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National Savings Bank Act 1971
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22Investment of investment deposits
(1)The balance of the sums credited to the Investment Account Fund over the sums debited to the Fund shall from time to time be paid over to the Commissioners for investment, in accordance with any directions given by the Treasury, in any such manner for the time being specified in Part II of Schedule 1 to the [1961 c. 62.] Trustee Investments Act 1961 as the Treasury may by order specify.
(2)Any sums received by the Commissioners in respect of investments made under this section shall, in accordance with any directions given by the Treasury, be re-invested under this section or paid over to the Director of Savings and credited to the Fund.
(3)The Commissioners shall keep a separate account of all receipts, investments and payments under this section and shall furnish to the Director of Savings such statements of and information as to those investments at such times as may be agreed between them.
(4)Where the investments specified in an order under this section include investment in the manner specified in paragraph 9 of Part II of Schedule 1 to the [1961 c. 62.] Trustee Investments Act 1961, the provisions of Schedule 1 to this Act shall apply with respect to any loan made in pursuance of the order to any such authority as is specified in sub-paragraphs (a) to (c) and (e) of the said paragraph 9.
(5)The power to make an order under this section includes power to vary or revoke any such order by a subsequent order.
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