In this section—

• “the railway savings banks” means the savings banks established under—

  • section twenty-three of the M1Metropolitan Railway Act 1873,

  • section forty-five of the M2Great Western Railway Act 1885,

  • section eighteen of the M3Taff Vale Railway Act 1895,

  • section sixty-one of the M4London, Midland and Scottish Railway Act 1924,

  • section ninety-nine of the M5Southern Railway Act 1924, and

  • section three of the M6London and North Eastern Railway Act 1944,

  and any other savings bank for which the Commission was responsible before the vesting date and which primarily served those employed by the Commission on their railways;

• “the appropriate Board” means—

  1. a

     in relation to the savings bank established under the M7Metropolitan Railway Act 1873, F1the London Transport Executive

  2. b

     in relation to any other railway savings bank, the Railways Board.

Part II of this Act shall not apply to the property, rights and liabilities of the Commission so far as held and subsisting for the purposes of any railway savings bank, but all such property, rights and liabilities shall by virtue of this section be transferred on the vesting date to the appropriate Board and held assumed by that Board subject in all respects to the duties and obligations to which the Commission were subject immediately before the vesting date.

As from the vesting date, for references to the Commission in the enactments listed in subsection (1) of this section and in any other statutory provision, so far as that provision relates to a railway savings bank, there shall be substituted references to the appropriate Board, and for references in any such enactment to any officer or servant of, or person appointed by, the Commission there shall be substituted a reference to such person as the appropriate Board may appoint or, in default of appointment, in the case of references to any officer or servant of the Commission, to the officer or servant of that Board who corresponds as nearly as may be to the first mentioned officer or servant.

The persons entitled to make deposits in any railway savings bank other than those to which the last foregoing subsection applies shall be the persons who are depositors in that bank on the vesting date, and, where any such depositor F2is a person who dies leaving a surviving spouse or surviving civil partner, that survivor for so long as that survivor does not subsequently marry, enter into a civil partnership or die.

So much of the enactments listed in the definition of railway savings banks in subsection (1) of this section as relates to the charging of deposits on the undertaking or profits of any body shall cease to have effect.