1964_TRUSTEE_ORDINANCE — Page 56

1985 Ed.]

Trustee

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any such authority 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:

(b) any authority all the members of which are appointed or elected by one or more local authorities in the United Kingdom:

(c) any authority the majority of the members of which are appointed or elected by one or more 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 or the guaranteed or preference stock of any incorporated company, being statutory water undertakers within the meaning of the Water Act 1945, or any corresponding enactment in force in Northern Ireland, and having during each of the 10 years immediately preceding the calendar year in which the investment was made paid a dividend of not less than 5 per cent on its ordinary shares.

12. Deposits by way of special investment in a trustee savings bank or in a department (not being a department certified under section 9(3) 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 freehold property in England and Wales or Northern Ireland and of leasehold property in those countries of which the unexpired term at the time of investment is not less than 60 years, and loans on heritable security in Scotland.

(Amended, L.N.176/70)

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 feuduties or ground annuals in Scotland.

15A. Securities issued in the United Kingdom by-

(Amended. L.N.176/70)

(a) the International Bank for Reconstruction and Development or by the European Investment Bank or by the European Coal and Steel Community, being securities registered in the United Kingdom: or

(b) the Inter-American Development Bank,

being securities in respect of which the rate of interest is variable by reference to one or more of the following-

(i) the Bank of England's former minimum lending rate:

(ii) the average rate of discount on allotment on 91-day Treasury bills,

(iii) a yield on 91-day Treasury bills;

(iv) a London sterling inter-bank offered rate;

(v) a London sterling certificate of deposit rate:

(vi) the base rate of one or more of the London clearing banks.

(Added. L.N.28/84)

15B. Securities issued in the United Kingdom by any authority to which paragraph 10 applies for the purpose of borrowing money 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 and being securities in respect of which the rate of interest is variable by reference to one or more of the following—

(a) the Bank of England's former minimum lending rate;

(b) the average rate of discount on allotment on 91-day Treasury bills:

(c) a yield on 91-day Treasury bills:

(d) a London sterling inter-bank offered rate:

(1946 c.46.)

(1945 c.42.)

(1956 c.54.)

(1959 c.33.)