View All - 1971 Acts
Section No :  
Acts & Ordinances
Marginal Notes
1. This Act may be cited as the National Savings Bank Act, No. 30 of 1971, and shall come into operation on such date as may be appointed by the Minister by Order published in the Gazette (in this Act referred to as the "appointed, date ").
2. Establishment of the National Savings Bank.
3. Seal of the Bank.
4. Principal place of business and branches and agencies of the Bank.
5. Postmaster- General to be Official Authority of the Bank,
6. Members of the Bank.
7. Management of the Back vested in the Board.
8. Board of Directors of the Bank.
9. Disqualifications for being appointed director.
10. Remuneration of directors.
11. Chairman of the Board.
12. Quorum for any meeting of the Board.
13. Meetings of the Board.
14. Disclosure of interest by a director.
15. Minutes of meeting of the Board.
16. Determination of question at meetings of the Board.
17. Powers of the Minister in relation to the Board.
18. Guarantee by the Government of Ceylon.
19. Expenses
20. Establishment of reserves.
21. Commencement of business by the Bank.
22. Powers of Secretary to the Treasury until the commencement of business by the Bank.
23. Acts commenced by the Secretary to the Treasury may be continued by the Board.
24. Person who may execute documents for and on behalf of the Government.
25. Receipts when valid.
26. Appointment and powers of general manager.
27. Subordinate officers.
28. Panel of Valuers.
29. Advisers.
30. No liability for damage or loss caused otherwise than by misconduct or willful default.
31. Officers to furnish security.
32. Reimbursement for expenses incurred on behalf of the Bank.
33. Declaration of secrecy.
34. Right to refuse to answer questions.
35. Funds and schemes for benefit of officers and servants of the Bank and dependants.
36. Accounts of the Bank.
37. Audit
38. Documents to be transmitted to the Minister to be laid before the Senate and the House of Representatives.
39. Authorized business of the Bank.
40. Accounts
41. Interest on accounts.
42. Payments other than interest.
43. Accounts by or on behalf of minors.
44. Nominations by persons having a deposit or savings account.
45. Settlement of disputes.
46. Payment in case of incapacity.
47. Unclaimed Deposits Fund.
48. Registered address and notices.
49. No director or employee of the Bank to guarantee loans.
50. Restrictions on loans to directors, &c.,
51. Priority of charge created by loan granted by Bank.
52. Procedure on default of payment.
53. Recovery of expenses and costs incurred by the Bank.
54. Payment of excess.
55. Certificate of sale.
56. Order for delivery of possession.
57. Cancellation of sale.
58. Resale by Bank.
59. Limit of retention of property by Bank.
60. Power of Bank to inspect valuation rolls of local rating or taxing authority.
61. Meaning of property.
62. Bank not precluded from other methods of recovery.
63. Authority to borrow money by the issue of Ceylon Savings Certificates.
64. Authority to issue Ceylon Savings Certificates.
65. Notification of purchase price surrender values, &c.,
66. Persons to whom savings certificates may be issued.
67. Special provisions relating to the issue of savings certificates to individuals.
68. Limits of holdings.
69. Transfer, hypothecation, &c., of savings certificates to he null and void.
70. Issue of new savings certificate or payment of surrender value on death of purchaser.
71. Seizure or sequestration of savings certificates.
72. Surrender of savings certificates.
73. Bank not affected by notice of trust.
74. Savings stamps.
75. Certain payments to be made from the funds of the Bank.
76. Loans from the Central Bank.
77. Appointment of public officers to the staff of the Bank.
78. Debt Conciliation Ordinance and Conciliation Boards Act, No. 10 of 1958, not to apply to debts due to the Bank.
79. Lotteries Ordinance and Prize Competitions Act not to apply to lotteries and prize competitions conducted by the Bank.
80. Exemption from stamp duty.
81. Exemption of interest from income tax.
82. Offences.
83. Offences by bodies of persons.
84. Rules
85. Regulations.
86. Repeal of certain laws, dissolution of certain institutions, and consequential provisions.
87. Interpretation.
88. Amendment of section 83 of the Monetary Law Act (Chapter 422).
89. Amendment of section 21 of the Trusts Ordinance (Chapter 87).