  MALTA GOVERNMENT SAVINGS BANK (WINDING UP) ġ CAP. 307.        1
CHAPTER 307
MALTA GOVERNMENT SAVINGS BANK 
(WINDING UP) ACT
To make provision for the winding up of the Malta Government Savings
Bank and to regulate matters connected therewith.
(22nd December, 1983) *
Enacted by ACT XX of 1983 as amended by Acts IX of 1991 and XVI of
1997.
Short title.
Bank (Winding up) Act.
Interpretation.
"commercial bank" means either the Bank of Valletta Limited, or
the Mid-Med Bank Limited;
"deposit" includes a savings or a fixed deposit, including any
interest accrued;
"financial year" means the period of twelve months ending on the
31st day of December in any year;
"Minister" means the Minister responsible for finance; 
Cap. 167.
Ordinance;
"Savings Bank" means the Malta Government Savings Bank
constituted and established under section 3 of the Ordinance.
Savings Bank 
business.
3. Notwithstanding anything contained in the Ordinance, the
Savings Bank shall not accept any further deposits as from the 1st
January, 1984.
Transfer of 
deposits.
4. As from the 1st January, 1984, it shall be lawful for the
Accountant General to transfer any deposit with the Savings Bank
to any commercial bank:
Provided that depositors with the Government Savings Bank
may, not later than the 30th June, 1984, give disposal instructions
to the Accountant General for the transfer of their accounts to any
commercial bank of their choice, in which case the transfer shall be
effected according to such instructions.
Deposits subject to 
restrictions.
5. Saving the provisions of section 6 of this Act any deposit
transferred by the Savings Bank to a commercial bank shall upon
such transfer remain subject to any court order or any other
conditions or restrictions to which that deposit was subject at the
time of the transfer.
Cesser of security.
provided in the preceding sections of this Act, section 7 of the
Ordinance shall cease to apply to any deposit so transferred.
* See  Government Notice No. 780 of 22nd December, 1983.
  2      CAP. 307. ħ         MALTA GOVERNMENT SAVINGS BANK (WINDING UP)
Termination of 
withdrawals. 
Amended by: 
IX. 1991.2.
7. After the transfer of deposits in accordance with disposal
instructions received by the Accountant General and as otherwise
provided in section 4 of this Act, any residual deposits at present in
the Government Savings Bank (Residual Deposits) Fund shall be
passed to the Consolidated Fund.
Interest on residual 
deposits to cease. 
Substituted by:
IX. 1991.3.
8. (1) Residual deposits shall continue to bear interest at the
rate  per centum   per annum  payable from time to time for similar
deposits in commercial banks:
Provided that these residual deposits shall no longer bear
interest after the 30th June, 1991.
(2) The Accountant General shall without the need of any
appropriation other than this Act pay out of the Consolidated Fund
to the rightful owner thereof the capital of any deposit transferred
to the Consolidated Fund in virtue of section 7 of this Act, together
with any interest accrued thereon up to the 30th June, 1991.
Disposal of assets. 
Amended by: 
IX. 1991.4.
9. Notwithstanding anything contained in the Ordinance any
surplus assets remaining after the Accountant General has
transferred to the commercial banks assets of the Savings Bank in
an amount equivalent to the deposits transferred to each of such
banks, and after all liabilities have been settled, shall on a date to
be determined by the Minister, be passed to the credit of the
Consolidated Fund:
Provided that the part of such surplus consisting in
investments may be disposed of as the Minister may direct, and the
resulting proceeds shall be passed to the credit of the Consolidated
Fund.
Final accounts.
Amended by:
XVI.1997.8.
10. If the date determined by the Minister as provided in
section 9 of this Act does not coincide with the date laid down in
section 11 of the Ordinance, the statements required by that section
of the Ordinance shall be forwarded by the Accountant General to
the Auditor General as soon as possible and not later than three
months form the date determined by the Minister as aforesaid.
.
