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Funds of penny savings banks, &c. may be invested in savings banks to any amount.
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1. It shall be lawful for the trustees or treasurer of any penny savings bank, charitable or provident institution or society, or charitable donation or bequest for the maintenance, education, or benefit of the poor in Great Britain or Ireland, to invest, with the approval of the Commissioners for the Reduction of the National Debt, or the Comptroller General acting under them, and under such regulations as shall be prescribed by them in that respect, the funds of such penny savings bank, institution, or society, without restriction as to amount, into the funds of any savings bank duly established.
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