1923_TRUSTEES_ORDINANCE__1901 — Page 7

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No. 5 of 1901.

TRUSTEES.

PART II.

Authorised

investments.

56 & 57 Vict. c. 53. s. 1;

63 & 64 Vict.

c. 62, s. 2.

*

INVESTMENTS.

14. A trustee may, unless expressly forbidden by the instrument, if any, creating the trust, invest any trust funds in his hands, whether at the time in a state of investment or not, in manner following:-

(1) in any of the parliamentary stocks, or public funds, or government securities

rities of the United Kingdom;

(2) on real or heritable securities in Great Britain or Ireland or in this Colony;

(3) in the stock of the Bank of England or the Bank of Ireland;

(4) in India 3 per cent. stock and India 3 per cent. stock, or in any other capital stock which may at any time hereafter be issued by the Secretary of State in Council of India under the authority of any Act of Parliament and charged on the revenues of India;

(5) in any securities the-interest of which is for the time being guaranteed by Parliament;

(6) in consolidated stock created by the Metropolitan Board of Works or by the London County Council, or in debenture stock created by the Receiver for the Metropolitan Police District;

(7) in the debenture, or rent-charge, or guaranteed, or preference stock of any railway company in Great Britain or Ireland incorporated by special Act of Parliament, and having, during each of the ten years last past before the date of investment, paid a dividend at the rate of not less than three per cent. per annum on its ordinary stock;

(8) in the stock of any railway or canal company in Great Britain or Ireland whose undertaking is leased in perpetuity, or for a term of not less than two hundred years, at a fixed rental to any such railway company as is mentioned in sub- section (7), either alone or jointly with any other railway

company;

(9) in the debenture stock of any railway company in India the interest on which is paid or guaranteed by the Secretary of State in Council of India;

* As amended by No. 13 of 1916.