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WAR LOAN (SUPPLEMENTAL PROVISIONS) ACT 1915 - SECT 8

Power of Public Trustee to hold securities of friendly societies, &c.

8.(1) Notwithstanding anything in any Act to the contrary, any part of the
funds of any registered friendly society or any branch thereof, or of any
registered trade union..., and any stocks, shares, or securities held by or on
behalf of any such society, union, or branch, may, if the Public Trustee
agrees to such transfer, and rules of the society, union, or branch are made
for the purpose, be transferred to the Public Trustee.

(2) The Public Trustee shall invest, in accordance with the rules, any funds
so transferred to him, and shall pay the interest on any stocks, shares, or
securities acquired by or transferred to him in pursuance of this section to
the trustees of the society, union, or branch; and shall, if and when so
required by those trustees, transfer the capital of the stocks, shares, or
securities to them, or realise the same and transfer the proceeds to them.

(3) Pending the making of rules, any War Loan Stock, 19251945, held by or on
behalf of any such society, union, or branch may, if the Public Trustee agrees
to such transfer, be transferred to him as though rules were made for the
purpose.

(4) The Public Trustee shall be completely exonerated from any liability in
relation to any stock, shares, or securities held by him in pursuance of this
section, and no action shall lie against the Public Trustee in respect of any
such stock, shares, or securities, provided that he acts in accordance with
the provisions of this section.

Subs.(5) rep. by SLR 1927

S.10 rep. by 1954 c.63 s.82 sch.3


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© 1915 Crown Copyright

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