TRUSTEE (AMENDMENT) ACT (NORTHERN IRELAND) 1962

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TRUSTEE (AMENDMENT) ACT (NORTHERN IRELAND) 1962 - SECT 1



1.Subs.(1) amends s.1 of 1958 c.23 (NI)

(2) For the purposes of the Trustee Investments Act, 1961 (in this section
referred to as "the Investments Act"), as it applies by virtue of sub-section
(1) of section one of the Trustee Act (as amended by sub-section (1)) to
trusts the execution of which is governed by the law in force in Northern
Ireland

(a)the power conferred by virtue of paragraph (a) or paragraph (c) of
sub-section (2) of the said section one to invest trust funds in the purchase
of an estate or interest in land shall be deemed to be a special power within
the meaning of section three of the Investments Act;

(b)an estate or interest in land purchased by a trustee in the exercise of any
such power as is mentioned in paragraph (a) shall be deemed to be
special-range property falling within sub-section (3) of the said section
three;

(c)the references in sub-section (3) of the said section three (which modifies
the Investments Act in relation to certain property which trustees may hold
apart from, among other provisions, Part I of the Trustee Act, 1925, or which
became part of a trust fund by virtue of a trustee's exercising certain powers
conferred by section ten of the Act of 1925) to Part I of the Trustee Act,
1925, and to sub-sections (3) and (4) of section ten of that Act shall be
construed as references to Part I of the Trustee Act and to sub-sections (4)
and (5) of section ten of that Act, respectively;

(d)the references in sub-section (4) of the said section three (which modifies
the Investments Act where a trustee's powers have been conferred or varied by
or under certain enactments) to enactments shall be construed as references to
enactments of the Parliament of Northern Ireland, and the references to
instruments shall be construed accordingly;

(e)the reference in paragraph (c) of the said sub-section (4) to a local Act
of the present session shall be construed as a reference to a local Act of the
present session of the Parliament of Northern Ireland;

(f)the reference in sub-section (7) of section six of the Investments Act to
section eight of the Trustee Act, 1925, shall be construed as a reference to
section eight of the Trustee Act;

(g)the reference in paragraph 2 of the Third Schedule to the Investments Act
(which excludes section four of the Trustee Act, 1925, where, under
paragraph 1 of that Schedule, an investment ceases to be authorised) to
section four of the said Act of 1925 shall be construed as a reference to
section three of the Trustee Act;

(3) Sub-sections (2) to (6) of section six of the Investments Act (which
require trustees to consider proper advice in relation to certain investments
under that Act) shall have effect in relation to the purchase, after the
passing of this Act, of an estate or interest in land in the exercise of any
such power as is mentioned in paragraph (a) of sub-section (1) as they have
effect in relation to the exercise of any power conferred by section one of
that Act to invest in a manner specified in Part II or III of the First
Schedule thereto.

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Northern Irish Legislation

TRUSTEE (AMENDMENT) ACT (NORTHERN IRELAND) 1962 - SECT 1