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Trustee Savings Banks Act 1981
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[F129 Deposits by, and payments to, certain institutions etc.U.K.
(1)Without prejudice to the provisions of section 31 of the M1Industrial and Provident Societies Act 1965 and section 31 of the M2Industrial and Provident Societies Act (Northern Ireland) 1969 (which deal with the investment powers of registered societies), the treasurer of any charitable or provident institution or society, or charitable donation or bequest for the maintenance, education or benefit of the poor, or of any penny savings bank, may invest the funds of the institution or society in the funds of a trustee savings bank.
(2)Where a payment is made by a trustee savings bank to a trustee, treasurer or other officer of a provident institution or society or of a charity, friendly society or penny savings bank who is apparently authorised to require that payment, his receipt shall be a sufficient discharge, and neither the trustee savings bank nor any of its trustees or officers shall be responsible for any misapplication or for any want of authority of the person requiring or receiving the payment.
(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1]
Textual Amendments
F1S. 29 repealed (with saving for subsections (1) and (2)) by virtue of Trustee Savings Banks Act 1985 (c. 58, SIF 110), s. 4(3)(4)(5) and S.I. 1986/1223, arts. 2(a), 8, 9, 12, Sch. 1 (arts. 8 and 9 providing as follows: “8. Notwithstanding the repeal of subsection (1) of section 29 of the 1981 Act, any funds which are pursuant to that subsection invested before the vesting day in the funds of a trustee savings bank may continue on and after the vesting day to be invested with the successor bank. 9. Nothing in the repeal of subsection (2) of section 29 of the 1981 Act shall affect the continued operation of that subsection but on and after the vesting day the subsection shall apply as if any reference to a trustee savings bank or to the trustees or officers of such a bank were or included (as the case requires) a reference to the successor bank.”)
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