National Savings Bank Act 1971

14 Transfer of deposits from trustee savings banks

(1) If a depositor in a trustee savings bank desires to transfer the amount due to him, with interest, from the bank to the National Savings Bank, the trustees and managers of the trustee savings bank shall at his request give the depositor a certificate in a form to be approved by the Commissioners, and thereupon his account with that bank shall be closed.

(2) The certificate referred to in subsection (1) above shall be signed by a trustee or manager of the trustee savings bank, except that where the bank is open for more than 6 hours in every week it may instead be signed by a paid officer of the bank who has been duly appointed for that purpose and whose appointment has been previously certified to the Commissioners by two trustees.

(3) The depositor may deliver the certificate at any place where the business of the National Savings Bank is transacted and the certificate shall be considered to be an ordinary deposit of the amount stated in the certificate.

(4) Upon the certificate being forwarded to the Commissioners, the amount stated in the certificate shall be transferred in the books of the Commissioners from the account of the trustee savings bank in question to the account kept for the purposes of this Act.

(5) Where the account with the trustee savings bank stands in the name of a minor, or of a minor and any other person, the trustees of the bank, on an application in writing by the parent or other relative of the minor if under 7 years of age, and by the minor himself if above that age, and also by the other person (if any) in whose name the account stands, shall issue a certificate for the transfer of the account and of all moneys standing to the credit of the account, according to the foregoing provisions of this section.

The provisions of this subsection shall have effect notwithstanding anything in the rules of the trustee savings bank.

(6) Where an account is transferred under subsection (5) above, the account in the National Savings Bank shall be opened in the name of the minor alone, or, as the case may be, of the minor and the said other person, and the receipt of the person or persons making the application and receiving the transfer certificate shall be a sufficient discharge to the trustees of the trustee savings bank.

(7) Money transferred under subsection (5) above shall not be withdrawn, except with the consent of the Director of Savings, until the minor has attained the age at which it might have been withdrawn under the rules of the trustee savings bank from which it was transferred, a note whereof shall be made on the said certificate.