Trust Investment Act, 1889

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TRUST INVESTMENT ACT 1889

CHAPTER XXXII.

An Act to amend the Law relating to the Investment of Trust Funds. [12th August 1889.]

Short title.

1. This Act may be cited as the Trust Investment Act, 1889.

2. This Act shall not extend to Scotland. [Ss. 2–6 rep. 56 & 57 Vict. c. 53, s. 51, which Act (see s. 52) does not extend to Scotland.]

Investments of sinking fund by local authorities.

7. Where the council of any county or borough or any urban or rural sanitary authority are authorised or required to invest any money for the purpose of a loans fund or a sinking fund, any enactment relating to such investment shall be modified so far as to allow such money to be invested in any of the stocks, funds, shares, or securities in which trustees are authorised by this Act to invest, except that such council or authority shall not by virtue of this section invest in any stocks, funds, shares, or securities issued or created by themselves, nor in real or heritable securities.

Provided that it shall not be lawful for any such council or authority to retain any securities which are liable to be redeemed at a fixed time at par or at any other fixed rate and are at a price exceeding their redemption value, unless more than fifteen years will elapse before the time fixed for redemption.

[Ss. 8, 9, and Sched. rep. 56 & 57 Vict. c. 53, s. 51.]