Singapore legislation

Section 50

of Post Office Savings Bank of Singapore Act

Section 50

Power to make rules

(1)

The Bank may, with the approval of the Minister, make rules for the management and regulation of its business.

(2)

In particular and without prejudice to the generality of subsection (1) such rules may —

(a)

prescribe limits of deposits;

(b)

prescribe the modes of making deposits;

(c)

prescribe the modes of withdrawing deposits;

(d)

prescribe the amount of interest payable, and the modes of calculating interest, on deposits;

(e)

prescribe the times at which deposit books shall be returned to the Bank by customers;

(f)

regulate deposits by minors, guardians, trustees, societies, bodies corporate, firms and bodies of persons acting collectively;

(g)

prescribe conditions for the withdrawal of moneys by minors, guardians, trustees, societies, bodies corporate, firms and bodies of persons acting collectively;

(h)

prescribe the modes of dealing with the accounts of deceased persons or of persons of unsound mind;

(i)

prescribe the conditions governing the sale of and repayment of gift vouchers;

(j)

prescribe the conditions upon which gift vouchers may be used for making deposits of money in the Bank;

(k)

prescribe the conditions governing the acceptance or rejection of gift vouchers for the purpose of making deposits in the Bank;

(l)

prescribe the conditions governing the operation of time deposit accounts;

(m)

prescribe the conditions upon which loans may be made to customers; and

(n)

prescribe the mode of calculating interest payable in respect of loans. [49

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