National Penny Bank Limited Act 1892

• Jurisdiction: UK Non-devolved
• Citation: 1892 c. iv
• Year: 1892

[55 VICT.] National Penny Bank Limited Act, 1892. [Ch. iv.]

CHAPTER iv.

An Act for more effectually vesting in the Trustees for AD-1892*

the time being of the National Penny Bank Limited

Securities and other Property representing Moneys

received by the Bank on Deposit Accounts and for other

purposes. [20th May 1892.]

HE.LIEAS the National Penny Bank Limited (in this Act

called "the Bank") was formed in the year one thousand

eight hundred and seventy-five under the Companies Act 1862 for

receiving deposits for safe custody and investment the keeping and

investing of the same and the repaying the amount with interest or

otherwise to the depositors :

And whereas under the articles of association of the Bank any

moneys received hy the Bank on deposit accounts are not to he

considered as part of the general assets of the Bank but all such

moneys as and when received are to he carried to the separate

account with the Bank of the trustees and are from time to time

to be invested in the names of the trustees :

And whereas it is expedient that such provision as is in this Act

contained be made in relation to the vesting of securities and

property in the trustees of the Bank for the time being :

And whereas the affairs of the Bank are managed by a committee

constituted as provided by the articles of association one member

of which is the managing member and difficulty arises from the

necessity of obtaining the signatures of all the trustees to convey-

ances and other documents and it is considered expedient to make

provision as herein-after set forth with regard to the execution of

documents by the trustees :

And whereas the objects of this Act cannot be attained without

the authority of Parliament:

May it therefore please Your Majesty that it may be enacted and

be it enacted by the Queen's most Excellent Majesty by and with

the advice and consent of the Lords Spiritual and Temporal and

[Price 3d.} 1

W