SAVINGS CERTIFICATES ORDINANCE

Arrangement of Sections

1. Short title.

2. Authority to borrow money by the issue of savings certificates.

3. Authority to issue savings certificates.

4. Notification of purchase price, surrender value.

5. Persons to whom savings certificates may be issued.

6. Special provisions relating to the issue of savings certificates to individuals.

7. Limit of holdings.

8. Transfer, hypothecation of savings certificates to be null and void.

9. Issue of new savings certificate or payment of surrender value on death of purchaser.

10. Seizure or sequestration of savings certificate.

11. Surrender of savings certificates.

12. Surrender values of savings certificates to be a charge on the Consolidated Fund.

13. Exemption from stamp duty.

14. Government not affected by notice of trust.

15. Offences.

16. The Savings Certificates Fund.

17. Trustees of the fund.

18. Application of the fund.

19. Annual statement of accounts.

20. Savings stamps.

21. Regulations.

22. Interpretation.

7 of 1946,

61 of 1947,

57 of 1949,

19 of 1951.

AN ORDINANCE to make better provision for the issue of Ceylon Savings Certificates and to revise and consolidate the law relating thereto.

[Date of Commencement: 3rd July, 1947]

1. Short title.

This Ordinance may be cited as the Savings Certificates Ordinance.

2. Authority to borrow money by the issue of savings certificates.

The House of Representatives may by resolution authorise sums of money, not exceeding such amount as may be specified in the resolution, to be borrowed within Ceylon by the issue of Ceylon savings certificates under this Ordinance.

3. Authority to issue savings certificates.

(1) After the publication in the Gazette of a resolution under section 2, the Minister may, from time to time, direct the Postmaster-General to borrow sums of money not exceeding in the aggregate the amount specified in the resolution, by the issue of savings certificates under this Ordinance.

(2) The Postmaster-General may also, when so directed by the Minister, borrow by the issue of savings certificates under this Ordinance such sums of money as may from time to time be required for the purpose of meeting current demands for the surrender values of savings certificates issued or deemed to have been issued under this Ordinance.

4. Notification of purchase price, surrender value.

Where the Minister has directed the Postmaster-General to borrow any sum of money by the issue of savings certificates under this Ordinance, the Secretary to the Treasury shall by notification published in the Gazette specify—

(a) the denomination or denominations of the savings certificates which are to be issued; and

(b) the purchase price and the surrender value of a certificate of each such denomination.

5. Persons to whom savings certificates may be issued.

(1) Savings certificates may be issued in accordance with such regulations as may be made in that behalf, to—

(a) an individual;

(b) a co-operative society;

(c) a central co-operative bank;

(d) a society or association which, in the opinion of the Postmaster-General, is a thrift, benefit, benevolent or provident society or association;

(e) an approved savings group;

(f) any person or body of persons on behalf of any place of religious worship, or on behalf of any institution or association which is maintained for educational or cultural or recreational or charitable purposes and is of a prescribed class or description; or

[S 5(f) am by s 2 of Act 57 of 1949.]

(g) any other prescribed body of persons.

(2) The decision of the Postmaster-General as to whether any society or association is a thrift, benefit, benevolent or provident society or association, as the case may be, shall be final and conclusive.

6. Special provisions relating to the issue of savings certificates to individuals.

No savings certificate shall be issued to any individual unless he is resident in Ceylon on the date of the issue of such certificate:

Provided that, a savings certificate may, in accordance with such regulations as may be made in that behalf, be issued—

(a) to a minor who, is resident outside Ceylon if the parent, guardian, curator or trustee of that minor is resident in Ceylon on the date of the issue of such certificate; or

(b) to a person who is not a minor and is resident outside Ceylon, in such circumstances and subject to such conditions as may be prescribed by the aforesaid regulations.

7. Limit of holdings.

(1) The aggregate of the denominational value of all savings certificates held at any time by any person or body of persons shall not exceed such limit as may be prescribed; and no savings certificate shall at any time be issued so as to increase the holding of any such person or body of persons beyond the limit so prescribed.

(2) The power to make regulations prescribing the limits referred to in subsection (1) shall be deemed to include power to prescribe different limits for different classes of persons or for different classes of savings certificates.

8. Transfer, hypothecation of savings certificates to be null and void.

The right, title and interest of the purchaser of a savings certificate shall not be assigned, donated, hypothecated, sold, transferred or otherwise disposed of by the purchaser in any manner whatsoever; and any such assignment, donation, hypothecation, sale, transfer or disposition shall not be recognised by the Postmaster-General or by the Government and shall for all purposes be null and void:

Provided that, the preceding provisions of this section shall not affect or be deemed to affect—

(a) the right of the Postmaster-General, in accordance with such regulations as may be made in that behalf, to issue a new savings certificate in any case where the purchaser of a savings certificate desires to gift his rights thereunder; or

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