General power of investment
This section has no associated Explanatory Notes
3.—(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.