National Savings Bank Act 1971
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Change 1
17 Application of ordinary deposits.
(1) There shall be paid out of ordinary deposits all sums referable to such deposits that are withdrawn by or on behalf of depositors; and the balance shall, at such intervals as the Treasury may direct, be ascertained and paid to the Commissioners. (2) The Commissioners shall invest any sums paid to them under subsection (1) above after deducting therefrom— (a) such sums as the Treasury may from time to time determine to be equal to those expended by the Director of Savings in connection with ordinary deposits, and (b) such sums as are necessary to defray the expenses incurred by the Commissioners in connection with ordinary deposits. (3) Sums deducted by the Commissioners in pursuance of subsection (2)(a) above shall be paid into the Consolidated Fund.
17 Application of ordinary deposits.
(1) There shall be paid out of ordinary deposits all sums referable to such deposits that are withdrawn by or on behalf of depositors; and the balance shall, at such intervals as the Treasury may direct, be ascertained and paid to the Commissioners. (2) The Commissioners shall invest any sums paid to them under subsection (1) above after deducting therefrom— (a) such sums as the Treasury may from time to time determine to be equal to those expended by the Director of Savings in connection with ordinary deposits, and (b) such sums as are necessary to defray the expenses incurred by the Commissioners in connection with ordinary deposits. (3) Sums deducted by the Commissioners in pursuance of subsection (2)(a) above shall be paid into the Consolidated Fund.
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