Neither savings deposited at the Post Office Savings Bank, nor the
Post Office Savings Bank deposit-books can be sequestered, and in like
manner they cannot be used as security. Nor can a deposit-book be
seized or taken in distraint.
These restrictions have no application to the books mentioned in
Articles 11 and 12, as issued for the state bonds bought for a
depositor.
If a depositor declares himself insolvent, the Official Receiver is
empowered to give notice to the Post Office Savings Bank to pay him the
balance in favour of the depositor, and thereon to give a receipt.
A protest against the payment back of a savings deposit can only be
considered in case a lawsuit has been entered into with reference to
the right of property in a deposit-book, or on the hypothesis which
Article 6 meets.