1328
No. 5 of 1901.
TRUSTEES.
Ordinance,
(16) in any bonds issued under the authority of the War Loan Ordinance, 1916; No. 12 of 1916.
Purchase at premium of redeemable stock.
(17) in any of the securities for the time being authorised for the investment of cash under the control or subject to the order of the High Court of Justice in England; and
(18) in any securities authorised by the court, on summary application for that purpose made in chambers,
and may also vary any such investment.
15. (1) A trustee may, under the powers of this Ordinance, invest in any of the securities mentioned or referred to in section 14, notwithstanding that the same may be redeemable and that the price exceeds the redemption value.
56 & 57 Vict. c. 53, s. 2.
Discretion of trustee.
56 & 57 Vict. c. 53, s. 3.
Application of sections
(2) Provided that a trustee may not, under the powers of this Ordinance, purchase at a price exceeding its redemption value any stock mentioned or referred to in section 14 (7), (9), (11), (12), (13) and (15), which is liable to be redeemed within fifteen years of the date of purchase at par or at some other fixed rate, or purchase any such stock as is mentioned or referred to in the sub-sections aforesaid which is liable to be redeemed at par or at some other fixed rate, at a price exceeding fifteen per cent. above par or such other fixed rate.
(3) A trustee may retain until redemption any redeemable stock, fund, or security which may have been purchased in accordance with the powers of this Ordinance.
16. Every power conferred by sections 14 and 15 shall be exercised according to the discretion of the trustee, but subject to any consent required by the instrument, if any, creating the trust with respect to the investment of trust funds.
17. Sections 14, 15 and 16 shall apply as well to trusts created before as to trusts created after the commencement of this Ordinance, and the powers thereby conferred shall be in addition to the powers conferred by the instrument, if any, creating the trust.
56 & 57 Vict. c. 53, s. 4.
*
* As amended by Law Rev. Ord., 1924.
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