Malta Government Savings Bank (Amendment) Regulations, 1982

L.N. 1 of 1982

MALTA GOVERNMENT SAVINGS BANK ORDINANCE, 1961

(ORDINANCE NO. XXV OF 1961)

Malta Government Savings Bank (Amendment) Regulations, 1982

IN exercise of the powers conferred by section 13 of the Malta

Government Savings Bank Ordinance, 1961, the Minister of Finance

has made the following regu1ations:-

l. (1) These regulations may be cited as the Malta Government

Savings Bank (Amendment) Regu1ations, 1982 and shall be read and

construed as one with the Malta Government Savings Bank Regu1ations,

1961, hereinafter referred to as the "principal regulations".

(2) These regulations shall be deemed to have come into

force on the 1st January, 1982.

For the definition of "date of maturity" in regulation 2 of the

principal regu1ations there shall be substituted the following

" "date of maturity" means, in relation to twelve-month fixed

deposit accounts, the anniversary of the date on which a sum of

money is deposited or redeposited in such account, and in relation

to six-month fixed deposit accounts, the clate of the 1apse of six

calendar months from the date of deposit Of recleposit in such

accounts;".

For paragraph (l) of regulation 5 of the principal regulations

there shall be substituted the following

"(1) Interest on deposits of not less than twenty-five

cents shall be allowed at the rate of three per centum per annum

in respect of savings deposits, at the rate of five per centum per

annum in respect of six-month fixed deposit accounts and at the

rate of six per centum per annum in respect of twelve-month fixed

deposit accounts

Provided that interest on twelve-month deposit accounts

in existence on the 31 st D ecember, 1981, shall be allowed at the

rate in force on that date unti1 the date of maturity thereof next

following such date.".

In regulation 6 of the principal regu1ations for the words "shall

be ba1anced on the 31 st March" there shall be substituted the words

"shall be balanced on the 31st December".

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