Arrangement of Sections
2. Notwithstanding the provisions of the Banks and Other Financial Institutions Act, the Bank
4. (f) a representative of the Ministry of Communications;
5. (a) approving the annual budget of the Bank;
7. The repayment of all moneys deposited in the Bank together with any interest thereon is gu
8. (1) Interest shall be payable at such rate as the Minister may, from time to time, direct.
9. (1) All expenses incurred in the execution of this Act shall be met from the funds of the
10. (1) Subject to the provisions of this Act, moneys in the Bank, except so far as any sums b
11. Annual accounts of the revenue and expenditure of the Bank and of all deposits received an
12. (1) If in any year the revenue of the Bank is insufficient to defray all expenses of the B
13. The Board may with the approval of the Minister make regulations for the management and co
14. The managing director may enter into arrangement with the post office savings bank of any
15. (1) No person appointed to carry out the provisions of this Act or any employee of the Ban
16. If any dispute arises between the managing director or the officer managing and controllin
17. When any payment is made or act done by the managing director or any person acting under h
18. (1) The Savings Bank Act is hereby repealed. [Cap. 188 of the L.F.N. 1958 Edition.]
19. All the assets and liabilities of the Savings Bank established by the Savings Bank Act sha
20. All arrangements entered into by the Director of Posts and Telegraphs under the Savings Ba
21. (1) Any contract or instrument which if entered into or executed by a person not being a b
22. In this Act, unless the context otherwise requires- “the Bank” means the Federal Savings B
23. This Act may be cited as the Federal Savings Bank Act. Short title
FEDERAL SAVINGS BANK ACT
1972
An Act to establish the Federal Savings Bank to provide a ready means for the deposit of savings and so to enconrage thrift. [1974 No. 38.] [1st September, 1972] [Commencement.]
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