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Trustee Savings Banks Act, 1989 (No. 21)Introductory TextActs Referred toPart I Preliminary and General (ss. 1-8)1. Short title.2. Commencement.3. Interpretation.4. Regulations and directions.5. Regulations to remove difficulties.6. Modification of Act to conform with changes in company, banking and building society law.7. Repeals and savings.8. Expenses.Part II Establishment and Licensing of Trustee Savings Banks (ss. 9-16)9. "Trustee savings bank".10. Licences.11. Prohibition on carrying on of business of a trustee savings bank without a licence.12. Conditions of licences.13. Revocation of licences.14. Name of trustee savings bank.15. Lending and borrowing by trustee savings bank.16. Rules of trustee savings bank.Part III Trustees of Trustee Savings Banks (ss. 17-23)17. Number of trustees of trustee savings bank.18. Age limit for trustees of trustee savings bank.19. Disqualification for being a trustee of a trustee savings bank.20. Payment of honoraria to trustees of trustee savings bank.21. Disclosure of interest by trustees of trustee savings bank.22. Liability of trustees of trustee savings bank.23. Provisions in relation to property of trustee savings banks and legal proceedings.Part IV Supervision of Trustee Savings Banks (ss. 24-34)24. Trustee savings banks to keep certain records.24A. Powers of authorised persons with respect to trustee savings banks.25. Furnishing of information to Central Bank.26. Directions by Central Bank in relation to suspension of certain activities of trustee savings bank.27. Directions by Central Bank in relation to advertisements.28. Statement of management expenses.29. Publication of business statements by trustee savings bank.30. Display of financial statements by trustee savings bank.31. Regulation of ratios between assets and liabilities of trustee savings bank.32. Investment of funds of trustee savings bank.33. Annual statement of liabilities of Minister to trustee savings banks.34. Power of Court to prohibit certain contraventions of Act, etc.Part V Management and Administration of Trustee Savings Banks (ss. 35-45)35. Annual accounts of trustee savings bank.36. Appointment, qualification and removal of auditor of trustee savings bank.37. Report of auditor of trustee savings bank and right of access to its books.38. Duties of auditor of trustee savings bank.39. Performance of functions and provision of services of trustee savings bank by subsidiaries and other companies.40. Retention by trustee savings bank of records, receipts and similar documents.41. Payments by trustee savings bank to persons not of full age.42. Closing and dissolution of trustee savings bank.43. Restriction of certain exemptions from liability for officers of trustee savings bank.44. Power of court to relieve liability of officers of trustee savings bank in certain cases.45. Superannuation of staff of trustee savings bank.Part VI Amalgamation of Trustee Savings Banks (ss. 46-56)46. Interpretation.47. Power of trustee savings banks to amalgamate.48. Approval of Minister and Central Bank of amalgamation of trustee savings banks.49. Transfer of accounts.50. Transfer of securities.51. Rights and obligations in relation to transferred securities.52. Transfer in the case of property held on bailment.53. Transfer of officers and other employees.54. Application of certain instruments.55. Application of Bankers' Books Evidence Acts, 1879 and 1959.56. Continuance of pending legal proceedings.Part VII Miscellaneous (ss. 57-66)57. Authorisation by Minister for Finance of reorganisation of trustee savings banks into companies.58. Restriction on certain statements.59. Amendment of Bankers' Books Evidence Act, 1879.60. Payment by trustee savings bank of small deposits on death.61. Recognition of trustee savings bank accounts.62. Penalties.63. Offences by trustee savings banks and bodies corporate.64. Exemption from stamp duty.65. Bonds and sureties.66. Provisions in relation to offences.First Schedule Enactments RepealedSecond Schedule Matters to be provided for by the Rules of a Trustee Savings Bank
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 February 1990 - onwards
Version 2 of 2

20. Payment of honoraria to trustees of trustee savings bank.

(1)

(a) A trustee savings bank may pay to its trustees honoraria of such amounts as may be approved of by the Central Bank.

(b) The aggregate amount of any honoraria paid by a trustee savings bank to its trustees in any financial year of the bank shall be stated in the accounts of the bank for that year.

(2)

(a) A trustee savings bank may lend money to a trustee of the bank if, but only if -

(i) the loan is made on and subject to such terms and conditions as may be specified by the Central Bank,

(ii) the loan does not exceed such amount, if any, as may be specified by the Central Bank, and

(iii) the aggregate amount of the loan and any amount not repaid or paid to the bank in respect of other loans made by the bank to the trustee and interest thereon does not exceed such amount, if any, as may be specified by the Central Bank.

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