Trustee Savings Banks Act, 1989

• Jurisdiction: Ireland
• Citation: IR No. 21/1989

Number 21 of 1989
TRUSTEE SAVINGS BANKS ACT, 1989
ARRANGEMENT OF SECTIONS
PART I
Preliminary and General
Section 1. Short title. 2. Commencement. 3. Interpretation. 4. Regulations and directions. 5. Regulations to remove difficulties. 6. Modification of Act to conform with changes in company, banking and building society law. 7. Repeals and savings. 8. Expenses.
PART II
Establishment and Licensing of Trustee Savings Banks
9. “Trustee savings bank”. 10. Licences. 11. Prohibition on carrying on of business of a trustee savings bank without a licence. 12. Conditions of licences. 13. Revocation of licences. 14. Name of trustee savings bank. 15. Lending and borrowing by trustee savings bank. 16. Rules of trustee savings bank.
PART III
Trustees of Trustee Savings Banks
17. Number of trustees of trustee savings bank. 18. Age limit for trustees of trustee savings bank. 19. Disqualification for being a trustee of a trustee savings bank. 20. Payment of honoraria to trustees of trustee savings bank. 21. Disclosure of interest by trustees of trustee savings bank. 22. Liability of trustees of trustee savings bank. 23. Provisions in relation to property of trustee savings banks and legal proceedings.
PART IV
Supervision of Trustee Savings Banks
24. Keeping of books, accounts and other records by trustee savings bank and inspection thereof by Central Bank. 25. Furnishing of information to Central Bank. 26. Directions by Central Bank in relation to suspension of certain activities of trustee savings bank. 27. Directions by Central Bank in relation to advertisements. 28. Statement of management expenses. 29. Publication of business statements by trustee savings bank. 30. Display of financial statements by trustee savings bank. 31. Regulation of ratios between assets and liabilities of trustee savings bank. 32. Investment of funds of trustee savings bank. 33. Annual statement of liabilities of Minister to trustee savings banks. 34. Power of Court to prohibit certain contraventions of Act, etc.
PART V
Management and Administration of Trustee Savings Banks
35. Annual accounts of trustee savings bank. 36. Appointment, qualification and removal of auditor of trustee savings bank. 37. Report of auditor of trustee savings bank and right of access to its books. 38. Duties of auditor of trustee savings bank. 39. Performance of functions and provision of services of trustee savings bank by subsidiaries and other companies.
40. Retention by trustee savings bank of records, receipts and similar documents. 41. Payments by trustee savings bank to persons not of full age. 42. Closing and dissolution of trustee savings bank. 43. Restriction of certain exemptions from liability for officers of trustee savings bank. 44. Power of court to relieve liability of officers of trustee savings bank in certain cases. 45. Superannuation of staff of trustee savings bank.
PART VI
Amalgamation of Trustee Savings Banks
46. Interpretation. 47. Power of trustee savings banks to amalgamate. 48. Approval of Minister and Central Bank of amalgamation of trustee savings banks. 49. Transfer of accounts. 50. Transfer of securities. 51. Rights and obligations in relation to transferred securities. 52. Transfer in the case of property held on bailment. 53. Transfer of officers and other employees. 54. Application of certain instruments. 55. Application of Bankers' Books Evidence Acts, 1879 and 1959. 56. Continuance of pending legal proceedings.
PART VII
Miscellaneous
57. Authorisation by Minister of reorganisation of trustee savings banks into companies. 58. Restriction on certain statements. 59. Amendment of Bankers' Books Evidence Act, 1879. 60. Payment by trustee savings bank of small deposits on death. 61. Recognition of trustee savings bank accounts. 62. Penalties. 63. Offences by trustee savings banks and bodies corporate. 64. Exemption from stamp duty.
65. Bonds and sureties. 66. Provisions in relation to offences.
FIRST SCHEDULE
Enactments Repealed
SECOND SCHEDULE
Matters to be provided for by the Rules of a Trustee Savings Bank
Acts Referred to Appropriation Act, 1966 1966, No. 29 Bankers' Books Evidence Act, 1879 1879, c. 11 Bankers' Books Evidence Acts, 1879 and 1959 Bills of Sale (Ireland) Acts, 1879 and 1883 Capital Gains Tax Acts Central Bank Act, 1971 1971, No. 24 Companies Act, 1963 1963, No. 33 Companies Acts, 1963 to 1986 Customs, Inland Revenue, and Savings Banks Act, 1880 1880, c. 40 European Communities Act, 1972 1972, No. 27 Finance Act, 1895 1895, c. 16 Finance Act, 1940 1940, No. 14 Finance Act, 1942 1942, No. 14 Finance Act, 1946 1946, No. 15 Finance Act, 1959 1959, No. 18 Finance Act, 1968 1968, No. 33 Finance (No. 2) Act, 1968 1968, No. 37 Finance Act, 1973 1973, No. 19 Holidays (Employees) Act, 1973 1973, No. 25 Insurance Acts, 1909 to 1989 Judgment Mortgage (Ireland) Act, 1850 1850, c. 29 Minimum Notice and Terms of Employment Acts, 1973 to 1984 National Debt (Supplemental) Act, 1888 1888, c. 15 Petty Sessions (Ireland) Act, 1851 1851, c. 93 Post Office Savings Banks Act, 1863 1863, c. 14 Pre-Union Irish statute 33 Geo. II c. 14 (Ir.) 1759, c. 14 Redundancy Payments Acts, 1967 to 1984 Registration of Deeds Act, 1707 1707, c. 10 Registration of Title Act, 1964 1964, No. 16 Revenue Act, 1903 1903, c. 46 Savings Banks Act, 1880 1880, c. 36 Savings Banks Act, 1887 1887, c. 30 Savings Banks Act, 1891 1891, c. 21 Savings Banks Act, 1904 1904, c. 8 Savings Banks Act, 1920 1920, c. 12 Savings Banks Act, 1958 1958, No. 23 Savings Banks (Barrister) Act, 1876 1876, c. 52 Savings Bank Investment Act, 1863 1863, c. 25 Savings Bank Investment Act, 1866 1866, c. 5 Savings Bank Investment Act, 1869 1869, c. 59 Succession Act, 1965 1965, No. 27 Trustee Savings Banks Act, 1863 1863, c. 25 Trustee Savings Banks Act, 1887 1887, c. 47 Trustee Savings Banks Act, 1918 1918, c. 4 Trustee Savings Banks Act, 1965 1965, No. 11 Trustee Savings Banks Act, 1979 1979, No. 17 Trustee Savings Banks Acts, 1863 to 1979 Unfair Dismissals Act, 1977 1977, No. 10 War Loan (Supplemental Provisions) Act, 1915 1915, c. 93
Number 21 of 1989
TRUSTEE SAVINGS BANKS ACT, 1989
AN ACT TO REVISE GENERALLY THE LAW RELATING TO TRUSTEE SAVINGS BANKS AND, FOR THAT PURPOSE. TO PROVIDE FOR THE LICENSING AND SUPERVISION OF SUCH BANKS BY THE CENTRAL BANK, TO ENABLE THE MINISTER FOR FINANCE TO AUTHORISE THEIR REORGANISATION INTO COMPANIES OWNED AND CONTROLLED BY THE MINISTER FOR FINANCE OR COMPANIES CARRYING ON, INTER ALIA, ORDINARY BANKING BUSINESS AND OWNED AND CONTROLLED BY OTHER PERSONS WHETHER WITH OR WITHOUT THE PARTICIPATION OF THE MINISTER FOR FINANCE AND TO REPEAL THE TRUSTEE SAVINGS BANKS ACTS, 1863 TO 1979, AND TO PROVIDE FOR CONNECTED MATTERS. [23rd December, 1989]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
PART I Preliminary and General
	Short title.	1.—This Act may be cited as the Trustee Savings Banks Act, 1989.
	Commencement.	2.—This Act shall come into operation on such day or days as, by order or orders made by the Minister under this section, may be fixed therefor either generally or with reference to any particular purpose or provision and different days may be so fixed for different purposes and different provisions.
	Interpretation.	3.—(1) In this Act, save where the context otherwise requires—
	“the Act of 1963” means the Companies Act, 1963 ;
	“the Acts” means the Trustee Savings Banks Acts, 1863 to 1979;
	“the Central Bank” means the Central Bank of Ireland;
	“company”, “equity share capital”, “holding company” and “subsidiary” have the meanings assigned to them by the Act of 1963;
	“the Companies Acts” means the Act of 1963 and every Act which is to be construed with it as one Act;
	“the Court” means the High Court;
	“deposit” includes a deposit in a current account;
	“depositor” means a person who maintains a deposit with a trustee savings bank and cognate words shall be construed accordingly;
	“former bank” means a trustee savings bank that immediately before the commencement of Part II stood certified under the Acts;
	“licence” has the meaning assigned to it by section 10 ;
	“the Minister” means the Minister for Finance;
	“the special account” has the meaning assigned to it by section 32 ;
	“trustee savings bank” has the meaning assigned to it by section 9 .
	(2) In this Act—
	(a) a reference to any enactment shall, unless the context otherwise requires, be construed as a reference to that enactment as amended, adapted or extended by or under any subsequent enactment including this Act or regulations made under this Act,
	(b) a reference to a Part, section or schedule is a reference to a Part, section of, or schedule to, this Act unless it is indicated that reference to some other enactment is intended,
	(c) a...