Regulation 3 Declaration on opening an account

Subject to the provisions of these Regulations, a depositor, on opening an account in a trustee savings bank, and whenever thereafter required so to do, shall specify his full name, occupation and address, and shall make a declaration in a form approved by the Commissioners.

Subject to the provisions of paragraph (3) below, the declaration shall declare that the person on whose behalf any first deposit is made is not directly or indirectly entitled to any benefit from the funds of any other trustee savings bank, and shall set forth the particulars of any other accounts which he already has, including any joint accounts in which his name appears, in the trustee savings bank receiving the declaration:

Provided that for the purposes of this declaration no account shall be taken of any benefit which the depositor may be entitled to from being a member of a friendly society or of sums which may be derived solely as executor, administrator or other personal representative of any deceased depositor or of sums standing in his name as a trustee either solely or jointly with any other person.

Where an account is opened by a trustee otherwise than under section 30 of the Trustee Savings Banks Act 1969 (under which deposits may be accepted from a person acting as a trustee on behalf of the depositor, the account being in the joint names of the trustee and the depositor), the declaration shall declare that no money belonging to the trust fund from which the first deposit is made is deposited in any other trustee savings bank, and shall set forth the particulars of any other accounts to which moneys belonging to such trust fund are credited in the trustee savings bank receiving the declaration.

For the purposes of paragraph (3) above, so much of the property in the hands of a trustee shall constitute one trust fund as is held on trusts which (as respects the beneficiaries or their respective interests or the purposes of the trust or as respects the powers of the trustee) are not identical with those on which any other property in his hands is held.

Where a deposit is made by a trustee otherwise than under section 30 of the Trustee Savings Banks Act 1969, he may be described in the account as trustee of a specified trust or as a trustee without specifying a trust.

No entry with respect to any trust, express, implied or constructive, shall be made in the account of any depositor except as provided in paragraph (5) above or except in an account opened by a trustee under section 30 of the Trustee Savings Banks Act 1969, and except as aforesaid no notice of any such trust shall be receivable by the trustees of a trustee savings bank.

The declaration by a depositor applying to open a current account shall declare that he will not operate the account either wholly or partly as a trade or business account.