1968-HKRS29-8-35_Part03 — Page 37

9 & 10 G... S c. 46)

(A) Gra. 6

c. 42)

6. Fixed-interest securities issued in the United King- dom by the International Bank for Reconstruction and Development, being securities registered in the United Kingdom,

7. Debentures registered in the United Kingdoro and issued by a company incorporated in the United Kingdom of which the total issued and paid up share capital is not less than one million pounds sterling.

3.

Stock of the Bank of Ireland.

Debentures issued by the Agricultural Mortgage Corporation Limited or the Scottish Agricultural Securities Corporation Limited being companies registered in the United Kingdom,

10. Loans to any authority to which this paragraph applies charged on all or any of the revenues of the authority or on a fund into which all or any of those revenues are payable, in any fixed-interest securities issued in the United Kingdom by any such authority for the purpose of barrow- ing money so charged, and in deposits with any such Buthority by way of temporary loan made on the giving of a receipt for the loan by the treasurer or other similar officer of the authority and on the giving of an undertaking by the authority that, If requested to charge the loan as aforesaid, it will either comply with the request or repay the loan.

This paragraph applies to the following authorities- (a) any local authority in the United Kingdom; (6) any authority all the members of which are appointed or elected by one or more local authori. ties in the United Kingdom:

(c) any authority the majority of the members of which are appointed or elected by one or manę local authorities in the United Kingdom, being an authority which by virtue of any enactment has power to issue a precept to a local authority in England and Wales, or a requisition to a local authority in Scotland, or to the expenses of which, by virtue of any enactment, a local authority in the United Kingdom is or can be required to contribute:

(d) the Receiver for the Metropolitan Police District or a combined police authority (within the meaning of the Police Act 1946);

(e) the Belfast City and District Water Commissioner.

11. Debentures of the guaranteed or preference stock of any incorporated company, being statulory water under- takers within the meaning of the Water Act 1945, or any corresponding enactment in force in Northern Ireland, and having during each of the ten years immediately preceding the calendar year in which the investment was made paid a dividend of not less than five per cent on its ordinary shares.

145 Buz. 2 254)

7A DR. I

33,0

(Cpp. 153)

12. Deposits by way of special investment in a trustee savings bank or in a department (nat being a department certified under subsection (3) of section 9 of the Finance Act 1956) of a bank any other department of which is so certified.

13. Deposits in a building society designated under section | of the House Purchase and Housing Act 1959,

14. First legal mortgages of freshold property in England and Wales or Northern Ireland and of leasehold property in those countries of which the unexpired term al the time of investment is not less than sixty years, and in loans on heritable security in Scotland.

15. Perpetual rent-charges charged on land in England and Wales or Northern Ireland and fee-farm rents (not being rent-charges) issuing out of such land, and in feu- duties or ground annuals in Scotland.

PART 11.

HONG KONG (NVESTMENTS.

16. Any Government securities of the Colony.

17. First legal mortgages of property, including an pa- divided share in property, in the Colony held under Crown. lease of which the unexpired term at the time of investment is not less than fifty years, excluding any term for which the Crown lease can be renewed.

18. Deposits in a bank licensed under the Banking Ordinance other than an unincorporated bank.

19. Any securities issued by companies incorporated in Hong Kong which satisfy the following conditions—

(a) the issued and paid up share capital of the company is not less than thirty million Hong Kong dollars or its equivalent at the date the investment is made; (6) the securities, in the case of shares or debenture stack. in which a trustee seeks to invest are fully paid up:

(c) at the date the investment is made the securities are quoted on the Hong Kong stock exchange; and (a) the company has in each of the five years imme- diately preceding the calendar year in which the investment is made paid a dividend on all the shares issued by the company, excluding any shares issued after the dividend was declared and any shares which by their terms of issue did not rank for the dividend for that year.

For the purposes of sub-paragraph (d) a company formed-

(i) to take over the business of another company or

other companies; or