MAY 7.] THE NEW ZEALAND GAZETTE. 1119

Amounts may be transferred from one post-office to another.

71. Any depositor whose account has been opened in any Post-Office Savings-Bank office in any postal district for at least three months may in the prescribed manner transfer his account from that office to any Post-Office Savings-Bank office in another postal district.

Names of depositors, &c., not to be disclosed.

72. The officers engaged in the receipt or payment of deposits shall not disclose the name of any depositor, nor the amount deposited or withdrawn, except to the Postmaster-General or to such of his officers as are appointed to assist in carrying this Act into operation :

Exception.

Provided that nothing in this section contained shall be deemed to exempt any officer from disclosing in evidence any matters in obedience to the process of any Court of justice, or upon an examination before any person having authority to take evidence in any proceeding under any law for the time being in force relating to bankruptcy.

Moneys received to be paid into Post Office Account.

73. All deposits shall be paid into the Post Office Account, and all sums withdrawn by depositors, or by parties legally authorised to claim on account of depositors, shall be paid to them out of the said account.

Security to depositors.

74. If at any time the funds paid into the Post Office Account under this Part of this Act, and the interest arising therefrom, are insufficient to meet the lawful claims of all depositors, it shall be the duty of the Colonial Treasurer to issue the amount of such deficiency out of the Consolidated Fund without further appropriation than this Act, and to report such deficiency to the General Assembly.

Disputes to be referred to arbitration.

75. If any dispute arises between the Postmaster-General, or any person acting on his behalf, and any depositor or any person claiming in right of such depositor, the matter in dispute shall be referred to arbitration, and for that purpose this section shall be deemed to be a submission within the meaning of “The Arbitration Act, 1890,” and the reference shall be deemed to be to two arbitrators.

Interest to be allowed.

Rate of Interest allowed.

76. (1.) The interest payable to depositors shall be at a rate per annum to be from time to time determined by the Colonial Treasurer, not exceeding, in the case of each depositor,—

(a.) Five per centum on any sum not exceeding two hundred pounds ;

(b.) Four per centum on any sum exceeding two hundred but not exceeding five hundred pounds :

Provided that in the case of savings-banks under “The Savings-Bank Act, 1858,” and legally constituted friendly, charitable, or provident societies, and such other non-mercantile societies as the Governor in Council specifies from time to time, the aforesaid limit of five hundred pounds shall not apply.

Limit of amount.

(2.) Except in the case of the aforesaid savings-banks and societies, no interest shall be allowed to any depositor on more than five hundred pounds.

Declaration as to limitation of interest-bearing deposits.

77. (1.) Every person to whom the aforesaid limitation of interest-bearing deposits applies shall, before opening an account in the Post-Office Savings-Bank, make and deliver to the Post officer at the office where the first deposit is made a statutory declaration in the form numbered one in the Second Schedule hereto, or to that effect.

Second Schedule.

(2.) Every savings-bank or other society claiming to be exempt from the aforesaid limitation of interest-bearing deposits shall, before opening an account in the Post-Office Savings-Bank, make by its trustee or other responsible officer, and deliver as aforesaid, a statutory declaration in the form numbered two in the Second Schedule hereto or to that effect.

(3.) Any such declaration shall be exempt from stamp duty, and may be made before and taken by any person who is empowered by law to take statutory declarations, or any Post officer who is authorised to receive deposits.

Penalty for false declaration.

(4.) Every person who, in breach of any such declaration as aforesaid,—

At any time possesses or is directly or indirectly interested in interest-bearing deposits exceeding in the whole the sum of five hundred pounds, whether in his own name or the name of any other person, and whether in the same account or in different accounts,—

is liable to the punishment imposed by law on any one making a false declaration, and is also liable under this Act to a penalty of not less than ten nor more than one hundred pounds, besides the forfeiture of all interest paid or payable in excess of the prescribed limit.

Interest, how calculated.

78. (1.) Interest shall in the case of each deposit be computed from the first day of the month next following the day on which a complete pound, either in one sum or in several sums of less amount, has been deposited, and, as to moneys withdrawn, shall cease on the first day of the month in which they are withdrawn :

Provided, however, that when any such deposit is duly made on the first day of any month interest for that month shall be computed and allowed in respect of such deposit.

(2.) Interest shall be calculated to the thirty-first day of December in every year, and shall then be added to and become part of the principal money.

(3.) Interest shall in no case be payable on any sum less than a pound or a multiple of a pound.

Moneys accruing under this Act may be invested.

79. The moneys paid into the Post Office Account under this Part of this Act, and the interest accruing thereon, or such part thereof as the Governor in Council directs, shall be from time to time invested in the manner prescribed in “The Public Revenues Act, 1891,” for the investment of moneys lying to the credit of the Post Office Account.

General.

Governor in Council may make regulations under this Part.

80. The Governor in Council may from time to time make regulations for—

(1.) Superintending, inspecting, and regulating the mode of keeping the accounts of depositors in the Post-Office Savings-Bank ;

(2.) Prescribing with respect to depositors’ accounts the mode of making deposits and withdrawing moneys, and the notice to be given in the case of withdrawals ;