Section 15 Abolition of naval savings banks.

C1(1)

The Naval Savings Banks Act, 1866 (which authorises the establishment of naval savings banks) is hereby repealed.

C2(2)

All property held by the Admiralty at the date of the passing of this Act for the purposes of naval savings banks shall be held by the Admiralty for the benefit of Greenwich Hospital and any money required by the Admiralty for the purpose of meeting any claim established in respect of any deposit in any naval savings bank shall be defrayed as expenses of Greenwich Hospital.

Annotations

Modifications

C1: The text of s. 15(1) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any repeals or amendments which may have been made prior to 1.2.1991
C2: Functions of Admiralty under this Act now exercisable by a Secretary of State:Defence (Transfer of Functions) Act 1964 (c. 15), s. 1(2)