Section 1
Short title
This Act may be cited as the Post Office Savings Bank of Singapore Act.
/akn/sg/act/act/1971/POSBSA
Post Office Savings Bank of Singapore Act
The full official text, structured for quick navigation. Copy any provision or jump straight to a section.
Part I
PRELIMINARY
Section 2
Interpretation
In this Act, unless the context otherwise requires —“Bank” means the Post Office Savings Bank of Singapore established under section 3;“Board” means the Board of Directors referred to in section 8;“Chairman” means the Chairman appointed by the Minister under section 9;“director” means a director appointed under section 8(1) and includes the Chairman;“General Manager” means the General Manager appointed under section 18 and includes any person appointed to act as General Manager;“guardian” means the father of a minor, or if the father is dead, the mother, or if both parents are dead or absent from Singapore or are incapable of acting owing to disability or other cause and no guardian of the minor has been appointed by will or deed or under any other written law for the time being in force or by any competent court, any adult person with whom the minor is residing and by whom he is being maintained;“minor” means a person who has not attained the age of 18 years.
Definition
“Bank” means the Post Office Savings Bank of Singapore established under section 3;
Definition
“Chairman” means the Chairman appointed by the Minister under section 9;
Definition
“director” means a director appointed under section 8(1) and includes the Chairman;
Definition
“General Manager” means the General Manager appointed under section 18 and includes any person appointed to act as General Manager;
Definition
“guardian” means the father of a minor, or if the father is dead, the mother, or if both parents are dead or absent from Singapore or are incapable of acting owing to disability or other cause and no guardian of the minor has been appointed by will or deed or under any other written law for the time being in force or by any competent court, any adult person with whom the minor is residing and by whom he is being maintained;
Part V
FINANCIAL PROVISIONS
Section 35
Bank’s financial year
The financial year of the Bank shall begin on 1st January and end on 31st December of each year. [34
Section 36
Expenses
All expenses incurred for carrying out the purposes of this Act shall be met from the funds of the Bank. [35
Section 37
Estimates
(1)
The Bank shall in every year cause to be prepared and adopt annual estimates of income and expenditure of the Bank for the ensuing year.
(3)
A copy of all annual and supplementary estimates shall, upon their adoption by the Bank, be sent forthwith to the Minister who may approve or disallow any item or portion of any item shown in the estimates, and shall return the estimates as amended by him to the Bank and the Bank shall be bound thereby.
Section 38
General reserve fund
The balance of the revenue of the Bank in any financial year after deducting the expenses incurred for carrying out the purposes of this Act and such sums as the Bank may think fit in respect of bad debts, depreciation of assets and other contingencies shall be applied for the creation of a general reserve fund or such other reserves or other capital fund as the Bank may consider appropriate. [37
Section 39
Loans
The Bank may, from time to time, for the purposes of this Act, raise loans from the Government or with the consent of the Minister, from any source either by the creation and issue of debentures, stocks or bonds, or otherwise, as the Minister may direct. [38
Section 40
Investment of funds
Amended [4/84]
(1)
The Bank may invest its moneys in the following ways:
(a)
in bonds, stocks and other securities of the Government;
(b)
on mortgages of estates or interests in immovable property in Singapore;
(c)
on deposits with the Monetary Authority of Singapore or with banks licensed under the Banking Act [Cap. 19]; and (d)with the written approval of the Minister, in any shares and securities where the Minister considers such investments to be in the economic interest of Singapore.
(2)
Any sum of money that may from time to time be required for the repayment of deposits in the Bank or for the payment of interest thereon or expenses incurred by the Bank, may be raised by the sale or disposal of the investments mentioned in subsection (1):Provided that any sum of money required for those purposes may, with the approval of the Minister for Finance, be advanced to the Bank by the Accountant-General out of the Consolidated Fund until the sum can be raised by the sale or disposal of such investments, and the Bank shall pay all interest due on such advances. [39
Amended [4/84]
Section 41
Accounts
(1)
The Bank shall cause proper accounts and other records in relation thereto to be kept, and an annual statement of accounts to be prepared in respect of each financial year.
(2)
The annual statement of accounts of the Bank shall present a true and fair view of the financial position of the Bank and of the results, for the year to which it relates, and the operations of the Bank.
(3)
All such accounts shall be submitted for audit not later than 30th April in every year. [40
Section 42
Audit
(1)
The Minister shall nominate in each year the Auditor-General or a company auditor (referred to in this Act as the Auditor) to audit the accounts of the Bank.
(2)
The Auditor shall be paid out of the revenue of the Bank such remuneration, expenses or fees as the Minister, after consultation with the Bank, shall direct.
(3)
For the purpose of any audit of accounts under this Act, the Auditor may by notice in writing require the production before him of any book, deed, contract, account, voucher or other document which he may deem necessary, and may require any person holding or accountable for any such document to appear before him and make and sign a declaration with respect thereto and may require from any person such information or explanation as he considers necessary.
(4)
Any person who, being required by the Auditor under subsection (3) to produce any document or to appear before him and make and sign a declaration or to furnish information or an explanation, fails without reasonable excuse to comply with the requisition, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $200, and in the case of a continuing failure to a fine not exceeding $100 for every day after the first day during which the failure continues. [41
Section 43
Auditor’s report
The Auditor shall, as soon as practicable and not later than 3 months after the accounts have been submitted for audit, send an annual report of his audit to the Bank. He shall also submit such periodical and special reports to the Minister and to the Bank as may appear to him to be necessary. [42
Section 44
Annual statement of accounts
(1)
The Bank shall, within two months of the Auditor’s annual report, send to the Minister a statement of accounts and the balance-sheet in respect of the year for which the accounts were audited, signed by the Chairman and certified by the Auditor, together with a copy of the Auditor’s report of the annual accounts.
(2)
The Minister shall cause a copy of the annual statement of accounts, balance-sheet and the Auditor’s annual report referred to in subsection (1) to be presented to Parliament. [43
Section 45
Annual report
(1)
The Bank shall, as soon as practicable after the end of each year, cause to be prepared and transmitted to the Minister a report dealing generally with the activities of the Bank during the preceding year and containing such information relating to the proceedings and policy of the Bank as the Minister may, from time to time, direct.
(2)
The Minister shall cause a copy of every such report to be presented to Parliament. [44
Section 46
Publication of annual report, etc.
The annual report, the annual statement of accounts and balance-sheet, together with the Auditor’s annual report, of the Bank shall be published in the Gazette. [45
Section 3
Establishment and incorporation of Bank
There is hereby established a body to be known as the Post Office Savings Bank of Singapore which shall be a body corporate with perpetual succession, and with power to sue and be sued in its corporate name and to perform such other acts as bodies corporate may by law perform, and to exercise such other powers as are conferred by this Act.
Section 4
Functions of Bank
Amended [4/84]
The functions of the Bank shall be —
(a)
to carry on the general business of a savings bank and to promote saving and encourage thrift; and(b)to mobilise domestic savings for the purpose of public development.
Section 5
Powers of Bank
Amended [4/84]
Subject to section 6, the Bank shall have the following powers:
(a)
to receive money on savings, current or deposit account;
(b)
to pay and collect cheques drawn by or paid in by its customers;
(c)
to grant any advances, loans or credit facilities to its customers;
(d)
to acquire or dispose of any property, movable or immovable, which the Bank thinks necessary or expedient;
(e)
to buy, sell, discount and re-discount bills of exchange, promissory notes and treasury bills;
(f)
to issue bills and drafts and effect transfers of moneys;
(g)
to appoint agents to act on behalf of the Bank;
(h)
to form or participate in the formation of a company or enter into partnership or an arrangement for the sharing of profits as may be conducive to the functions of the Bank;
(i)
to provide training facilities for its employees or do anything for the purpose of advancing the skill and knowledge of its employees;
(j)
to grant loans to its employees for a purpose specifically approved by the Bank;
(k)
to promote recreational activities for and activities conducive to the welfare of its employees; and(l)to do anything incidental to any of its functions and powers.
Section 6
Restrictions on Bank
Amended [4/84]
(1)
Notwithstanding any other provisions of this Act, the Bank shall not —
(a)
without the written approval of the Minister, accept accounts from persons other than individuals;
(b)
grant any advances, loans or credit facilities to any individual —
(i)
without any security if such advances, loans or credit facilities in the aggregate and outstanding at any one time exceed the sum of $5,000; or(ii)solely upon the security of any guarantee or guarantees if such advances, loans or credit facilities in the aggregate and outstanding at any one time exceed the sum of $30,000;
(c)
without the written approval of the Minister, make any advances, loans or credit facilities to any company, partnership, or body corporate or unincorporated except —
(i)
a statutory body; or(ii)companies in which the Government or a statutory body has a substantial interest, and companies which are related or deemed to be related to those companies by virtue of section 6 of the Companies Act [Cap. 50]; or (d)through any company or undertaking do anything which the Bank is not authorised to do or is prohibited from doing.
(2)
Except as authorised by this Act, the Bank shall not engage in any commercial, industrial or financial undertaking or acquire any direct interest in the stocks or shares of any trading, industrial or financial company.
(3)
For the purposes of subsection (1)(c), the Government or a statutory body shall have a substantial interest in a company if it, either by itself or together with any other statutory body, has an interest or interests in one or more voting shares in the company and the nominal amount of that share, or the aggregate of the nominal amounts of those shares either held by itself or together with any other statutory body, is not less than 20% of the aggregate of the nominal amount of all the voting shares in the company. [5A
Amended [4/84]
Section 7
Common seal
(1)
The Bank shall have a common seal and such seal may, from time to time, be broken, changed, altered and made anew as to the Bank seems fit, and, until a seal is provided under this section, a stamp bearing the inscription “Post Office Savings Bank of Singapore” may be used as the common seal.
(2)
All deeds, documents and other instruments requiring the seal of the Bank shall be sealed with the common seal of the Bank by authority of the directors in the presence of the General Manager and of some other person duly authorised by the directors to act in that behalf and shall be signed by the General Manager and by such duly authorised person, and such signing shall be sufficient evidence that the common seal of the Bank has been duly and properly affixed and that the seal is the lawful common seal of the Bank.
(3)
The directors may by resolution or otherwise appoint an officer of the Bank or any other agent either generally or in a particular case to execute or sign on behalf of the Bank any agreement or other instrument not under seal in relation to any matter coming within the powers of the Bank.
(4)
Section 12 of the Registration of Deeds Act [Cap. 269] shall not apply to any instrument purporting to have been executed under subsection (2). [6
Section 8
Board of Directors
(1)
The management of the Bank and of its properties and its business shall be vested in a Board of Directors consisting of not less than 5 and not more than 8 directors who shall be appointed by the Minister.
(2)
The directors shall hold office for a term not exceeding 3 years and shall be eligible for reappointment.
(4)
Any director may, with the approval of the Minister, resign from his office. [7
Section 9
Chairman
(2)
The Minister may appoint any director to act as temporary Chairman during the temporary absence from Singapore, or during the temporary incapacity owing to illness or otherwise, of the Chairman. [8
Section 10
Salaries, fees and allowances payable to directors
There shall be paid to the Chairman and other directors, out of the funds of the Bank, such salaries, fees and allowances as the Minister may, from time to time, determine. [9
Section 11
Vacation of office of director
The office of director shall be vacated if the director —
(a)
becomes of unsound mind;
(b)
becomes a bankrupt or suspends payment to, or makes any arrangement or composition with, his creditors;
(c)
has been absent for more than 3 consecutive meetings of the directors without permission of the directors;
(d)
resigns from his office; or(e)is convicted of an offence involving dishonesty or fraud or moral turpitude. [10
Section 12
Filling of vacancies in the office of director
If any director dies or has his appointment revoked or otherwise vacates his office before the expiry of the term for which he has been appointed, another person may be appointed by the Minister for the unexpired period of the term of office of the director in whose place he is appointed. [11
Section 13
Meetings of directors
(1)
The Chairman shall summon meetings as often as may be required but not less frequently than once in 3 months.
(2)
At every meeting of the Board, a quorum shall consist of 4 directors, and decisions shall be adopted by a simple majority of the votes of the directors present and voting except that in the case of an equality of votes the Chairman shall have a casting vote.
(3)
The Chairman, or in his absence such director as the directors present shall select, shall preside at meetings of the Board.
(4)
Subject to subsection (2), the Board shall not be precluded from holding any meeting or acting in any matter merely by reason of any vacancy in its membership.
(5)
Subject to the provisions of this Act, the Board may make standing orders to regulate its own procedure, and in particular, the holding of meetings, the notice to be given of those meetings, the proceedings thereat, the keeping of minutes and the custody, production and inspection of the minutes. [12
Section 14
Director’s interest in contract to made known
(1)
A director who is directly or indirectly interested in a contract made, or proposed to be made, by the Bank shall disclose the nature of his interest at the first meeting of the Board at which he is present after the relevant facts have come to his knowledge.
(2)
A disclosure under subsection (1) shall be recorded in the minutes of the Board and, after the disclosure, the director —
(a)
shall not take part in any deliberation or decision of the Board with respect to that contract; and(b)shall be disregarded for the purpose of constituting a quorum of the Board for any such deliberation or decision.
(3)
No act or proceeding of the Board shall be questioned on the ground that a director has contravened this section. [13
Section 15
Validity of acts of directors
The acts of a director shall be valid notwithstanding any defect that may afterwards be discovered in his appointment or qualifications. [14
Section 16
Secrecy
(1)
No director, officer, employee or agent of the Bank shall disclose to any person any information relating to the affairs of the Bank or of any person or customer of the Bank which he has acquired in the performance of his duties or the exercise of his functions:Provided that nothing in this section shall be deemed to limit any power conferred upon the Supreme Court or a Judge thereof by the Evidence Act [Cap. 97] or to prohibit obedience to an order made under that Act or any such law.
(2)
Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 3 years or to both. [15
Section 17
Directions by Minister
(1)
The Minister may, after consultation with the Bank, give such general directions, not inconsistent with the provisions of this Act, as to the policy to be followed by the Bank in the exercise and performance of its powers, functions and duties under this Act as appear to the Minister to be necessary and the Bank shall, as soon as possible, give effect to such directions.
(2)
The Bank shall furnish the Minister with information with respect to its properties and activities in such manner and at such times as he may require. [16
Section 18
Appointment of General Manager
(1)
The Bank shall, with the approval of the Minister, appoint a General Manager on such terms and conditions as the Bank may think fit.
(2)
The General Manager shall —
(a)
be the chief executive officer of the Bank;
(b)
be responsible to the Board for the proper administration and management of the Bank in accordance with the policy laid down by the Board; and(c)not be removed from office without the consent of the Minister.
(3)
The Minister shall consult the Public Service Commission before granting his approval under subsection (1) or before giving his consent under subsection (2)(c).
(4)
If the General Manager is temporarily absent from Singapore or temporarily incapacitated by reason of illness or for other reasons temporarily unable to perform his duties, another person may be appointed by the Bank to act in the place of the General Manager during any such period of absence from duty. [17
Section 19
List of posts and appointment of employees
(1)
The Bank may from time to time approve a list of posts which it thinks necessary for the purposes of this Act and may add to or amend that list. The first such list of posts shall contain posts for all the persons transferred to the service of the Bank under section 20.
(2)
No person may be employed by the Bank unless he holds a post appearing in the list of posts for the time being in force.
(3)
Subject to this section —
(a)
appointments and promotions to all posts shall be made by the Bank; and(b)the termination of appointment, dismissal, and disciplinary control of the employees of the Bank shall be vested in the Bank.
(4)
Notwithstanding this section, the Bank may appoint persons temporarily to posts in the list of posts for the time being in force.
(5)
The Bank may make rules, not inconsistent with the provisions of this Act or of any other written law, for the appointment, promotion, disciplinary control and terms and conditions of service of all persons employed by the Bank.
(6)
Without prejudice to the generality of subsection (5), the Bank shall prescribe the rates of remuneration payable to persons employed by the Bank, and no person so employed shall be paid otherwise than in accordance with those rates. [18
Section 20
Transfer of employees
(1)
Upon the commencement of this Act, such persons as the Minister may decide who were employed by the Government immediately prior to the commencement of this Act and were exercising any of the powers or were discharging any of the functions or duties vested in the Bank by this Act, shall be deemed to be transferred to the service of the Bank on terms not less favourable than those they enjoyed immediately prior to their transfer and such terms (which shall be determined by the Bank) shall take into account the salaries and conditions of service including accrued rights to leave, enjoyed by them while in the employment of the Government.
(2)
Notwithstanding subsection (1), the persons who are to be transferred to the service of the Bank, with the exception of persons holding such grades as the Minister may determine, shall as soon as practicable be given the option of remaining in the service of the Government.
Section 21
Pension schemes, provident fund, etc.
(1)
The Bank may, with the approval of the Minister, make rules for the establishment of a scheme or schemes for the payment of pensions, gratuities, provident fund or other superannuation benefits to such employees or classes of employees of the Bank as it may determine, or to their legal personal representatives or dependants, on the death or retirement of those employees from the service of the Bank or on their otherwise leaving the service of the Bank.
(2)
The following provisions shall apply to any scheme established under subsection (1):
(a)
no assurance on the life of any contributor under any such scheme, and no moneys or other benefits payable under any such assurance, and no payment made under any such scheme to any person who has been employed by the Bank, shall be assignable or transferable, or liable to be garnished, attached, sequestered or levied upon for or in respect of any debt or claim whatsoever, other than a debt due to the Bank or to the Government;
(b)
no donation by the Bank or contribution by its officers made under any such scheme and no interest thereon shall be assignable or transferable or liable to be attached, sequestered or levied upon for or in respect of any debt or claim whatsoever other than a debt due to the Bank or to the Government;
(c)
no such donation, contribution or interest shall be subject to the debts of the contributor, nor shall such donation, contribution or interest pass to the Official Assignee on the bankruptcy of the contributor, but, if the contributor is adjudicated a bankrupt or is declared insolvent by a court, the donation, contribution or interest shall, subject to the provisions of this Act, be deemed to be subject to a trust in favour of the persons entitled thereto on the death of the contributor;
(d)
the bankruptcy of a contributor shall not affect the making of deductions from the salary of the contributor in accordance with any such scheme, but the deductions shall continue to be made notwithstanding the provisions of any written law, and the portion of salary so deducted shall not be deemed to form part of his after-acquired property;
(e)
subject to the provisions of any such scheme, all moneys paid or payable under any such scheme on the death of a contributor shall be deemed to be subject to a trust in favour of the persons entitled thereto under the will or intestacy of that deceased contributor, or under a nomination in such form as may be prescribed in that scheme, and shall not be deemed to form part of his estate or be subject to the payment of his debts but shall be deemed to be property passing on his death for the purposes of the Estate Duty Act [Cap. 96]; (f)any contributor may by a memorandum under his hand appoint a trustee or trustees of the moneys payable on his death out of any such scheme and may make provision for the appointment of a new trustee or new trustees of those moneys and for the investment thereof; the memorandum shall be in the form prescribed in the scheme and shall be deposited with the Bank;
(g)
if at the time of the death of any contributor or at any time afterwards, there is no trustee of such moneys or it is expedient to appoint a new trustee or new trustees, then and in any such case a trustee or trustees or a new trustee or new trustees may be appointed by the Supreme Court or a Judge thereof; and(h)the receipt of a trustee or trustees duly appointed, or in default of any such appointment and of written notice thereof to the Bank, the receipt of the legal personal representative of a deceased contributor shall be a discharge to the Bank for any moneys payable on his death out of any such scheme.
(3)
The Bank in making rules under subsection (1) relating to any pension, provident fund or other superannuation benefits which affect any person transferred to the service of the Bank under section 20 shall in those rules provide for the payment to those persons or their dependants of benefits not less in value than the amount of any pension, provident fund, gratuity or allowance for which those persons would have been eligible under the Pensions Act [Cap. 225], had they continued in the service of the Government and any such rule relating to length of service of persons shall provide for the recognition as service under the Bank by persons so transferred of service by them under the Government.
(4)
Nothing in the rules to be made under subsection (1) shall adversely affect the conditions that would have been applicable to persons transferred to the service of the Bank from their service with the Government as regards any pension, gratuity or allowance payable under the Pensions Act.
(5)
Where any person in the service of the Bank, who does not come within the scope and effect of any pension or other schemes established under this section, retires or dies in the service of the Bank or is discharged from that service, the Bank may grant to him or to such other person or persons wholly or partly dependent on him, as the Bank may think fit, such allowance or gratuity as the Bank may determine. [20
Section 22
No entitlement in respect of abolition or reorganisation of office
Notwithstanding the provisions of the Pensions Act, no person who is transferred to the service of the Bank under section 20 shall be entitled to claim any benefit under this Act on the ground that he has been retired from the service of the Government on account of abolition or reorganisation of office. [21
Section 23
Renumeration not to be related to profits
No salary, fee, wage or other remuneration or allowance paid by the Bank to any director, officer, employee or agent shall be computed by reference to the profits of the Bank. [22
Section 24
Public servants
The directors, officers and employees of the Bank of every description shall be deemed to be public servants within the meaning of the Penal Code [Cap. 224]. [23
Section 25
Transfer of business, etc., of Post Office Savings Bank
Upon the commencement of this Act, all movable properties, assets, privileges, debts, liabilities and obligations vested in or belonging to, and all other business transacted by, the Post Office Savings Bank established under the Post Office Savings Bank Act [1970 Ed., Cap. 198], repealed by this Act, shall be transferred to and vest in the Bank without further assurance and its business shall be carried on by the Bank. [24
Section 26
Deposits and repayment
Deposits of money to be paid into the Bank shall be received and repaid under such conditions as may be prescribed by the Bank. [25
Section 27
Security of Government
The repayment of all moneys deposited in the Bank together with interest thereon is guaranteed by the Government and accordingly, if at any time the assets of the Bank shall be insufficient to pay the lawful claims of every depositor, the deficiency shall be charged and paid out of the Consolidated Fund and the Minister for Finance shall certify that deficiency to Parliament without delay. [26
Section 28
Interest rates
Amended [4/84]
Interest on savings and time deposit accounts shall, and on current accounts may, be payable at such rate or rates as may from time to time be prescribed by the Bank with the approval of the Minister. [27
Section 29
Service charge
The Bank may levy a charge for any service rendered to its customers. [28
Section 30
Interest on loans
Amended [4/84]
The Bank may charge interest on advances, loans or credit facilities at such rate or rates as may from time to time be prescribed by the Bank with the approval of the Minister. [29
Section 31
Attachment of deposits
No deposit in the Bank, and no interest on any such deposit, shall be attached, sequestered or levied upon for or in respect of any debt or claim whatsoever:Provided that —
(a)
upon notice of a claim under a judgment of any court, it shall be lawful for the General Manager in his discretion to retain in the account a sum sufficient to answer the claim and to pay into the court on its order the amount of the claim or the total amount of the deposits and interest in the account if the claim be for a greater sum; and(b)a court shall only make an order under this section if it is satisfied that the judgment debtor has an account for his own sole benefit with the Bank. [30
Section 32
Power to administer oaths
(1)
For the purpose of obtaining proof of the death of a customer of the Bank or of ascertaining the proper person to receive moneys standing in the name of a minor, person of unsound mind or deceased person, the General Manager, or such other officer as the General Manager may appoint for that purpose, may take evidence on oath or affirmation according to law.
(2)
Any person who upon such oath or affirmation makes any statement that is false, and which he either knows or believes to be false, or does not know to be true, shall be deemed to be guilty of an offence under section 193 of the Penal Code [Cap. 224]. [31
Section 33
Power to appoint attorney
The Bank may, by instrument under its common seal, appoint a person (whether in Singapore or in a place outside Singapore) to be its attorney, and the person so appointed may, subject to the provisions of the instrument, do any act or execute any power or function which he is authorised by the instrument to do or execute. [32
Section 34
Settlement of disputes
(1)
If a dispute arises between the Bank and —
(a)
any customer of the Bank;
(b)
a person who claims to be the legal personal representative or next of kin or creditor of a customer of the Bank, or the assignee of a customer who is bankrupt or insolvent; or(c)a person who claims to be entitled to money deposited in the Bank,the matter shall be referred to an arbitrator to be appointed by the Minister, and whatever award, order or determination made by the arbitrator shall be binding and conclusive on all parties and shall be final to all intents and purposes without any appeal.
(2)
Upon a reference under this section, an arbitrator may inspect any book belonging to the Bank, relating to the matter in dispute, and may administer an oath or affirmation to any witness appearing before him. [33
Section 47
Protection under Bills of Exchange Act
Amended [4/84]
In the performance of its functions under this Act, the Bank shall be accorded the protection of a banker under the Bills of Exchange Act [Cap. 23]. [46
Section 48
Exemption
The Bank shall be exempted from the provisions of the Banking Act [Cap. 19] and the Finance Companies Act [Cap. 108].[47** Section 46 of Act 13 of 1971 was deleted by Act 35 of 1973.
Section 49
Validity of acts and transactions of Bank
The validity of an act or transaction of the Bank shall not be called in question in any court on the ground that any provision of this Act has not been complied with. [48
Section 50
Power to make rules
(1)
The Bank may, with the approval of the Minister, make rules for the management and regulation of its business.
(2)
In particular and without prejudice to the generality of subsection (1) such rules may —
(a)
prescribe limits of deposits;
(b)
prescribe the modes of making deposits;
(c)
prescribe the modes of withdrawing deposits;
(d)
prescribe the amount of interest payable, and the modes of calculating interest, on deposits;
(e)
prescribe the times at which deposit books shall be returned to the Bank by customers;
(f)
regulate deposits by minors, guardians, trustees, societies, bodies corporate, firms and bodies of persons acting collectively;
(g)
prescribe conditions for the withdrawal of moneys by minors, guardians, trustees, societies, bodies corporate, firms and bodies of persons acting collectively;
(h)
prescribe the modes of dealing with the accounts of deceased persons or of persons of unsound mind;
(i)
prescribe the conditions governing the sale of and repayment of gift vouchers;
(j)
prescribe the conditions upon which gift vouchers may be used for making deposits of money in the Bank;
(k)
prescribe the conditions governing the acceptance or rejection of gift vouchers for the purpose of making deposits in the Bank;
(l)
prescribe the conditions governing the operation of time deposit accounts;
(m)
prescribe the conditions upon which loans may be made to customers; and(n)prescribe the mode of calculating interest payable in respect of loans. [49
Section 51
Transitional provisions
(1)
Any scheme, contract, document or arrangement constituted, prepared, made, granted or approved under the Post Office Savings Bank Act [1970 Ed., Cap. 198], repealed by this Act, shall, except where otherwise expressly provided in this Act or in any other written law, continue and be deemed to have been constituted, prepared, made, granted or approved, as the case may be, under this Act.
(2)
Any proceeding, matter or cause of action pending or existing immediately prior to the commencement of this Act by or against the Government in respect of any of the functions, assets, privileges, rights, obligations and liabilities transferred to, or vested in, the Bank under this Act, may be continued and enforced by or against the Bank in the name of the Government in accordance with the provisions of any written law and the practice and procedure in force relating to proceedings by or against the Government. [51
Section 52
Validity of previous acts not affected
Amended [S 36/84]Amended [4/84]
* Nothing in the Post Office Savings Bank of Singapore (Amendment) Act 1984 shall affect the validity of any act or thing done by the Post Office Savings Bank of Singapore before 16th February 1984 in purported execution of its powers under this Act.