# Savings Banks Act 1949, Section 15: Abolition of naval savings banks.


(1) The Naval Savings Banks Act, 1866 (which authorises the establishment of naval savings banks) is hereby repealed.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

---
Source: https://www.legislation.gov.uk/ukpga/Geo6/12-13-14/13/section/15 (the official version)
Page: https://openlegislation.uk/savings-banks-act-1949/section-15
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.