IRISH LAND ACT 1909 - SECT 38 Powers of investment.

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IRISH LAND ACT 1909 - SECT 38

Powers of investment.

38.(1) Where any land purchased by means of an advance under the Land Purchase
Acts is settled land within the meaning of the Settled Land Acts, 1883 to
1890, the trustees of the settlement may, on the request of the tenant for
life, notwithstanding anything in the settlement to the contrary, invest the
purchase money, or any part thereof, in the following manner (that is to say):

(a)With the sanction of the Public Trustee

(i)in any of the public stocks or funds or Government securities of any
foreign government or state; or

(ii)in mortgages, bonds, debentures, or debenture stock charged upon the
undertaking of any railway company in the United States of America, Mexico,
the Argentine Republic, or Canada, which has, during each of the five years
last past before the date of investment, paid a dividend on its preference
stock (if any) or its ordinary stock;

(b)and without such sanction

(i)in the mortgages, bonds, debentures, or debenture stock of any railway
company in the United Kingdom incorporated by special Act of Parliament which
has, during each of the five years last past before the date of investment,
paid a dividend on its preference stock (if any) or its ordinary stock, or in
the preference stock of any such railway company which has, during a like
period, paid a dividend on its ordinary stock;

(ii)in the stocks or shares of any tramway or light railway, dividends upon
which are guranteed under the Tramways (Ireland) Acts, 1860 to 1900; or

<(iii)in the stock, mortgages, bonds, debentures, or debenture stock issued or to be issued by the council of any county or urban district in the United Kingdom under the authority of any Act or Provisional Order;


(2) The Public Trustee, in any case in which his sanction is required for an
investment under this section, shall, before sanctioning the investment,
satisfy himself that there is a reasonable probability that the investment
will, if realised on the death of the tenant for life or the termination of
the trust, produce an amount not less than the sum invested; and the Public
Trustee shall not incur any liability on account of any sanction given or
withheld by him in good faith.

(3) The powers of investment conferred upon trustees by this section shall be
in addition to any powers of investment conferred on them by the terms of the
settlement or by Act of Parliament, and such last-mentioned powers may be
exercised notwithstanding anything to the contrary in the settlement.

(4) A trustee shall not incur any liability by reason of any investment made
by him in exercise of the powers conferred by this section.

Subs.(5) rep. by SLR 1927

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Northern Irish Legislation

IRISH LAND ACT 1909 - SECT 38