Sri Lanka Consolidated Acts

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National Savings Bank Act (No. 30 of 1971)


           Long Title

   1.	   Short title and date of operation  
   2.	   Establishment of the National Savings Bank  
   3.	   Seal of the Bank  
   4.	   Principal place of business and branches and agencies of the Bank  
   5.	   Postmaster- General to be Official Authority of the Bank,  
   6.	   Members of the Bank  
   7.	   Management of the Back vested in the Board  
   8.	   Board of Directors of the Bank  
   9.	   Disqualifications for being appointed director  
   10.	   Remuneration of directors  
   11.	   Chairman of the Board  
   12.	   Quorum for any meeting of the Board  
   13.	   Meetings of the Board  
   14.	   Disclosure of interest by a director  
   15.	   Minutes of meeting of the Board  
   16.	   Determination of question at meetings of the Board  
   17.	   Powers of the Minister in relation to the Board  
   18.	   Guarantee by the Government of Ceylon  
   19.	   Expenses  
   20.	   Establishment of reserves  
   21.	   Commencement of business by the Bank  
   22.	   Powers of Secretary to the Treasury until the commencement of business by the Bank  
   23.	   Acts commenced by the Secretary to the Treasury may be continued by the Board  
   24.	   Person who may execute documents for and on behalf of the Government  
   25.	   Receipts when valid  
   26.	   Appointment and powers of general manager  
   27.	   Subordinate officers  
   28.	   Panel of Valuers  
   29.	   Advisers  
   30.	   No liability for damage or loss caused otherwise than by misconduct or willful default  
   31.	   Officers to furnish security  
   32.	   Reimbursement for expenses incurred on behalf of the Bank  
   33.	   Declaration of secrecy  
   34.	   Right to refuse to answer questions  
   35.	   Funds and schemes for benefit of officers and servants of the Bank and dependants  
   36.	   Accounts of the Bank  
   37.	   Audit  
   38.	   Documents to be transmitted to the Minister to be laid before the Senate and the House of Representatives  
   39.	   Authorized business of the Bank  
   40.	   Accounts  
   41.	   Interest on accounts  
   42.	   Payments other than interest  
   43.	   Accounts by or on behalf of minors  
   44.	   Nominations by persons having a deposit or savings account  
   45.	   Settlement of disputes  
   46.	   Payment in case of incapacity  
   47.	   Unclaimed Deposits Fund  
   48.	   Registered address and notices  
   49.	   No director or employee of the Bank to guarantee loans  
   50.	   Restrictions on loans to directors, &c.,  
   51.	   Priority of charge created by loan granted by Bank  
   52.	   Procedure on default of payment  
   53.	   Recovery of expenses and costs incurred by the Bank  
   54.	   Payment of excess  
   55.	   Certificate of sale  
   56.	   Order for delivery of possession  
   57.	   Cancellation of sale  
   58.	   Resale by Bank  
   59.	   Limit of retention of property by Bank  
   60.	   Power of Bank to inspect valuation rolls of local rating or taxing authority  
   61.	   Meaning of property  
   62.	   Bank not precluded from other methods of recovery  
   63.	   Authority to borrow money by the issue of Ceylon Savings Certificates  
   64.	   Authority to issue Ceylon Savings Certificates  
   65.	   Notification of purchase price surrender values, &c.,  
   66.	   Persons to whom savings certificates may be issued  
   67.	   Special provisions relating to the issue of savings certificates to individuals  
   68.	   Limits of holdings  
   69.	   Transfer, hypothecation, &c., of savings certificates to he null and void  
   70.	   Issue of new savings certificate or payment of surrender value on death of purchaser  
   71.	   Seizure or sequestration of savings certificates  
   72.	   Surrender of savings certificates  
   73.	   Bank not affected by notice of trust  
   74.	   Savings stamps  
   75.	   Certain payments to be made from the funds of the Bank  
   76.	   Loans from the Central Bank  
   77.	   Appointment of public officers to the staff of the Bank  
   78.	   Debt Conciliation Ordinance and Conciliation Boards Act, No. 10 of 1958, not to apply to debts due to the Bank  
   79.	   Lotteries Ordinance and Prize Competitions Act not to apply to lotteries and prize competitions conducted by the Bank  
   80.	   Exemption from stamp duty  
   81.	   Exemption of interest from income tax  
   82.	   Offences  
   83.	   Offences by bodies of persons  
   84.	   Rules  
   85.	   Regulations  
   86.	   Repeal of certain laws, dissolution of certain institutions, and consequential provisions  
   87.	   Interpretation  
   88.	   Amendment of section 83 of the Monetary Law Act (Chapter 422)  
   89.	   Amendment of section 21 of the Trusts Ordinance (Chapter 87)  

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