Sri Lanka Consolidated Acts

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National Savings Bank Act (No. 30 of 1971) - Sect 84

Rules

84.
(1) The Board may make rules for the purpose of carrying out or giving effect to the principles and provisions of this Act.
(2) Without prejudice to the generality of the powers conferred by sub-section (1), the Board may make rules for or in respect of all or any of the following matters: -
(a) all matters stated or required by this Act to be prescribed or for which rules are authorized to be made by this Act;
(b) the appointment, promotion, remuneration, disciplinary control and conduct of the officers and servants of the Bank and the grant of leave to them;
(c) the forms to be used for any of the purposes of this Act;
(d) with the concurrence of the Monetary Board, the types of accounts and the specification of the classes of persons having deposit and savings accounts;
(e) the maximum of deposit and savings accounts in respect of each person or class of persons;
(f) the use of pass books or any similar documents by persons who have deposit and savings accounts;
(g) facilities for the drawing of cheques by persons who have accounts subject to such restrictions and qualifications as may be specified by the Monetary Board, including restrictions with regard to the type of accounts, the class of depositors, the maximum amount of each drawing and the frequency of drawings;
(h) the times at which pass books shall be returned to the Bank by persons who have accounts;
(i) the maximum limit of loans granted by the Bank on the mortgage of immovable property;
(j) the circumstances in which such loans may be granted or refused;
(k) the amount, and the manner of payment of interest, and repayment of capital, in respect of such loans;
(l) the rates of penal interest, the circumstances in which the same shall be charged, and other matters connected therewith;
(m) the terms, conditions and restrictions subject to which savings stamps and savings certificates may be issued;
(n) the issue and surrender of savings certificates, the persons by whom such certificates may be issued, the places at which, such, certificates may be issued or surrendered, and the procedure to be adopted in connection with such issue and surrender;
(o) the circumstances in which, and the terms, conditions and restrictions subject to which substitute certificates or new certificates may be issued, the fees to be charged for the issue of such certificates, and the procedure to be adopted in connection with the issue and surrender of such certificates;
(p) the cancellation of savings certificates which have been issued in error or in place of which substitute certificates or new certificates have been issued, the repayment of the purchase price or the surrender value of certificates issued in error, and the circumstances in which the purchase price of certificates issued in error may be forfeited;
(q) the circumstances in which a savings certificate issued to an approved savings group may be surrendered before such certificate is acquired by a member of that group, and the steps to be taken and the procedure to be followed when a member of an approved savings group acquires a savings certificate issued to that group; and the procedure for disposal and the manner of disposal of the surrender value of any savings certificate issued to an approved savings group, in any case where the Bank is of opinion that the savings group has ceased to exist or that the objects for which the group was formed are no longer being carried out;
(r) the mode of assignment of savings certificates in cases referred to in paragraph (a) of the proviso to section 69, and the steps to be taken and the procedure to be followed upon such assignment or upon surrender of any certificate so assigned;
(s) the denominational value of savings certificates which may be assigned by the purchaser thereof, the persons to whom such certificates may be assigned by the purchaser, and the steps to be taken and the procedure to be followed upon the issue, assignment or surrender of any such certificate;
(t) the procedure to be followed where the loss, theft or destruction of a savings certificate takes place or is discovered after the death of the purchaser thereof; the persons to whom and the circumstances in which a new certificate will be issued in such a case; and the mode of payment of the surrender value of any certificate so lost, stolen or destroyed;
(u) the payment of the surrender value of a savings certificate where the purchaser thereof is of unsound mind;
(v) the settlement in a summary manner of disputes between the Bank and the purchaser of a savings certificate or a person claiming to be entitled to a savings certificate;
(w) the charges payable by persons for services rendered by the Bank;
(x) matters relating to, connected with, or incidental to, the lotteries and prize competitions conducted by the Bank;
(y) all other matters not herein before mentioned concerning the business of the Bank;
(z) all matters connected with the establishment of the Bank, and the transfer to the Bank of the undertakings carried on by the board of directors of the Ceylon Savings Bank, the trustees of the Ceylon Post Office Savings Bank and the Postmaster-General under the Ceylon Post Office Savings Bank Ordinance and the Postmaster-General under the Savings Certificates Ordinance in respect of which-
(i) no provision is made by this Act; or
(ii) the provisions of this Act require to be modified or supplemented; and
(aa) all matters connected with or incidental to the matters aforesaid
(3) Every rule made under this Act by the Board shall be published in the Gazette, and shall come into operation on such date as may be specified in such rule or, if no such date is so specified, on the date of such publication.


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