with any legal
or other charges or expenses which may incur in connection with the mortgage or the completion thereof or the recovery of arrears.
These Regulations shall come into operation on the 15th day of July 1929, on and from which date Regulations Nos. 41, 87,
90 and 93 of the Birmingham Municipal Bank Regulations, 1925, are hereby repealed without prejudice nevertheless to anything done
or proceeding taken.