FINANCE ACT 1917 - SECT 35 Power of trustees, &c. to borrow and invest in war securities.

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FINANCE ACT 1917 - SECT 35

Power of trustees, &c. to borrow and invest in war securities.

35.(1) It shall be lawful and shall be deemed always to have been lawful for a
trustee to borrow for the purpose of subscribing to or investing in any
securities which have been or may be issued in connection with any Government
loan raised for the purpose of the present war, and a trustee shall not be
liable for any loss resulting from any borrowing so authorised or from any
subscription to or investment in such securities or the sale of any securities
for the purpose of such subscription or investment, or from the exercise of
any option to convert any securities into securities so issued, whether such
borrowing, subscription, investment or sale, or the exercise of such option,
was before or after the passing of this Act; and trustees and other persons
acting in any fiduciary character [are hereby expressly authorised to exercise
such powers of borrowing, subscription, investment, sale, or conversion,
notwithstanding anything to the contrary in any instrument creating the trust,
and without the consent of any other person, notwithstanding that such consent
is required by the instrument creating the trust]:

Provided that

(a)In the case of transactions after the passing of this Act, a trustee shall
before borrowing for the purpose aforesaid give notice of his intention so to
do to the persons for the time being beneficially entitled to the income of
the trust fund and the amount borrowed shall not exceed the value for the time
being of the trust fund;

(b)For the purpose of transactions after the passing of this Act the power to
borrow for the purpose of investing in any such securities shall be deemed not
to include a power to borrow for the purpose of purchasing any such securities
at any time after the subscription list has been closed, or, in the case of
any such securities which are issued on application from day to day, after the
issue thereof has been discontinued.

(2) This section shall apply to any officer or department who holds funds on
account of or for the benefit of any persons or class of persons as part of,
or in consequence of, the duties of the officer or department, but shall not
apply to any trustee under an implied or constructive trust, except a
resulting trust arising on the determination or failure of an express trust.

(3) The foregoing provisions of this section, so far as they relate to the
exercise of such powers as aforesaid before the passing of this Act, shall
apply to local and other public authorities, notwithstanding any limitations
on their powers, in like manner as they apply to trustees.

Subs.(4) rep. by SL(R) 1973

S.36 rep. by SLR 1950

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Northern Irish Legislation

FINANCE ACT 1917 - SECT 35