Section 5: Transfer of deposit accounts

5. Transfer of deposit accounts (1) The account of every depositor in the Savings Bank shall, from the appointed day, be transferred into an account with the Company in the name of the depositor. [Issue 1] S6 – 2 Revised Laws of Mauritius (2) The Government shall guarantee— (a) in the case of a savings deposit, for a period of not more than 5 years from the appointed day, the repayment of any amount, subject to subsection (3), standing to the credit of the depositor and any interest accruing thereon, as at the appointed day; (b) in the case of a fixed deposit existing as at the appointed day, the repayment of any amount standing to the credit of the depositor and any interest accruing thereon, until the maturity date of the fixed deposit. (3) Where at any time after the appointed day, the amount and interest standing to the credit of a depositor in the savings deposit account is less than the amount standing to the credit of the depositor on the appointed day, the guarantee under subsection (2) (a) shall apply to that lesser amount. (4) Notwithstanding the Banking Act, the Company shall, for a period not exceeding 5 years from the appointed day, award, by means of a draw amongst depositors, to the winner of the draw, a cash prize equivalent to such percentage of the revenue of the Company arising from the operation of savings deposit accounts, as may be determined by the Company, which shall not be less than what was obtained under the repealed enactments. (5) Any holder of an account transferred to the Company pursuant to subsection (1) shall, within a period of 3 months from the appointed day, give notice in writing to the Company, either at the request of the Company or on the depositor’s own motion, whether he wishes to continue to maintain his account with the Company.