TRUSTEES.
No. 5 of 1901.
1333
of investment, a population exceeding 50,000, or by any County Council in the United Kingdom, under the authority of any Act of Parliament or Provisional Order:
(14) in nominal or inscribed stock issued, or to be issued, by any commissioners incorporated by Act of Parliament for the purpose of supplying water, and having a compulsory power of levying rates over an area having, according to the returns of the last census prior to the date of investment, a population exceeding 50,000, provided that, during each of the 10 years last past before the date of investment, the rates levied by such commissioners have not exceeded 80 per cent. of the amount authorised by law to be levied;
[40 & 41 Vict. c. 35; 6 Vict. c. 59; 55 &
(15) in any colonial stock which is registered in the United Kingdom in accordance with the provisions of the Colonial Stock Acts, 1877 to 1900, and with respect to which all conditions prescribed by the Imperial Treasury, by order notified in the London Gazette, have been observed;
(16) 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
(17) in any securities authorised by the Court, on summary application for that purpose made in Chambers,
and may also vary any such investment.
63 & 64 Vict. c. 62.]
1901.]
15.—(1) A trustee may, under the powers of this Ordinance, purchase at a premium of redeemable stock invest in any of the securities mentioned or referred to in the last section, notwithstanding that the same may be redeemable and that the price exceeds the redemption value.
(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 sub-sections (7), (9), (11), (12), (13), and (15) of the last section which is liable to be redeemed within 15 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 15 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.
* As amended by No. 50 of 1911.
56 & 57 Vict. c. 53 s. 2.]
TRUSTEES.
No. 5 of 1901.
1333
of investment, a population exceeding 50,000, or by any County Council in the United Kingdom, under the authority of any Act of Parliament or Provisional Order:
(14) in nominal or inscribed stock issued, or to be issued, by any commissioners incorporated by Act of Parliament for the purpose of supplying water, and having a compulsory power of levying rates over an area having, according to the returns of the last census prior to the date of investment, a population exceeding 50,000, provided that, during each of the 10 years last past before the date of invest- ment, the rates levied by such commissioners have not exceeded 80 per cent. of the amount authorised by law to be levied;
[40 & 41 Vict. 6 Vict. c. 35;
c. 59; 55 &
(15) in any colonial stock which is registered in the United Kingdom in accordance with the provisions of the Colonial Stock Acts, 1877 to 1900, and with respect to which all conditions pre- scribed by the Imperial Treasury, by order notified in the London ef. No. 20 of Gazette, have been observed;
(16) 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
(17) in any securities authorised by the Court, on summary application for that purpose made in Chambers,
and may also vary any such investment.
63 & 64 Pict. c. 62.]
1901.]
premium of redeemable
15.—(1) A trustee may, under the powers of this Ordinance, Purchase at invest in any of the securities mentioned or referred to in the last section, notwithstanding that the same may be redeemable and that the price exceeds the redemption value.
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(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 sub-sections (7), (9), (11), (12), (13), and (15) of the last section which is liable to be redeemed within 15 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 15 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.
* As amended by No. 50 of 1911.
stock.
56 & 57 Vict. c. 53 s. 2.]
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