Trustee Investments Act 1961

SCHEDULES

Section 1.

FIRST SCHEDULE U.K. Manner of Investment

Part I U.K. Narrower-Range Investments not Requiring Advice

1 In Defence Bonds, National Savings Certificates and Ulster Savings Certificates [F1 Ulster Development Bonds][F2 National Development Bonds][F3 British Savings Bonds][F4 National Savings Income Bonds][F5 National Savings Deposit Bonds][F6 National Savings Indexed-Income Bonds.][F7 National Savings Capital Bonds]

Textual Amendments

F1 Words added by virtue of S.I. 1962/2611, art. 1

F2 Words added by virtue of S.I. 1964/703, art. 1

F3 Words added by virtue of S.I. 1968/470, art. 1

F4 Words added by virtue of S.I. 1982/1086, art. 2

F5 Words added by virtue of S.I. 1983/1525, art. 2

F6 Words added by virtue of S.I. 1985/1780, art. 2

F7 Words added by virtue of S.I. 1988/2254, art. 2

2 U.K. In deposits in [F8 the National Savings Bank] . . . F9 and deposits in a bank or department thereof certified under subsection (3) of section nine of the M1 Finance Act, 1956.

Textual Amendments

F8 Words substituted by Post Office Act 1969 (c. 48, SIF 96), Sch. 6 Pt. III

F9 Words repealed by Trustee Savings Banks Act 1976 (c. 4), s. 36(2), Sch. 6

Marginal Citations

M1 1956 c. 54(63:1)

Part II U.K. Narrower-Range Investments Requiring Advice

1 U.K. In securities issued by Her Majesty’s Government in the United Kingdom, the Government of Northern Ireland or the Government of the Isle of Man, not being securities falling within Part I of this Schedule and being fixed-interest securities registered in the United Kingdom or the Isle of Man, Treasury Bills or Tax Reserve Certificates [F10 or any variable interest securities issued by Her Majesty’s Government in the United Kingdom and registered in the United Kingdom.]

Textual Amendments

F10 Words added by virtue of S.I. 1977/831, art. 3

2 U.K. In any securities the payment of interest on which is guaranteed by Her Majesty’s Government in the United Kingdom or the Government of Northern Ireland.

3 U.K. In fixed-interest securities issued in the United Kingdom by any public authority or nationalised industry or undertaking in the United Kingdom.

4 U.K. In fixed-interest securities issued in the United Kingdom by the government of any overseas territory within the Commonwealth or by any public or local authority within such a territory, being securities registered in the United Kingdom.

References in this paragraph to an overseas territory or to the government of such a territory shall be construed as if they occurred in the M2 Overseas Service Act 1958.

Marginal Citations

M2 1958 c. 14.

[F11 4A U.K. In securities issued in the United Kingdom by the government of an overseas territory within the Commonwealth or by any public or local authority within such a territory, being securities registered in the United Kingdom and in respect of which the rate of interest is variable by reference to one or more of the following:—

(a) the Bank of England’s minimum lending rate;

(b) the average rate of discount on allotment on 91-day Treasury Bills;

(c) a yield on 91-day Treasury Bills;

(d) a London sterling inter-bank offered rate;

(e) A London sterling certificate of deposit rate.

References in this paragraph to an overseas territory or to the government of such a territory shall be construed as if they occurred in the Overseas Service Act 1958.]

Textual Amendments

F11 Para. 4A added by virtue of S.I. 1977/1878, art. 3

5 In fixed-interest securities issued in the United Kingdom by [F12 the African Development Bank, the Asian Development Bank, the Caribbean Development Bank, the International Finance Corporation, the International Monetary Fund or by] the International Bank for Reconstruction and Development, being securities registered in the United Kingdom.

[F13 In fixed-interest securities issued in the United Kingdom by the Inter-American Development Bank.]

[F14 In fixed-interest securities issued in the United Kingdom by [F15 the European Atomic Energy Community, the European Economic Community,] the European Investment Bank or by the European Coal and Steel Community, being securities registered in the United Kingdom.]

Textual Amendments

F12 Words added by virtue of S.I. 1983/772, art. 2(a)

F13 Para. added by S.I. 1964/1404

F14 Para. added by S.I. 1972/1818

F15 Words added by virtue of S.I. 1983/772, art. 2(b)

[F16 5A U.K. In securities issued in the United Kingdom by

(i) the International Bank for Reconstruction and Development or by the European Investment Bank or by the European Coal and Steel Community, being securities registered in the United Kingdom; or

(ii) the Inter-American Development Bank;

being securities in respect of which the rate of interest is variable by reference to one or more of the following:

(a) the Bank of England’s minimum lending rate;

(b) the average rate of discount on allotment on 91-day Treasury Bills;

(c) a yield on 91-day Treasury Bills;

(d) a London sterling inter-bank offered rate;

(e) a London sterling certificate of deposit rate.]

Textual Amendments

F16 Para. 5A added by virtue of S.I. 1977/1878, art. 3

[F17 5B In securities issued in the United Kingdom by the African Development Bank, the Asian Development Bank, the Caribbean Development Bank, the European Atomic Energy Community, the European Economic Community, the International Finance Corporation or by the International Monetary Fund, being securities registered in the United Kingdom and in respect of which the rate of interest is variable by reference to one or more of the following:—

(a) The average rate of discount on allotment on 91-day Treasury Bills:

(b) a yield on 91-day Treasury Bills;

(c) a London sterling inter-bank offered rate;

(d) a London sterling certificate of deposit rate.]

Textual Amendments

F17 Para. 5B added by virtue of S.I. 1983/772, art. 2(c)

6 U.K. In debentures issued in the United Kingdom by a company incorporated in the United Kingdom, being debentures registered in the United Kingdom.

7 U.K. In stock of the Bank of Ireland.

[F18 In Bank of Ireland 7 per cent Loan Stock 1986/91.]

Textual Amendments

F18 Para. added by S.I. 1966/401

8 In debentures issued by the Agricultural Mortgage Corporation Limited or the Scottish Agricultural Securities Corporation Limited.

9 In loans to any authority to which this paragraph applies charged on all or any of the revenues of the authority or on a fund into which all or any of those revenues are payable, in any fixed-interest securities issued in the United Kingdom by any such authority for the purpose of borrowing money so charged, and in deposits with any such authority by way of temporary loan made on the giving of a receipt for the loan by the treasurer or other similar officer of the authority and on the giving of an undertaking by the authority that, if requested to charge the loan as aforesaid, it will either comply with the request or repay the loan.

This paragraph applies to the following authorities, that is to say—

(a) any local authority in the United Kingdom;

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

(c) any authority the majority of the members of which are appointed or elected by one or more local authorities in the United Kingdom, being an authority which by virtue of any enactment has power to issue a precept to a local authority in England and Wales, or a requisition to a local authority in Scotland, or to the expenses of which, by virtue of any enactment, a local authority in the United Kingdom is or can be required to contribute;

(d) the Receiver for the Metropolitan Police District or a combined police authority (within the meaning of the M3 Police Act, 1946);

(e) the Belfast City and District Water Commissioners;

[F19 (f) the Great Ouse Water Authority.]

[F20 (g) any district council in Northern Ireland.]

[F21 (h) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F22

(i) any residuary body established by section 57 of the M4 Local Government Act 1985.]

Textual Amendments

F19 Para. 9(f) added by S.I. 1962/658

F20 Para. 9(g) added by virtue of S.I. 1973/1332, art. 3

F21 Para. 9(h)(i) added by virtue of S.I. 1986/601, art. 2

F22 Sch. 1 Pt. II para. 9(h) repealed by Education Reform Act 1988 (c. 40, SIF 41:1), ss. 231(7), 235(6), 237, Sch. 13

Marginal Citations

M3 1946 c. 46.

M4 1985 c. 51(81:1)

[F23 9A U.K. In any securities issued in the United Kingdom by any authority to which paragraph 9 applies for the purpose of borrowing money charged on all or any of the revenues of the authority or on a fund into which all or any of these revenues are payable and being securities in respect of which the rate of interest is variable by reference to one or more of the following:

(a) the Bank of England’s minimum lending rate;

(b) the average rate of discount on allotment on 91-day Treasury Bills;

(c) a yield on 91-day Treasury Bills;

(d) a London sterling inter-bank offered rate;

(e) a London sterling certificate of deposit rate.]

Textual Amendments

F23 Para. 9A added by virtue of S.I. 1977/1878 art. 3

[F24 10 U.K. In debentures or in the guaranteed or preference stock of any incorporated company, being statutory water undertakers within the meaning of the M5 Water Act, 1945, or any corresponding enactment in force in Northern Ireland, and having during each of the ten years immediately preceding the calendar year in which the investment was made paid a dividend of not less than [F25 ½ per cent] on its ordinary shares.]

Textual Amendments

F24 Sch. 1 Pt. II para. 10 ceased to have effect except in so far as it relates to the debentures or guaranteed or preference stock of a company which is a statutory water undertaker within the meaning of an enactment in force in Northern Ireland, by virtue of Water Act 1989 (c. 15, SIF 130), s. 190(1), Sch. 25 para. 29(2)(3) (with ss. 58(7), 101(1), 141(6), 160(1)(2)(4), 163, 189(4)–(10), 190, 193(1), Sch. 26 paras. 3(1)(2), 17, 40(4), 41(1), 57(6), 58)

F25 Words substituted (in relation to dividends paid during any year after 1972) by virtue of S.I. 1973/1393, art. 3

Modifications etc. (not altering text)

C1 Sch. 1 Pt. II para. 10: Power to amend conferred by Finance Act 1973 (c. 51, SIF 63:1), s. 58(1)

C2 Sch. 1 Pt. II para. 10 ceased to have effect except in so far as it relates to the debentures or guaranteed or preference stock of a company which is a statutory water undertaker within the meaning of an enactment in force in Northern Ireland, by virtue of Water Act 1989 (c. 15, SIF 130), s. 190(1), Sch. 25 para. 29(2)(3) (with ss. 58(7), 101(1), 141(6), 160(1)(2)(4), 163, 189(4)–(10), 190, 193(1), Sch. 26 paras. 3(1)(2), 17, 40(4), 41(1), 57(6), 58)

Marginal Citations

M5 1945 c. 42(130)

[F26 10A In any units, or other shares of the investments subject to the trusts, of a unit trust scheme which, at the time of investment, is an authorised unit trust, within the meaning of [F27 subsection (1) of section 468 of the M6 Income and Corporation Taxes Act 1988, in relation to which that subsection does not, by virtue of subsection (5) of that section, apply.]]

Textual Amendments

F26 Para. 10A inserted by Finance Act 1982 (c. 39, SIF 63:1), s. 150

F27 Words substituted by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844(1)(2), Sch. 29 para. 32

Marginal Citations

M6 1988 c. 1(63:1).

11 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F28

Textual Amendments

F28 Sch. 1 Pt. II para. 11 repealed by Trustee Savings Banks Act 1976 (c. 4, SIF 110), s. 36(2), Sch. 6

[F29 12 U.K. In deposits with a building society within the meaning of the M7 Building Societies Act 1986.]

Textual Amendments

F29 Para. 12 substituted by Building Societies Act 1986 (c. 53, SIF 16), s. 120, Sch. 18 Pt. I para. 4(2)

Marginal Citations

M7 1986 c. 53(16)

13 U.K. In mortgages of freehold property in England and Wales or Northern Ireland and of leasehold property in those countries of which the unexpired term at the time of investment is not less than sixty years, and in loans on heritable security in Scotland.

14 U.K. In perpetual rent charges charged on land in England and Wales or Northern Ireland and fee-farm rents (not being rent-charges) issuing out of such land, and in feu-duties or ground annuals in Scotland.

[F30 15 U.K. In Certificates of Tax Deposit.]

Textual Amendments

F30 Para. 15 added by virtue of S.I. 1975/1710, art. 3

Yn ddilys o 22/08/1994

[F31 16 U.K. In fixed-interest or variable interest securities issued by the Government of a relevant state.]

Textual Amendments

F31 Sch. 1 Pt. II paras. 16-24 inserted (22.8.1994) by S.I. 1994/1908 art. 2(2)

Yn ddilys o 22/08/1994

[F32 17 U.K. In any securities the payment of interest in which is guaranteed by the Government of a relevant state.]

Textual Amendments

F32 Sch. 1 Pt. II paras. 16-24 inserted (22.8.1994) by S.I. 1994/1908 art. 2(2)

Yn ddilys o 22/08/1994

[F33 18 U.K. In fixed-interest securities issued in a relevant state by any public authority or nationalised industry or undertaking in any such state.]

Textual Amendments

F33 Sch. 1 Pt. II paras. 16-24 inserted (22.8.1994) by S.I. 1994/1908 art. 2(2)

Yn ddilys o 22/08/1994

F34 19 In fixed-interest or variable interest securities issued in a relevant state by the Government of any overseas territory within the Commonwealth or by any public or local authority within such a territory. References in this paragraph to an overseas territory or to the government of such a territory shall be construed as if they occurred in the Overseas Development and Co-operation Act 1980

Textual Amendments

F34 Sch. 1 Pt. II paras. 16-24 inserted (22.8.1994) by S.I. 1994/1908 art. 2(2)

Yn ddilys o 22/08/1994

[F35 20 U.K. In fixed-interest or variable interest securities issued in a relevant state by—

(a) the African Development Bank;

(b) the Asian Development Bank;

(c) the Caribbean Development Bank;

(d) the International Finance Corporation;

(e) the International Monetary Fund;

(f) the International Bank for Reconstruction and Development;

(g) the Inter-American Development Bank;

(h) the European Atomic Energy Community;

(i) the European Bank for Reconstruction and Development;

(j) the European Economic Community;

(k) the European Investment Bank; or

(l) the European Coal or Steel Community.]

Textual Amendments

F35 Sch. 1 Pt. II paras. 16-24 inserted (22.8.1994) by S.I. 1994/1908 art. 2(2)

Yn ddilys o 22/08/1994

[F36 21 U.K. In debentures issued in any relevant state by a company incorporated in that state.]

Textual Amendments

F36 Sch. 1 Pt. II paras. 16-24 inserted (22.8.1994) by S.I. 1994/1908 art. 2(2)

Yn ddilys o 22/08/1994

[F37 22 U.K. In loans to any authority to which this paragraph applies secured on all or any of the revenues of the authority or on a fund into which all or any of those revenues are payable, in fixed-interest or variable interest securities issued in a relevant state by any such authority in that state for the purpose of borrowing money so secured, and in deposits with any authority to which this paragraph applies by way of temporary loan made on the giving of a receipt for the loan by the treasurer or other similar officer of the authority and on the giving of an undertaking by the authority that, if requested to charge the loan as aforesaid, it will either comply with the request or repay the loan. This paragraph applies to the following authorities, that is to say—

(a) any local authority in a relevant state; or

(b) any authority all the members of which are appointed or elected by one or more local authorities in any such state.]

Textual Amendments

F37 Sch. 1 Pt. II paras. 16-24 inserted (22.8.1994) by S.I. 1994/1908 art. 2(2)

Yn ddilys o 22/08/1994

[F38 23 U.K. In deposits with a mutual investment society whose head office is located in a relevant state.]

Textual Amendments

F38 Sch. 1 Pt. II paras. 16-24 inserted (22.8.1994) by S.I. 1994/1908 art. 2(2)

Yn ddilys o 22/08/1994

[F39 24 U.K. In loans secured on any interest in property in a relevant state which corresponds to an interest in property falling within paragraph 13 of this Part of this Schedule.]

Textual Amendments

F39 Sch. 1 Pt. II paras. 16-24 inserted (22.8.1994) by S.I. 1994/1908 art. 2(2)

Part III U.K. Wider-Range Investments

Modifications etc. (not altering text)

C3 Sch. 1 Pt. III excluded (N.I.) by Trustee (Amendment) Act (Northern Ireland) 1962 (c. 10), s. 2(1)

1 U.K. In any securities issued in the United Kingdom by a company incorporated in the United Kingdom, being securities registered in the United Kingdom and not being securities falling within Part II of this Schedule.

[F40 2 U.K. In shares in a building society within the meaning of the M8 Building Societies Act 1986.]

Textual Amendments

F40 Para. 2 substituted by Building Societies Act 1986 (c. 53, SIF 16), s. 120, Sch. 18 Pt. I para. 4(3)

Marginal Citations

M8 1986 c. 53(16)

[F41 3 In any units of an authorised unit trust scheme within the meaning of the M9 Financial Services Act 1986.]

Textual Amendments

F41 Para. 3 substituted by Financial Services Act 1986 (c. 60, SIF 69), s. 212(2), Sch. 16 para. 2(b)

Marginal Citations

M9 1986 c. 60

Part IV U.K. Supplemental

1 The securities mentioned in Parts I to III of this Schedule do not include any securities where the holder can be required to accept repayment of the principal, or the payment of any interest, otherwise than in sterling.

2 The securities mentioned in paragraphs 1 to 8 of Part II, other than Treasury Bills or Tax Reserve Certificates, securities issued before the passing of this Act by the Government of the Isle of Man, securities falling within paragraph 4 of the said Part II issued before the passing of this Act or securities falling within paragraph 9 of that Part, and the securities mentioned in paragraph 1 of Part III of this Schedule, do not include—

(a) securities the price of which is not quoted on [F42 a recognised investment exchange within the meaning of the M10 Financial Services Act 1986];

(b) shares or debenture stock not fully paid up (except shares or debenture stock which by the terms of issue are required to be fully paid up within nine months of the date of issue).

Textual Amendments

F42 Words substituted by Financial Services Act 1986 (c. 60, SIF 69), s. 212(2), Sch. 16 para. 2(c)

Marginal Citations

M10 1986 c. 53(16)

Yn ddilys o 22/08/1994

[F43 2A The securities mentioned in paragraphs 16 to 21 of Part II of this Schedule, other than securities traded on a relevant money market or securities falling within paragraph 22 of Part II of this Schedule, and the securities mentioned in paragraph 4 of Part III of this Schedule do not include—

(a) securities the price for which is not quoted on a recognised investment exchange within the meaning of the Financial Services Act 1986 or on an investment exchange which constitutes the principal or only market established in a relevant state on which securities admitted to official listing are dealt in or traded;

(b) shares or debenture stock not fully paid up (except shares or debenture stock which by the terms of issue are required to be fully paid up within nine months of the date of issue or shares issued with no nominal value).]

Textual Amendments

F43 Sch. 1 Pt. IV para. 2A inserted (22.8.1994) by S.I. 1994/1908, art. 3(4)

3 The securities mentioned in paragraph 6 of Part II and paragraph 1 of Part III of this Schedule do not include—

(a) shares or debentures of an incorporated company of which the total issued and paid up share capital is less than one million pounds;

(b) shares or debentures of an incorporated company which has not in each of the five years immediately preceding the calendar year in which the investment is made paid a dividend on all the shares issued by the company, excluding any shares issued after the dividend was declared and any shares which by their terms of issue did not rank for the dividend for that year.

For the purposes of sub-paragraph (b) of this paragraph a company formed—

(i) to take over the business of another company or other companies, or

(ii) to acquire the securities of, or control of, another company or other companies,

or for either of those purposes and for other purposes shall be deemed to have paid a dividend as mentioned in that sub-paragraph in any year in which such a dividend has been paid by the other company or all the other companies, as the case may be.

Modifications etc. (not altering text)

C4 Sch. 1 Pt. IV para. 3 amended by Trustee Savings Banks Act 1985 (c. 58, SIF 110), s. 3, Sch. 1 para. 10

C5 Sch. 1 Pt. IV para. 3(b) modified by British Aerospace Act 1980 (c. 26, SIF 64), s. 11, Civil Aviation Act 1980 (c. 60, SIF 9), s. 9, Transport Act 1981 (c. 56, SIF 126), s. 14, Sch. 4 Pt. I para. 8, Telecommunications Act 1984 (c. 12, SIF 96), s. 71(1), Ordnance Factories and Military Services Act 1984 (c. 59, SIF 64), s. 9(1), Airports Act 1986 (c. 31, SIF 9), s. 11(1) and Gas Act 1986 (c. 44, SIF 44:2), s. 59(1)

C6 Sch. 1 Pt. IV para. 3(b) modified (E.W.S.) by British Steel Act 1988 (c. 35, SIF 70), s. 12(1)(2)

C7 Sch. 1 Pt. IV para. 3(b) modified (E.W.) by Water Act 1989 (c. 15, SIF 130), s. 94(1) (with ss. 58(7), 101(1), 141(6), 160(1)(2)(4), 163, 189(4)–(10), 190, 193(1), Sch. 26 paras. 3(1)(2), 17, 40(4), 57(6), 58)

C8 Sch. 1 Pt. IV para. 3(b) modified by Electricity Act 1989 (c. 29, SIF 44:1), s. 83(1)(2)

3A U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F44

Textual Amendments

F44 Sch. 1 Pt. IV para. 3A as inserted by Housing (Consequential Provisions) Act 1985 (c. 71, SIF 61), s. 4(1), Sch. 2 para. 5(3) repealed by Building Societies Act 1986 (c. 53, SIF 16), s. 120, Sch. 19 Pt. I

4 In this Schedule, unless the context otherwise requires, the following expressions have the meanings hereby respectively assigned to them, that is to say—

• “debenture” includes debenture stock and bonds, whether constituting a charge on assets or not, and loan stock or notes;

• “enactment” includes an enactment of the Parliament of Northern Ireland;

• “fixed-interest securities” means securities which under their terms of issue bear a fixed rate of interest;

• “local authority” in relation to the United Kingdom, means any of the following authorities—

  (a)

  in England and Wales, the council of a county, a . . . F45 borough . . . F46 , an urban or rural district or a parish, the Common Council of the City of London [F47 the Greater London Council] and the Council of the Isles of Scilly;

  (b)

  in Scotland, a local authority within the meaning of the M11 Local Government (Scotland) Act, 1947;

  (c)

  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F48

• . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F49

• “securities” includes shares, debentures [F50 units within paragraph 3 of Part III of this Schedule], Treasury Bills and Tax Reserve Certificates;

• “share” includes stock;

• “Treasury Bills” includes . . . F51 bills issued by Her Majesty’s Government in the United Kingdom and Northern Ireland Treasury Bills.

Textual Amendments

F45 Words repealed by London Government Act 1963 (c. 33, SIF 81:1), Sch. 18 Pt. II

F46 Words repealed by Local Government Act 1972 (c. 70, SIF 81:1), s. 273(1)–(3), Sch. 30

F47 Words inserted by London Government Act 1963 (c. 33, SIF 81:1), Sch. 17 para. 25

F48 Sub-para. (c) repealed by Statute Law (Repeals) Act 1981 (c. 19), s. 1(1), Sch. 1 Pt. V

F49 Definitions repealed by Trustee Savings Banks Act 1976 (c. 4, SIF 110), s. 36(2), Sch. 6

F50 Words inserted by Financial Services Act 1986 (c. 60, SIF 69), s. 212(2), Sch. 16 para. 2(d)

F51 Words repealed by National Loans Act 1968 (c. 13, SIF 99:3), Sch. 6 Pt. I

Modifications etc. (not altering text)

C9 By virtue of Local Government (Scotland) Act 1973 (c. 65, SIF 81:2), s. 214(1), Sch. 27 Pt. I para. 1(2) it is provided that the reference to a local authority within the meaning of the 1947 Act shall be construed as a reference to a local authority within the meaning of Local Government (Scotland) Act 1973 (c. 65, SIF 81:2)

Marginal Citations

M11 1947 c. 43(81:2, 103:2)

5 U.K. It is hereby declared that in this Schedule “mortgage”, in relation to freehold or leasehold property in Northern Ireland, includes a registered charge which, by virtue of subsection (4) of section forty of the M12 Local Registration of Title (Ireland) Act 1891, or any other enactment, operates as a mortgage by deed.

Marginal Citations

M12 1891 c. 66.

6 References in this Schedule to an incorporated company are references to a company incorporated by or under any enactment and include references to a body of persons established for the purpose of trading for profit and incorporated by Royal Charter.

Yn ddilys o 22/08/1994

[F52 6A References in this Schedule to a UCITS are references to a collective investment scheme which is constituted in a relevant state and which complies with the conditions necessary for it to enjoy the rights conferred by Council Directive 85/611/EEC co-ordinating the laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities F53 ; and section 86(8) of the Financial Services Act 1986 (meaning of “constituted in a member state”) shall apply for the purposes of this paragraph as it applies for the purposes of that section but as if for references in that section to a member state there were substituted references to a relevant state.]

Textual Amendments

F52 Sch. 1 Pt. IV para. 6A inserted (22.8.1994) by S.I. 1994/1908, art. 3(8)

F53 OJ No. L375, 31.12.85, p.3, as amended by Council Directive 88/220/EEC (OJ No. L100, 19.4.88, p.31).

7 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F54

Textual Amendments

F54 Sch. 1 Pt. IV para. 7 repealed by Building Societies Act 1986 (c. 53, SIF 16), s. 120, Sch. 19 Pt. I

Section 3.

SECOND SCHEDULE U.K. Modification of s. 2 in relation to property falling within s. 3(3)

1 In this Schedule “special-range property” means property falling within subsection (3) of section three of this Act.

2 (1) Where a trust fund includes special-range property, subsection (1) of section two of this Act shall have effect as if references to the trust fund were references to so much thereof as does not consist of special-range property, and the special-range property shall be carried to a separate part of the fund.

(2) Any property which—

(a) being property belonging to the narrower-range or wider-range part of a trust fund, is converted into special-range property, or

(b) being special-range property, accrues to a trust fund after the division of the fund or part thereof in pursuance of subsection (1) of section two of this Act or of that subsection as modified by sub-paragraph (1) of this paragraph,

shall be carried to such a separate part of the fund as aforesaid; and subsections (2) and (3) of the said section two shall have effect subject to this sub-paragraph.

3 Where property carried to such a separate part as aforesaid is converted into property other than special-range property,—

(a) it shall be transferred to the narrower-range part of the fund or the wider-range part of the fund or apportioned between them, and

(b) any transfer of property from one of those parts to the other shall be made which is necessary to secure that the value of each of those parts of the fund is increased by the same amount.

Modifications etc. (not altering text)

C10 Sch. 2 para 3(b) modified (E.W.S.)(25.4.1995) by S.I. 1995/1092, art. 3(2)

Section 3.

THIRD SCHEDULE U.K. Provisions Supplementary to s. 3(4)

1 Where in a case falling within subsection (4) of section three of this Act, property belonging to the narrower-range part of a trust fund—

(a) is invested otherwise than in a narrower-range investment, or

(b) being so invested, is retained and not transferred or as soon as may be reinvested as mentioned in subsection (2) of section two of this Act,

then, so long as the property continues so invested and comprised in the narrower-range part of the fund, section one of this Act shall not authorise the making or retention of any wider-range investment.

2 Section four of the M13 Trustee Act, 1925, or section thirty-three of the M14 Trusts (Scotland) Act, 1921 (which relieve a trustee from liability for retaining an investment which has ceased to be authorised), shall not apply where an investment ceases to be authorised in consequence of the foregoing paragraph.

Marginal Citations

M13 1925 c. 19(98:4)

M14 1921 c. 58(128)

Section 16.F55

FOURTH SCHEDULE U.K. Minor and Consequential Amendments

Textual Amendments

F55 Sch. 4 para. 6 repealed (E.W.) by Housing (Consequential Provisions) Act 1985 (c. 71, SIF 61), s. 3, Sch. 1 Pt. I

1 (1) References in the Trustee Act, 1925, except in subsection (2) of section sixty-nine of that Act, to section one of that Act or to provisions which include that section shall be construed respectively as references to section one of this Act and as including references to section one of this Act.

(2) References in the Trusts (Scotland) Act, 1921, to section ten or eleven of that Act, or to provisions which include either of those sections, shall be construed respectively as references to section one of this Act and as including references to that section.

2 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F56

Textual Amendments

F56 Sch. 4 para. 2 repealed by Building Societies Act 1962 (c. 37, SIF 16), Sch. 10

[F57 3 U.K. The following enactments and instruments, that is to say—

(a) subsection (3) of section seventy-four of the Third Schedule to the M15 Water Act, 1945, and any order made under that Act applying the provisions of that subsection;

(b) any local and personal Act which, or any order or other instrument in the nature of any such Act which, modifies paragraph (l) of subsection (1) of section one of the Trustee Act, 1925,

shall have effect as if any reference to the said paragraph (l) there were substituted a reference to paragraph 10 of Part II of the First Schedule to this Act.

Textual Amendments

F57 Sch. 4 para. 3 repealed (E.W.) by Water Act 1989 (c. 15, SIF 130), s. 190(3), Sch. 27 Pt. II (with ss. 58(7), 101(1), 141(6), 160(1)(2)(4), 163, 189(4)–(10), 190, 193(1), Sch. 26 paras. 3(1)(2), 17, 40(4), 41(1), 57(6), 58)

Marginal Citations

M15 1945 c. 42(130).

4, 5. U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F58

Textual Amendments

F57 Sch. 4 para. 3 repealed (E.W.) by Water Act 1989 (c. 15, SIF 130), s. 190(3), Sch. 27 Pt. II (with ss. 58(7), 101(1), 141(6), 160(1)(2)(4), 163, 189(4)–(10), 190, 193(1), Sch. 26 paras. 3(1)(2), 17, 40(4), 41(1), 57(6), 58)

F58 Sch. 4 paras. 4 and 5 repealed by Trustee Savings Banks Act 1969 (c. 50), Sch. 3 Pt. I and National Savings Bank Act 1971 (c. 29, SIF 110), Sch. 2

[F59 6 U.K. For the reference in subsection (2) of section one of the M16 House Purchase and Housing Act, 1959, to paragraph (a) of subsection (1) of that section there shall be substituted a reference to paragraph 12 of Part II and paragraph 2 of Part III of the First Schedule to this Act.]]

Textual Amendments

F57 Sch. 4 para. 3 repealed (E.W.) by Water Act 1989 (c. 15, SIF 130), s. 190(3), Sch. 27 Pt. II (with ss. 58(7), 101(1), 141(6), 160(1)(2)(4), 163, 189(4)–(10), 190, 193(1), Sch. 26 paras. 3(1)(2), 17, 40(4), 41(1), 57(6), 58)

F59 Sch. 4 para. 6 repealed (E.W.) by Housing (Consequential Provisions) Act 1985 (c. 71, SIF 61), s. 3, Sch. 1 Pt. I

Marginal Citations

M16 1959 c. 33(61).

FIFTH SCHEDULE U.K. . . . F60

Textual Amendments

F60 Sch. 5 repealed by Statute Law (Repeals) Act 1974 (c. 22), s. 1, Sch. Pt. XI