Trustee (Authorised Investments) Act, 1958

Authorised investments.

1.—The following section is hereby substituted for section 1 of the Trustee Act, 1893:

“1.—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, that is to say:

(a) in securities of the Government (including Savings Certificates);

(b) in securities guaranteed as to capital and interest by the Minister for Finance;

(c) in the stock of the Bank of Ireland;

(d) in securities of the Electricity Supply Board;

(e) in securities of the Agricultural Credit Corporation, Limited;

(f) in securities of Bord na Móna;

(g) on real securities in the State;

(h) in securities or mortgages of any of the following authorities in the State:

(i) the council of a county,

(ii) the corporation of a county borough,

(iii) the corporation of Dun Laoghaire,

(iv) the Dublin Port and Docks Board,

(v) the Cork Harbour Commissioners,

(vi) the Limerick Harbour Commissioners,

(vii) the Waterford Harbour Commissioners;

(i) in debentures or debenture stock, quoted on a Stock Exchange, of any industrial or commercial company registered in the State, provided that the total of the debentures, debenture stock or debentures and debenture stock of the company does not exceed the paid-up share capital (including payments in respect of share premiums) and that a dividend of not less than five per cent. has been paid on the ordinary shares of the company in each of the five years last past before the date of investment;

(j) in an interest bearing deposit account with any of the following banks:

(i) Bank of Ireland,

(ii) Guinness & Mahon,

(iii) Hibernian Bank, Ltd.,

(iv) Munster & Leinster Bank, Ltd.,

(v) National Bank, Ltd.,

(vi) National City Bank, Ltd.,

(vii) Northern Bank, Ltd.,

(viii) Provincial Bank of Ireland, Ltd.,

(ix) Royal Bank of Ireland, Ltd.,

(x) Ulster Bank, Ltd.,

(xi) the Post Office Savings Bank,

(xii) a Trustee Savings Bank in the State;

(k) in British Government securities inscribed or registered in the State,

and may also from time to time vary any such investment.”