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TRUSTEE SAVINGS BANKS ACT, 1989
Matters to be provided for by the Rules of a Trustee Savings Bank
1. The name of the trustee savings bank.
2. The manner of appointment and removal of trustees of the bank.
3. The appointment of at least 2 persons (in this Schedule referred to as “managers”) who shall conduct, manage and direct generally the business of the bank and the manner of their appointment and removal.
4. The manner of appointment and removal of the members of any committee or other body established for the purposes of the supervision, management or direction generally of the business of the bank.
5. The powers, functions and duties of the trustees and managers and any committee or other body of the bank referred to in paragraph 4.
6. The manner in which moneys received by a trustee on account of or for the use of the bank are to be disposed of.
7. That a notice approved of by the Central Bank specifying the services provided by the bank shall be displayed at each office of the bank open to the public for the transaction of the business of the bank in a position where it can be read by all the members of the public entering the office.
8. That a trustee shall not derive any benefit from the bank other than any honoraria paid pursuant to section 20 .
9. The calling and holding of meetings of trustees and the procedure to be followed at such meetings.
10. The manner in which funds of the bank are to be raised and the specification of any limit on their amount.
11. The purposes to which the funds of the bank are to be applied and the manner in which they are to be invested.
12. The manner in which deficits of the bank are to be ascertained and provided for.
13. The manner of appointment and removal, and the remuneration, of an auditor of the bank.
14. The manner in which the bank may be closed or dissolved.
15. That the officers of the bank be prohibited from disclosing any information regarding the affairs or business of the bank or depositors with or persons borrowing from the bank without the authority of a manager or a committee or other body referred to in paragraph 4; and that trustees or any such committee or other body as aforesaid be prohibited from disclosing any such information as aforesaid except where it is necessary to do so for the purposes of the conduct, management or direction of the business of the bank or for the purposes of proceedings in any court or other tribunal.