ACT No. XX of 1983 AN ACT to make provision for the winding up of the Malta Government Savings Bank and to regulate matters connected therewith.

I assent.

(L.S.)

AGATHA BARBARA

22nd Decembei: 'i983

ACT No. XX of 1983

AN ACT to make provision for the winding up of the Malta Government

Savings Bank and to regulate matters connected therewith.

BE IT ENACTED by the President, by and with the advice and

consent of the House of Representatives, in this present Parliament

assembled, and by the authority of the same, as follows: -

This Act may be cited as the Malta Government Savings Bank Short tit1e.

(Winding up) Act, 1983.

In this Act, unless the context otherwise requires -

"Commercial Bank" means either the Bank of Valletta Limited,

or the Mid-Med Bank Limited;

"deposit" inc1udes a savings or a fixed deposit. inc1uding ariy

interest accrued;

"financial year" means the period of twelve months ending

on the thirty-first day of December in any year;

"Minister" means the Minister responsible for finance;

"Ordinance" means the Malta Government Savings Bank Ord. xxv of 1961

Ordinance, 1961;

"Savings Bank" means the Malta Government Savings Bank

constituted and established under section 3 of the Ordinance.

' 3. Notwithstanding anything contained in the Ordinance. the Savings Bank .,

Savings Bank shall not accept any further deposits as from the ' 1st business.

January, 1984.

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jaċċettax aktar depożiti mill-l ta' Jannar, 1984.

As ftom the 1st January, 1984 it shall be lawful for the Account- Transfer of

ant General to transfer any deposit with the Savings Bank to any Com- deposits.

uwrcial Bank.

Provided that depositors with the Government Savings Bank

may, not later than the 30th June, 1984, give disposal instructions to the

Accountant General for the transfer of their accounts to any CommerciaI

Bank of their choice, in which case the transfer shall be effected accord-

ing to such instructions.

Saving the provisions of section 6 of this Act any deposit

transferred by the Savings Bank to a Commercial Bank shall upon such

transfer remain subject to any Court order or any other conditions or

restrictions to which that deposit was subject at the time of the transfer.

Upon the transfer of any deposit to a Commercial Bank as is

provided in the preceding sections of this Act, section 7 of the Ordinance

~hall cease to apply to any deposit so transferred.! ",

~ ':Y:" ~ _"

After the transfer of deposits in accordance with disposaI

instructions received by the Accountant General and as otherwise pro-

ovided iil section 4 of this Act, any residual deposits shall remain in trust

with the Accountant General and shall be passed to the special fund

set up under section 8 of this Act.

(1) There shalI be constituted a special fund, to be known

as " the Gcivernment Savings Bank (Residual Deposits) Fund, ' to which

shall be transferred the amount of allresidual deposits referred to in

secti0'n 7 of this Act.

. (3) The assets of the fund may be invested as the Accountant

General, with the approval of the Minister may from time to time

determine, and the proceeds from such investments shall go to the credit

of the fund.

(4) Any deposits transferred tO' the fund shall continue to bear

interest at the rate per centum per annum payable from time to time

{or .similar deposits in commercial banks.

(5) Out of such fund there shall be paid any deposits the with-

drawal of which is requested by the rightful owner as also the interest

accruing in respect of such deposit.

(6) Any amounts in excess of the total deposits and interests

aecruing thereon shall at the end of the financial year be passed to the

credit of the Consolidated Fund.

Notwithstanding anything contained in the Ordinance any SUf-

' ,plus _ass~ts remaining after the . Accountant General has transferred to

:the Commercial Banks and to the special fund assets of the .Sayings

Bank in an amount equiva1ent to the deposits transferred to each of .such

banks and fund, and after al1liabi1ities have been settled, shall on a da te

to :be·)detennined by the Minister, be.passed to the credit. of the Conso-

,lidl;\ted . Fund; .

.Provided that the part of such surplus consisting in investments

may be disposed of as the Minister may direct, and the resulting proceeds

shaH be passed to the credit of the Consolidated Fund.

If the date determined by the Minister as provided in section Fina! accounts.

9 of this Act does not coincide with the date laid down in section 11 of

the Ordinance, the statements required by tfiat section of the Ordinance

shaH be forwarded by the Accountant General to the Director of Audit

as soon as possible and not later thati three months 'from the date deter-

mined by the Minister as aforesaid.

Passed by the House of Representatives at Sitting No. 150 of the 20th December,

1983. DANIEL MICALLEF

Speaker

C. M~SUD

Clerk to the House of Representatives

tat-Tagħrif

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