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Post Office Savings Bank (Amendment) Bill

Bill No. 15/1970

Read the first time on 7th May 1970.

An Act to amend the Post Office Savings Bank Ordinance (Chapter 106 of the Revised Edition).

Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows: —

Short title and commencement

1.—(1) This Act may be cited as the Post Office Savings Bank (Amendment) Act, 1970, and shall, with the exception of sections 3 and 4 thereof, be deemed to have come into operation on the 2nd day of May 1969.

(2) The Minister may, by notification in the Gazette, appoint a date for the coming into operation of sections 3 and 4 of this Act.

New section 7A

2. The Post Office Savings Bank Ordinance (hereinafter in this Act referred to as “the Ordinance”) is hereby amended by inserting immediately after section 7 thereof the following new section: —

“Gift vouchers

7A.—(1) The Postmaster-General may sell to any person gift vouchers which may be used for the purpose of making deposits of money to the credit of the account of a depositor of the Savings Bank who is named in the gift voucher.

(2) For the purposes of this Ordinance, “gift voucher” means a voucher representing such sum of money as is specified in the gift voucher which is to be credited to the account of the recipient of the gift voucher.”.

Repeal and re-enactment of section 9

3. Section 9 of the Ordinance is hereby repealed and the following substituted therefor: —

“Interest

9. Interest shall be payable on deposits at such rate or rates as may from time to time be prescribed by the Minister and shall be published in the Gazette.”.

Amendment of section 11

4. Subsection (1) of section 11 of the Ordinance is hereby deleted and the following substituted therefor: —

“(1) Subject to the provisions of this Ordinance, moneys in the Savings Bank shall, as far as practicable and except for such sums as may be assigned to be kept in hand for the general purposes of the Savings Bank, be invested on behalf of the Savings Bank under the direction of the Minister for Finance in such stocks, funds and securities or such other investments as he may from time to time approve.”.

Amendment of section 21

5. Subsection (2) of section 21 of the Ordinance is hereby amended —

(a)

by inserting immediately after paragraph (k) thereof the following new paragraphs: —

“(l)	prescribe the conditions governing the sale of and repayment of gift vouchers;
(m)	prescribe the conditions upon which gift vouchers may be used for making deposits of money in the Savings Bank;
(n)	prescribe the conditions governing the acceptance or rejection of gift vouchers for the purpose of making deposits in the Savings Bank;”; and

(b)

by renumbering the existing paragraph (l) thereof as paragraph (o).