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TRUST INVESTMENT ACT 1889 - SECT 7

Investments of sinking fund by local authorities.

7. Where the council of any county or borough or any urban or rural sanitary
authority are authorised or required to invest any money for the purpose of a
loans fund or a sinking fund, any enactment relating to such investment shall
be modified so far as to allow such money to be invested in any of the stocks,
funds, shares, or securities in which trustees are authorised by this Act to
invest, except that such council or authority shall not by virtue of this
section invest in any stocks, funds, shares, or securities issued or created
by themselves, nor in real or heritable securities.

Provided that it shall not be lawful for any such council or authority to
retain any securities which are liable to be redeemed at a fixed time at par
or at any other fixed rate and are at a price exceeding their redemption
value, unless more than fifteen years will elapse before the time fixed for
redemption.

Ss.8, 9 and Schedule rep. by 1893 c.53 s.51 sch.

© 1889 Crown Copyright

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