TRUSTEE (AMENDMENT) ACT (NORTHERN IRELAND) 1962

	[Home] [Databases] [World Law] [Search] [Feedback]
	Northern Irish Legislation
You are here: BAILII >> Databases >> Northern Irish Legislation >> TRUSTEE (AMENDMENT) ACT (NORTHERN IRELAND) 1962

[Index] [Table] [Search] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

TRUSTEE (AMENDMENT) ACT (NORTHERN IRELAND) 1962 - SECT 2

1961 c.62

2.(1) Where any persons, not being trustees, have a statutory power of making
investments which is or includes power

(a)to make the like investments as are authorised by section one of the
Trustee Act or by any enactment repealed by that Act; or

(b)to make the like investments as trustees are for the time being by law
(whether the law of Northern Ireland or of any other part of the United
Kingdom) authorised to make;

(2) Where, in the exercise of powers conferred by any enactment, an authority
to which this sub-section applies uses money belonging to any fund for any
purpose for which the authority has power to borrow, the provisions of the
Investments Act, as it applies by virtue of sub-section (1), shall, subject to
sub-section (3), apply as if there were comprised in the fund (in addition to
the actual content thereof) property, being narrower-range investments within
the meaning of the Investments Act, having a value equal to so much of the
said money as for the time being has not been repaid to the fund, and
accordingly any repayment of such money to the fund shall not be treated for
the purposes of the Investments Act as the accrual of property to the fund.

(3) Nothing in sub-section (2) shall be taken to require compliance with any
of the provisions of section six of the Investments Act (duty of trustees in
choosing investments) in relation to the exercise of any such powers as are
mentioned in that sub-section.

(4) Sub-section (2) applies to the following authorities

(a)any local authority;

(b)any authority all the members of which are appointed or elected by one or
more than one local authorities;

(c)any authority the majority of the members of which are appointed or elected
by one or more than one local authorities, being an authority which by virtue
of any enactment has power to issue a precept to a local authority, or to the
expenses of which, by virtue of any enactment, a local authority is or can be
required to contribute.

(5) In this section

"local authority" [means a district council];

"statutory power" means a power conferred by any transferred provision (within
the meaning of section one of the Interpretation Act (Northern Ireland), 1954)
passed before the passing of this Act or by any instrument made under any such
provision.

[Index] [Table] [Search] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

BAILII: Copyright Policy | Disclaimers | Privacy Policy | Feedback
URL: http://www.bailii.org/nie/legis/num_act/tai1962362/s2.html

Northern Irish Legislation

TRUSTEE (AMENDMENT) ACT (NORTHERN IRELAND) 1962 - SECT 2