The Law of Savings Banks Comprising the Whole Statute Law Up to And Including T
The Law of Savings Banks Comprising the Whole Statute Law Up to And Including T
John Y Watt
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13 (2, 3). (t) Ibid. , s. 32, and G. A. Act, 1882, {:) G. A. Act, 1882, s. 13 (1). APPLICATION OF FUNDS BY COMMISSIONERS. 201 Within fourteen days preceding each quarter-day the Com- missioners are required to certify to the Treasury the amount which will become payable upon the quarter-day succeeding, and the amount is to be issued out of the Consolidated Fund (a). Deferred Annuities. — The moneys received on account of deferred annuities and insurances are invested in such securi- ties as the... Commissioners are permitted to invest savings banks funds in (b), and the fund so formed, " The Fund for Deferred Annuities " is to be adequate to meet all charges and claims whatever on account of deferred annuities and insur- ances (c). The powers of the Commissioners relative to these securities are the same as over the securities held on account of savings banks funds, and the Treasury may convert any of the stock held upon the fund into terminable annuities (h), and should any deficiency arise, ma}'' cause an issue to be made from the Consolidated Fund (d).
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