MALTA GOVERNMENT SAVINGS BANK (WINDING UP) ACT

MALTA GOVERNMENT SAVINGS BANK (WINDING UP)

CHAPTER 307

MALTA GOVERNMENT SAVINGS BANK

(WINDING UP) ACT

To make provision for the winding up of the Malta Government Savings

Bank and to regulate matters connected therewith.

(22nd December, 1983) *

Enacted by ACT XX of 1983 as amended by Acts IX of 1991 and XVI

of 1997 .

This Act may be cited as the Malta Government Savings

Bank (Winding up) Act.

In this Act, unless the context otherwise requires -

"commercial bank" means either the Bank of Valletta Limited, or

the Mid-Med Bank Limited;

"deposit" includes a savings or a fixed deposit, including any

interest accrued;

"financial year" means the period of twelve months ending on the

31st day of December in any year;

"Minister" means the Minister responsible for finance;

"Ordinance" means the Malta Government Savings Bank

Ordinance;

"Savings Bank" means the Malta Government Savings Bank

constituted and established under article 3 of the Ordinance.

Notwithstanding anything contained in the Ordinance, the

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

January, 1984.

As from the 1st January, 1984, it shall be lawful for the

Accountant General to transfer any deposit with the Savings Bank

to any commercial 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

commercial bank of their choice, in which case the transfer shall be

effected according to such instructions.

Saving the provisions of article 6 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 articles of this Act, article 7 of the

*See Government Notice No. 780 of 22nd December, 1983.

MALTA GOVERNMENT SAVINGS BANK (WINDING UP)

Ordinance shall cease to apply to any deposit so transferred.

After the transfer of deposits in accordance with disposal

instructions received by the Accountant General and as otherwise

provided in article 4, any residual deposits at present in the

Government Savings Bank (Residual Deposits) Fund shall be

passed to the Consolidated Fund.

(1) Residual deposits shall continue to bear interest at the

rate per centum per annum payable from time to time for similar

deposits in commercial banks

Provided that these residual deposits shall no longer bear

interest after the 30th June, 1991.

(2) The Accountant General shall without the need of any

appropriation other than this Act pay out of the Consolidated Fund

to the rightful owner thereof the capital of any deposit transferred

to the Consolidated Fund in virtue of article 7, together with any

interest accrued thereon up to the 30th June, 1991.

Notwithstanding anything contained in the Ordinance any

surplus assets remaining after t he Accountant General has

transferred to the commercial banks assets of the Savings Bank in

an amount equivalent to the deposits transferred to each of such

banks, and after all liabilities have been settled, shall on a date to

be determined by the Minister, be passed to the credit of the

Consolidated Fund

Provided that the part of such surplus consisting in

investments may be disposed of as the Minister may direct, and the

resulting proceeds shall be passed to the credit of the Consolidated

Fund.

If the date determined by the Minister as provided in article

9 does not coincide with the date laid down in article 11 of the

Ordinance, the statements required by that article of the Ordinance

shall be forwarded by the Accountant General to the Auditor

General as soon as possible and not later than three months form

the date determined by the Minister as aforesaid.

.