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24 1983

POSTAL AND TELECOMMUNICATIONS SERVICES ACT, 1983

PART VI

Post Office Savings Bank and other Savings Services

Definitions.

102. —In this Part—

company” means the postal company;

Savings Bank” means the Post Office Savings Bank established under the Post Office Savings Bank Acts, 1861 to 1958.

Post Office Savings Bank.

103. —(1) The company may, with the consent of the Minister for Finance given after consultation with the Minister, make regulations for the control and operation of the Savings Bank pursuant to the Post Office Savings Bank Acts, 1861 to 1958, and this Act.

(2) Regulations in force immediately before the vesting day under the Post Office Savings Bank Acts, 1861 to 1958, in relation to the operation of the Savings Bank including regulations to which subsection (4) relates, shall continue in force and shall, with the substitution for references to the Minister for Posts and Telegraphs or the Postmaster General and his Department or officers, of references to the company and its officers, respectively, unless otherwise provided in the Third or Fourth Schedule , have effect on and after the vesting day as if they were regulations made under subsection (1) and may be amended or revoked by regulations under this section.

(3) The Minister for Finance, after consultation with the Minister and the company, may direct the company to make regulations under subsection (1) or to amend or revoke regulations made under that subsection or continued in force under subsection (2) and the company shall comply with that direction.

(4) Regulations made before the commencement of this section by the Minister with the consent of the Minister for Finance in purported exercise of powers conferred by the Post Office Savings Bank Acts, 1861 to 1958, or any of those Acts shall be deemed to be and always to have been valid notwithstanding that they may not have been made in the manner authorised by those Acts.

Savings Bank business.

104. —(1) The company may—

(a) appoint such of its offices as it may specify to be Savings Bank offices,

(b) authorise any of its officers to transact Savings Bank business otherwise than at a Savings Bank office,

(c) direct when Savings Bank business shall be transacted,

(d) require the surrender and cancellation of a deposit book and issue a replacement,

(e) pay any sum in respect of any amount on deposit in the Savings Bank without production of a deposit book if it is satisfied that the claimant is entitled to the payment, and

(f) at its absolute discretion accept or refuse any nomination.

(2) (a) A warrant issued by the company in accordance with regulations to which section 103 relates shall be a valid discharge to the company in respect of the amount to which the warrant applies.

(b) The transfer of an account made by the company in accordance with such regulations shall operate as a valid discharge by the transferor to the company in respect of the amount of the transfer.

(3) (a) Notwithstanding anything in the Post Office Savings Bank Acts, 1861 to 1958, the Minister for Finance, after consultation with the Minister, the company and the Central Bank, may authorise the company to undertake any business of banking which is, in the opinion of the Minister for Finance, calculated to encourage thrift and within the financial capacity of the Savings Bank.

(b) The Minister for Finance, after consultation with the Minister, the company and the Central Bank, may by order make such provision concerning the application of any enactment to that business as he, after consultation as aforesaid and with any other appropriate Minister, considers necessary or desirable.

(c) The Minister for Finance, after consultation as aforesaid, may by order amend or revoke an order made under paragraph (b).

Limitation of liability.

105. —In respect of any loss, damage or injury suffered by any person arising out of any payment made or action taken in accordance with the Post Office Savings Bank Acts, 1861 to 1958, or this Act or regulations thereunder—

(a) the company shall be immune from all liability except for money lawfully due to him by the company, and

(b) the officers and servants of the company shall be immune from civil liability except at the suit of the company.

Post Office Savings Bank cheques, warrants and other documents.

106. —(1) Every cheque, warrant, order, power of attorney or other document executed by the company in relation solely to the business of the Savings Bank shall be exempt from stamp duty.

(2) Declarations, deposit books, acknowledgements, notices of withdrawal, warrants and all documents and correspondence relating to the business of the Savings Bank and passing between the company and any person within the State or from the company to any depositor with the Savings Bank outside the State may be transmitted free of any charge for postage.

(3) The company shall be entitled to be recouped out of the Savings Bank's funds for the loss of postage which it incurs by reason of subsection (2).

Non-disclosure of information relating to deposits.

107. —Section 4 of the Post Office Savings Bank Act, 1861 (which restricts the disclosure of information relating to deposits) shall not apply to the disclosure of information required for the purpose of proceedings in respect of an offence.

Disputes before Registrar of Friendly Societies.

108. —(1) Where, on the vesting day, proceedings are pending on any reference to the Registrar of Friendly Societies in respect of a dispute relating to an account in the Savings Bank, the proceedings shall continue with the substitution of the company for the Minister as a party to the reference.

(2) Where, on the vesting day, proceedings are pending before the Registrar of Friendly Societies under section 30 (3) of the Finance Act, 1940 , on a reference relating to a savings certificate, the proceedings shall continue with the substitution of the company for the Minister as a party to the reference.

Recoupment of company for cost of managing savings services.

109. —(1) (a) An appropriate sum shall be paid to the company in respect of work done by the company in the exercise of powers conferred on it by this Part as follows—

(i) from the moneys of the Savings Bank for work done in respect of the Savings Bank, and

(ii) from the Exchequer for work done in respect of other Government savings services.

(b) The appropriate sum payable to the company, the manner in which and the intervals at which it is to be paid shall be decided by the company with the consent of the Minister for Finance.

(2) (a) The company shall pay to the Minister for Finance promptly the amounts received by the company for deposit in the Savings Bank or in other Government savings services.

(b) The manner of payment and the periods for which payments are to be made shall be determined by the said Minister after consultation with the company.

(3) The company shall furnish such information as the Minister for Finance may require for the purposes of this section.