S.I. No. 90/1958:

POST OFFICE SAVINGS BANK (LIMIT OF DEPOSITS) ORDER, 1958.

POST OFFICE SAVINGS BANK (LIMIT OF DEPOSITS) ORDER, 1958.

I, SÉAMAS Ó RIAIN, Minister for Finance, in exercise of the powers conferred on me by section 1 of the Savings Banks Act, 1920, hereby make the following order with respect to which a draft has been laid before each House of the Oireachtas and no action against the draft or any part thereof has been taken by either such House :

1. (1) This Order may be cited as the Post Office Savings Bank (Limit of Deposits) Order, 1958.

(2) This Order shall come into operation on the 14th day of April, 1958.

2. It shall not be lawful for the Minister for Posts and Telegraphs to receive a deposit from or credit the account of any person if the amount of the credit of that person in the Post Office Savings Bank, whether solely, or jointly with any other person, would then exceed £3,000, and this limit shall have effect in lieu of the limits which, immediately before the commencement of this Order, had effect with respect to the amount which may be received or credited as aforesaid either in any one year or in the aggregate.

3. Nothing in this Order applies in relation to the deposits referred to in Regulations 10, 11, 12 and 13 of the Post Office Savings Bank Regulations, 1921 (S. R. & O. No. 1532 of 1921) or the accounts in respect of those deposits.

GIVEN under my Official Seal, this 8th day of April, 1958.

SÉAMAS Ó RIAIN,

Minister for Finance.

EXPLANATORY NOTE.

This Order removes the annual limit on deposits in the Post Office Savings Bank and raises the aggregate deposit limit from £2,000 to £3,000.

The Order does not apply to the deposits made by friendly societies, charitable societies, building, industrial and provident societies, corporations, Government Departments and registrars of circuit courts.