Depositor dying leaving a sum not exceeding 501. probate or administra. tion to be taken out. Whole estate, &c., of depo sitors not exceeding 501. no stamp able. ing to the provisions contained in this Act, and such person shall be considered in all respects as an original subscriber to such Savings' Bank, and shall be liable to all such rules, regulations, and restrictions, as an original subscriber to such bank. XL. That in case any depositor in the funds of any institution taking the benefit of this Act shall die*, leaving any sum or sums of money in the said funds, or any dividends or interest due thereon, belonging to him or her at the time of his or her death, exceeding in the whole the sum of fifty pounds, the same shall not be paid to any person or persons as representative or representatives of such depositor, but upon the probate of the will of the deceased depositor, or letters of administration of his or her estate and effects: Provided always, that where the whole estate or effects of any such deceased depositor, for or in respect of which any produty charge. bate or letters of administration respectively shall be granted, shall not exceed the value of fifty pounds, no stamp duty shall be chargeable thereon, nor upon any legacy or residue or part thereof bequeathed, nor upon any share or part of the estate or effects to be paid or distributed by or under such probate or letters of administration: Provided also, that in every such case, the person or persons claiming such probate or letters of administration free from stamp duty under this Act, shall exhibit to the court or person having authority to grant the probate or letters of administra Certificate of tion in such case a certificate of the amount and value of the share and interest which the deceased depositor had in the funds of the said institution, which certificate shall be granted in such form and manner as shall have been settled by the rules or regulations of the institutions respectively, and shall be signed or testified by such person or persons as shall be directed therein; and every such certificate shall be taken and received by the court or person having authority to grant such probate or letters of administration, as evidence of the amount and value of the shares and interests of the deceased depositor in the funds of the said institution. amount and value of depositor's interest to be produced on claiming probate, &c. &c. for effects not exceeding 1 Where the ef- fects of a per not exceed XLI. That in all cases where the whole estate and effects Administra of any deceased depositor, for or in respect of which letters tion bonds, of administration shall be granted, shall not exceed the value of depositor of fifty pounds sterling, no stamp duty shall be chargeable 50%. exempted upon the bond required to be given by the administrators from stamp duty. for the due administration of the effects of such deceased depositor, nor upon any affidavit or document leading to or connected with such administration; but that every such bond and affidavit shall be exempted from stamp duty, in like manner and under the like regulations as are provided in and by this Act with respect to such letters of administration: Provided always, that in case any depositor in the funds of any such institution shall die, leaving a sum of money in the said fund which, with the interest thereon, shall not exceed in the whole fifty pounds, it shall be lawful for the trustees or managers of such institution, and they are hereby authorised and permitted, in case such trustees or managers shall be satisfied that no will was made and left by such deceased depositor, and that no letters of administration will be taken out of the goods and chattels of such depositor, to pay the same at any time after the decease of such depositor, according to the rules and regulations of the said institution; and in the event of there being no rules and regulations made in that behalf, then the said trustees or managers are hereby authorised and permitted to pay and divide the same to and amongst the person or persons tled to the effects of the deceased intestate, according to the statute of distributions. enti · XLII. That payments to persons appearing to the trustees or managers to be the next of kin shall be valid; nevertheless, the next of kin or representatives to have remedy for such money so paid as aforesaid against the person or persons who shall have received the same. XLIII. That payment of money to persons having any letters of administrators or probate of any such will or testamentary disposition, though afterwards repealed, shall be valid. XLIV. That no power, warrant, or letter of attorney granted by any trustees under the Act, or given by any K be divimay ded according to the rules of the institution, &c. In the event of no rules, &c. then according to statute of distributions. Payments under probates of wills, &c. afterwards re pealed shall be valid. Where dis. putes arise same to be referred to arbitrators; and in case of their not agreeing to be rister. depositor, nor any draft or order, nor any appointment of any agent or agents, nor any certificate or other instrument for the revocation of any such appointment, nor any other instrument or document whatever required or authorised to be given, issued, signed, made, or produced in pursuance of this Act, shall be subject or liable to or charged with any stamp duty or duties whatsoever. XLV. That if any dispute shall arise between any such institution, or any person or persons acting under them, and any individual depositor therein, or any executor, administrator, next of kin, or creditor of any deceased depositor, or any person claiming to be such executor, administrator, settled by bar- next of kin, or creditor, then and in every such case the matter so in dispute shall be referred to the arbitration of two indifferent persons; one to be chosen and appointed by the trustees or managers of such institution and the other by the party with whom the dispute arose; and in case the arbitrators so appointed shall not agree, then such matter in dispute shall be referred in writing to the barrister at law so to be appointed by the said commissioners as aforesaid, who shall receive a fee of not more than one guinea; and whatever award, order, or determination shall be made by the said arbitrators, or by the said barrister, shall be binding and conclusive on all parties, and shall be final to all intents and purposes, without any appeal; and the said award, order, or determination shall declare by whom the said fee payable to the said barrister shall be paid; and no submission to, or award, order, or determination of the said arbitrators, or of the said barrister, shall be subject or liable to or charged with any stamp duty or duties whatever. Submission, &c., not liable to stamp duty. Savings Banks shall make up aunually ac. XLVI. And for the more effectually ascertaining from time to time the actual and progressive state of the several counts of their Savings' Banks respectively, it is enacted, that the trustees or managers of any Savings' Banks shall annually cause a balance, and in general statement of the funds of such Savings' Bank, in progress, stating the See Rule XXV., p. 148. + See Rule XXII., p. 147. See this statement, pp. 162, 163. and transmit such accounts to the commis sioners for the debt. vested in the Bank of England or the Bank of Ireland, in whose hands, the names of the commissioners for the reduction of the national debt, to be prepared up to the twentieth day of November in each year, showing the balance or principal reduction of sum due to all the depositors collectively in such Savings' the national Bank, and a statement of the expenses incurred, and stating in whose hands such balance shall then be remaining; and every such annual statement shall be attested by two managers or two trustees, or by one manager and one trustee, of such Savings' Bank; and every such annual statement shall be countersigned by the secretary or actuary of such Savings' Bank; and all such annual statements shall be transmitted to the office of the said commissioners for the reduction of the national debt in London or Dublin (as the case may be) within six weeks after the twentieth day of November in each year; and in case the trustees of any such Savings' Bank If trustees of shall neglect or refuse to make out and transmit such account as aforesaid, or in case any such trustees shall at any time neglect or refuse to obey any orders or directions given by the said commissioners, or through their officer, pursuant to the directions of this Act, it shall and may be lawful for the said commissioners to close the account of the trustees of such Savings Bank, and to discontinue the keeping any further account with the trustees of such Savings' Bank, and to direct that no further sum shall be received at the Bank of England or at the Bank of Ireland from the trustees of such Savings' Bank, to the account of the said commissioners, until such time as such commissioners shall think fit: Provided always, that it may be lawful for the said commission Savings' Banks neglect to deliver such returns, or to obey orders of commission ers, commis- &c. ers to re-open such account, and to allow the growing Accounts may interest of such account during the time of such discontinu- be re-opened. ance, and to authorise the receipt of money at the Banks of England or Ireland, whenever such commissioners shall think fit to do so, upon such trustees complying with the directions of such commissioners or their officer. XLVII. That the trustees or managers of every such A duplicate of Savings' Bank shall cause a duplicate of every such annual such account statement, accompanied by a list of the trustees and managers shall be affixed in the office of the Savings' Bank. of such institution for the time being, attested and countersigned as aforesaid, to be publicly affixed and exhibited in some conspicuous part of the office or place where the deposits of such Savings Bank are usually received, for the information of all persons making deposits therein; and every such duplicate shall from time to time remain so affixed and exhibited until the ensuing annual statement shall in like manner be affixed and exhibited as aforesaid; and every depositor shall be entitled to receive from the said institution a printed copy of such annual statement, on payment of one penny. XLVIII. That accounts shall be annually laid before Parliament, by the commissioners for the reduction of the national debt, of the gross amount of all sums received and credited, including interest, and of all sums paid, including interest, from the sixth day of August, in the year of our Lord one thousand eight hundred and seventeen, up to such twentieth day of November, by the said commissioners, on account of the trustees of the several Savings' Banks in England and Ireland, and also on account of any Friendly Societies in England respectively, and of the gross amount of all sums, stock funds, annuities, and exchequer bills standing in the names of such commissioners on the twentieth day of November, on account of any such Savings' Banks or Friendly Societies respectively, and the sums paid for the purchase of such stock or exchequer bills, and the gross amount of the interest, or dividends received thereon by the said commissioners, and the gross amount of the interest paid by such commissioners up to such twentieth day of November, on all receipts issued to the trustees of any such Savings' Banks or Friendly Societies in England and Ireland An account of respectively, and also an account of all expenses incurred by all expenses incurred by the said commissioners for salaries of clerks, or other incicommis- dental charges during the preceding year. sioners. Savings Banks interest to XLIX. And for the purpose of rendering the accounts shall compute of the several Savings' Banks in England and Ireland uni20th May and form, and correspondent with the accounts of the commissioners for the reduction of the national debt; it is enacted, |