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The Savings Banks (Ordinary Deposits) (Limits) (Amendment) Order 1987

S.I. 1987/330 · Made 2 March 1987

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

SAVINGS BANKS

Laid before Parliament in draft

Made 2nd March 1987

Coming into force 3rd March 1987

Whereas a draft of this Order has been laid before Parliament and a period of 40 days beginning with the day of laying has expired and neither House of Parliament has resolved that the Order be not made;

Now, therefore, the Treasury, in exercise of the powers conferred on them by section 4 of the National Savings Bank Act 1971f1, and of all other powers enabling them in that behalf, hereby make the following Order:—

Annotations to the whole text

Footnotes

f1

1971 c. 29; section 4 was amended by the Finance Act 1982 (c. 39), Schedule 20, paragraph 3.

Contents

  1. 1Article 1
  2. 2Article 2
  3. Signature
  4. Explanatory note

1

This Order may be cited as the Savings Banks (Ordinary Deposits)(Limits) (Amendment) Order 1987, and shall come into force on 3rd March 1987.

2

The Savings Banks (Ordinary Deposits)(Limits) Order 1969f1 shall be amended in Article 3(2) by the addition of the following sub-paragraph:

“(c)

the receipt or crediting of any amount received or credited by the Director of Savings in contravention thereof from being treated as having been lawfully received or credited for such period as the Director of Savings, in his discretion, thinks appropriate provided that at the time the amount was received or credited the Director of Savings was unaware of the contravention and provided also that the Director considers it just and reasonable that the amount should be so treated.”.

Signature

Mark Lennox-Boyd

Tony Durant

Two of the Lords Commissioners of Her Majesty`s Treasury

2nd March 1987

Explanatory note

(This note is not part of the Order.)

The Order, which further amends the Savings Banks (Ordinary Deposits) (Limits) Order 1969, permits the Director of Savings to treat as a lawful deposit any amount received by way of ordinary deposit in excess of the prescribed limit where the Director was unaware, at the time the deposit was made, that it was in excess of the limit.