Trustee Savings Banks Act, 1989

Closing and dissolution of trustee savings bank.

42.—(1) The trustees of a trustee savings bank shall not close or dissolve the bank or carry on the business of the bank for the purposes only of winding up its affairs unless—

(a) the Central Bank consents to the closure or dissolution, or

(b) the bank is ordered to be wound up under the Act of 1963.

(2) If the Central Bank consents to a proposal of the trustees to close or dissolve a trustee savings bank—

(a) the trustees shall give such notice of the proposal to depositors with the bank as the Central Bank may require, and

(b) provide such facilities as the Central Bank considers appropriate for the withdrawal of deposits from the bank.

(3) Upon the closure or dissolution of a trustee savings bank, the trustees shall, as soon as may be—

(a) convert into money any property or other assets of the bank, and

(b) if appropriate, transmit to the Minister—

(i) a list (certified to be correct by at least 2 of the trustees) of the names and addresses of any depositors with the bank who have not applied to the bank for repayment of their deposits and of the amounts due to them in respect of the deposits and interest on the deposits, and

(ii) an amount sufficient to discharge the amounts aforesaid,

and

(c) pay any surplus moneys remaining after the discharge of its liabilities and the payment of any expenses incurred by it that are authorised by its rules or by law to the Minister who shall dispose of them for the benefit of the Exchequer.

(4) (a) Subject to paragraph (b), a depositor referred to in subsection (3) shall, upon proof to the satisfaction of the Minister of his identity, be paid by the Minister an amount equal to—

(i) the amount of the deposit and any interest thereon accrued up to the date of the transmission of the relevant amount in respect of it to the Minister, and

(ii) an amount equal to the amount of interest that would be payable to the depositor in respect of interest thereon if he had deposited the amount referred to in subparagraph (i) in the Post Office Savings Bank for the period from the date aforesaid until the date of the making of the payment by the Minister.

(b) Where the amount paid to the Minister under subsection (3) (b) is less than the total of the amounts falling to be paid by him under paragraph (a), the Minister shall make such payments (not exceeding in total the amount so paid to him), under that paragraph to the depositors concerned as he considers reasonable in all the circumstances.

(5) A person who contravenes subsection (1), (2) or (3) of this section shall be guilty of an offence.