No. 86.-Sd. G. Lowry Cole.] [June 8, 1831. Ordinance for establishing and regulating a new Savings WHEREAS, at a public meeting of certain persons, inhabitants of Preamble. this Colony, duly holden at the Commercial Hall in Cape Town on the 22nd day of November in the year of our Lord 1830, it was considered and agreed upon that it is expedient and necessary that a new bank for savings should be forthwith established in this Colony, for the purpose of receiving deposits from benevolent and charitable societies, tradesmen, mechanics, labourers, servants, children, and others, as nearly according to the principles upon which similar institutions have been established in Great Britaiu, as the circumstances of this Colony will permit: And whereas at the said meeting certain persons were elected to form a society for the establishment and management of a bank in Cape Town, for the purposes aforesaid, according to a plan agreed on at the said meeting; and whereas the said persons have made application to His Excellency the Governor that an Ordinance may be passed to sanction and confirm the plan agreed upon at the said meeting, and to provide for carrying the same into effect, and it is expedient that the same should be done: Now, therefore, be it enacted by His Excellency the Governor in Council, that from and after the passing of this Ordinance, it shall and may be lawful to and for the said persons so elected, and for any other persons who shall from time to time in manner hereinafter provided be elected, to be the president, vice-presidents, directors, and managers of the said society, to be and form, and the said persons are hereby constituted and declared to be, a society for the establishment and Establishment of management of a bank in Cape Town for the purposes aforesaid, The Cape of Good which said society shall be called "The Cape of Good Hope Society. Savings Bank Society." 2. And be it enacted that the said society shall consist of one president, five vice-presidents, ten directors, and at the least sixty managers: Provided always, and be it further enacted that the said society shall not expire, cease, or determine by reason of the death, resignation, removal from or non-acceptance of office of any member or members thereof, so long as there shall be so many members remaining and belonging thereto, and willing to act as shall be sufficient to constitute a committee of managemeu! as is hereinafter provided. ̧ Constitution of the Society. be dents and trust es to first vice-preci dents and tru tees. 3. And be it enacted that the persons who at the meeting afore- Elected vice-presi said were elected to be the vice-presidents and trustees of the said society, and whose names are inserted in the schedule hereunto annexed, marked A, shall be respectively the first vice-presidents Amended by Ord. No. 10, 1818, and Act 24, 1894. For Post Office Savings Bank see Acts 6, 1883; 4, 1886; 5, 1889. G No. 86-1831. and directors thereof, and that the persons who at the meeting. aforesaid, were elected to be the managers of the said Society, and whose names are inserted in the schedule hereunto annexed marked B, and all such householders residing in Cape Town, or within eight (1) miles thereof as shall at any time hereafter be Election of managers elected to be managers of the said society, at any general meeting of the said society holden in manner hereinafter provided, or by the committee of management hereinafter provided, at any general meeting thereof, and who shall consent to accept such office, shall be the managers of the said society. Continuation in vice-presidents, and tion of others; Of long managers as as householders, or un moval. 4. And be it enacted that the persons herein before provided and office of president, declared to be the vice-presidents and directors, and all others who directors, until elec- shall hereafter be duly elected to be the president, vice-presidents, and directors of the said society, shall continue in office as such until the election of other persons to the said office in manner hereinafter provided; and that the persons herein before provided and declared to be, and all others who shall hereafter be duly elected to be the managers of the said society, shall continue in office as such so long as they shall be householders and shall reside in Cape Town, or within eight miles thereof: Provided always, they are that nothing herein contained shall extend or be construed to til resignation or re- prevent any president, vice-president, director, or manager from resigning his said office, on giving seven days' notice of his intention so to do to the committee of management, by writing delivered at the place where the business of the society is for the time transacted, to any officer or manager of the said society in attendance thereat; and provided also, that nothing herein contained shall extend or be construed to prevent any president, vice-president, director, or manager from being removed from his office by any general meeting of the society in manner hereinafter provided. Responsibility of 5. And be it enacted that every member of the said society shall arising from dishon- be liable, as such, to make good any loss or damage which shall of may accrue to or be sustained by the funds of the said society, or to or by any depositor in the said bank, by reason of the dishonesty, bad faith, or gross neglect of such member, and not otherwise. members for loss esty, bad faith, or gross neglect. titled to derive any bank. Members not en- 6. And be it enacted that no president, vice-president, director, salary or profit from Or manager of the said society shall, either directly or indirectly, the funds of the receive or derive any salary, allowance, profit or benefit from any of the funds thereof, or from any money deposited in the said Depositors to re- bank; and that the persons depositing money in the said bank ceive the whole be- shall respectively have and receive the whole benefit of the money therein deposited, and of the produce thereof, save and except only so much as may from time to time be required to defray such salaries, allowances, and other necessary expenses as shall in nefit of money deposited. All inhabitants of Cape Town or within ten miles eligible. § 2, Ordinance 10, No. 86-1831. manner hereinafter provided be allowed and expended for the charges of managing the said bank, and for the remuneration of such persons as may be necessarily employed in transacting the business thereof, not being presidents, vice-presidents, directors, or managers of the said society: Provided always, that nothing Competeney herein contained shall extend or be construed to prevent any business manager of the said society, not being a member of the committee bank. of management, from transacting business with the said bank. (') of managers to transact with the Investment moneys deposited. of 7. And be it enacted that it shall and may be lawful to and for Depositors. the said society to receive deposits in the said bank of such amount as they shall think fit from any friendly, benevolent, or charitable society, tradesmen, mechanics, labourers, servants, children, and other persons, at their discretion, whether slaves or free persons, and also to reject or refuse to receive deposits in all cases in which they shall think fit so to do, and to lay out and invest (*) upon such colonial securities as they shall think fit all moneys deposited in, the said bank, together with the interest or produce which shall from time to time accrue thereupon, or so much thereof as shall not be required to defray the necessary expenses of the said bank, or shall not be required by the said depositors, or their representatives; and the said society shall and may, at any time when they shall see fit so to do, and also shall and may, upon the lawful demand of any depositor or his or her representatives, either made in person or by the bearer of an order under the hand of any depositor or his or her representative, attested and signed in such manner as shall be provided by any rule or regulation of the said society, return the whole or any part of such deposits, and the produce Return of deposits. thereof, to the depositors or their representatives respectively, deducting only out of the interest or produce of such deposits so much as shall have been required and retained for the purpose of defraying the necessary expense of the said bank; and the receipts of any depositor or his or her representative for the same shall be a good and sufficient discharge to the said society, notwithstanding the minority or coverture of such person. of committee of man 8. And be it enacted that it shall and may be lawful to and for Composition the said society to conduct and manage the affairs and proceedings agement. thereof by and through a committee of management, which shall consist of the president, the vice-presidents, and the directors of the said society for the time being, and of ten of the managers thereof to be elected out of the whole body of managers in manner hereinafter provided, and that any seven or more of the members of the said committee (of whom three at the least shall be vicepresidents or directors) shall form a quorum, and shall be competent to do and perform all matters and things which may under and by virtue of this Ordinance be done and performed by the 1 See § 3, Ordinance 10, 1848, and § 30, Act 24, 1894. *See § 5, Act 24, 1894. No. 86-1831. said committee, and that the vote or resolution of the major part of such quorum shall in all cases be deemed to be and shall have effect as the vote or resolution of the committee, and that, in the absence of the president, the eldest vice-president present, and in the absence of the vice-presidents, the eldest director present, shall preside at the meetings of the said committee; and that in any case in which the votes or opinions of the members of the said committee shall be equally divided, the person who shall at the time preside at the meeting thereof shall have a casting vote; and that whenever it shall be necessary for the said committee to Execution of in- execute any deed or instrument in writing, such deed or instrument shall be signed in name of the committee by a quorum thereof, or by some two members thereof, appointed for that purpose by such committee, and every such deed or instrument signed in manner herein provided shall have the same force and effect in law as if it had been signed by all the members of the committee of management. struments by quorum of committee. Funds, &c., of the bank vested in committee. Authority of com 9. And be it enacted that all moneys, goods, and effects whatsoever, and all securities for money, or other obligatory instruments, and all evidences, muniments, and all rights and claims. whatsoever belonging to or had by the said society shall be vested in the said committee of management for the time being for the use and benefit of the said society, and of the depositors in the said bank, and their representatives respectively, according to their several claims and interests; and also shall, for all purposes of action or suit, as well criminal as civil, in anywise touching or concerning the same, be deemed and taken to be, and shall in every such proceeding (where necessary) be stated to be, the property of the committee of management of the said society for the time being, without further description; and such committee shall and mittee to sue and be they are hereby authorised to bring or defend or cause to be brought or defended, any action or suit touching or concerning any of the property, rights, or claims aforesaid belonging to the said society, in the name of the "Committee of Management of the Cape of Good Hope Savings Bank Society," without specifying the names of the members thereof, and without other description; and no suit or action shall be discontinued or abate by reason of the death or removal from the committee of all or any of the members thereof, but the same shall and may be proceeded in by the succeeding committee of management, any law, usage, or custom to the contrary notwithstanding; and such succeeding committee shall pay or receive like costs as if the action or suit had been commenced by them for the benefit of or to be reimbursed from the funds of the said society. sued. Ordinary meetings of committee. 10. And be it enacted that meetings of the said committee shall and may be holden at their usual place of business so often as shall be found to be necessary, or as shall be appointed by any No. 86-1831. rule or regulation duly made as hereinafter provided, for the purpose of transacting the ordinary business of the society, according to the subsisting rules and regulations thereof: Provided always, that the said committee at such ordinary meeting shall not have power or authority to repeal or alter, or to do or cause to be done, any matter or thing which shall be in contravention of any of the existing rules or regulations, or to make any new rules or regulations for the management thereof, or to expend or authorise the expenditure of any of the funds of the society to any extent, or for any purpose to, or for which such expenditure shall not have been previously authorised by a general meeting of the society, or of the committee of management. And be it further enacted that Monthly genera a general meeting of the committee of management shall be holden at the place aforesaid on the first Thursday of every month at the hour of eleven o'clock in the forenoon, and that it shall be lawful for the president, or any two of the vice-presidents or directors, at any time, to call a general meeting of the committee of management by written notices thereof, specifying the purpose for which such meeting is called, delivered to or at the dwellinghouses or places of business of such members thereof as shall be in Cape Town or within eight miles thereof, not less than twelve hours before such meeting shall be holden. (1) meetings. and regulations. 11. And be it enacted that it shall and may be lawful for the Framing of rules committee of management, at any general meeting, to make and establish all necessary and lawful rules and regulations for the management of the said bank and the affairs of the said society as to them shall seem fit, and as shall not be inconsistent with the provisions of this Ordinance, and to enforce the observance of the same by any member or officer of the said society by the imposition of reasonable fines to be paid to and for the benefit of the said society, not exceeding for any one default the sum of one pound sterling; and the said rules and regulations or any of them to repeal, alter, and amend from time to time as occasion may require: Provided always, that all such rules and regulations Entry of rules in a and every repeal or alteration or amendment thereof shall be entered in a book to be kept by some member or officer of the said society to be appointed for that purpose, and which shall be open at all reasonable times without fee or reward for the inspection of any member or officer of the said society or person making deposits in the said bank, and such rules and regulations, and also any repeal, alteration, or amendment of the same or of any part thereof, shall be fairly transcribed, and such transcript shall be deposited with the clerk of the Court of the Resident Magistrate Enrolment in Cape Town, who shall forthwith enrol and deposit the same court of among the records of the said Court, and give to the said com- magistrate of Cap mittee a certificate thereof, without fee or reward; and provided Amended by § 5, Ordinance 10 of 1848. book open for inspection. of transcript of rules in resident Town. |