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Trustee Act 2000, Section 3 is up to date with all changes known to be in force on or before 17 June 2016. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)Subject to the provisions of this Part, a trustee may make any kind of investment that he could make if he were absolutely entitled to the assets of the trust.
(2)In this Act the power under subsection (1) is called “the general power of investment”.
(3)The general power of investment does not permit a trustee to make investments in land other than in loans secured on land (but see also section 8).
(4)A person invests in a loan secured on land if he has rights under any contract under which—
(a)one person provides another with credit, and
(b)the obligation of the borrower to repay is secured on land.
(5)“Credit” includes any cash loan or other financial accommodation.
(6)“Cash” includes money in any form.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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