Trustee Investments Act 1961

Trustee Investments Act 1961 An Act to make fresh provision with respect to investment by trustees and persons having the investment powers of trustees, and by local authorities, and for purposes connected therewith. A trustee may invest any property in his hands, whether at the time in a state of investment or not, in any manner specified in Part I or II of the First Schedule to this Act or, subject to the next following section, in any manner specified in Part III of that Schedule, and may also from time to time vary any such investments. The supplemental provisions contained in Part IV of that Schedule shall have effect for the interpretation and for restricting the operation of the said Parts I to III. No provision relating to the powers of the trustee contained in any instrument (not being an enactment or an instrument made under an enactment) made before the passing of this Act shall limit the powers conferred by this section, but those powers are exercisable only in so far as a contrary intention is not expressed in any Act or instrument made under an enactment, whenever passed or made, and so relating or in any other instrument so relating which is made after the passing of this Act. For the purposes of this subsection any rule of the law of Scotland whereby a testamentary writing may be deemed to be made on a date other than that on which it was actually executed shall be disregarded. In this Act “ narrower-range investment ” means an investment falling within Part I or II of the First Schedule to this Act and “ wider-range investment ” means an investment falling within Part III of that Schedule. A trustee shall not have power by virtue of the foregoing section to make or retain any wider-range investment unless the trust fund has been divided into two parts (hereinafter referred to as the narrower-range part and the wider-range part), the parts being, subject to the provisions of this Act, equal in value at the time of the division; and where such a division has been made no subsequent division of the same fund shall be made for the purposes of this section, and no property shall be transferred from one part of the fund to the other unless either— the transfer is authorised or required by the following provisions of this Act, or a compensating transfer is made at the same time. In this section “ compensating transfer ”, in relation to any transferred property, means a transfer in the opposite direction of property of equal value. Property belonging to the narrower-range part of a trust fund shall not by virtue of the foregoing section be invested except in narrower-range investments, and any property invested in any other manner which is or becomes comprised in that part of the trust fund shall either be transferred to the wider-range part of the fund, with a compensating transfer, or be reinvested in narrower-range investments as soon as may be. Where any property accrues to a trust fund after the fund has been divided in pursuance of subsection (1) of this section, then— if the property accrues to the trustee as owner or former owner of property comprised in either part of the fund, it shall be treated as belonging to that part of the fund; in any other case, the trustee shall secure, by apportionment of the accruing property or the transfer of property from one part of the fund to the other, or both, that the value of each part of the fund is increased by the same amount. Where a trustee acquires property in consideration of a money payment the acquisition of the property shall be treated for the purposes of this section as investment and not as the accrual of property to the trust fund, notwithstanding that the amount of the consideration is less than the value of the property acquired; and paragraph (a) of this subsection shall not include the case of a dividend or interest becoming part of a trust fund. Where in the exercise of any power or duty of a trustee property falls to be taken out of the trust fund, nothing in this section shall restrict his discretion as to the choice of property to be taken out. The powers conferred by section one of this Act are in addition to and not in derogation from any power conferred otherwise than by this Act of investment or postponing conversion exercisable by a trustee (hereinafter referred to as a “special power”). Any special power (however expressed) to invest property in any investment for the time being authorised by law for the investment of trust property, being a power conferred on a trustee before the passing of this Act or conferred on him under any enactment passed before the passing of this Act, shall have effect as a power to invest property in like manner and subject to the like provisions as under the foregoing provisions of this Act. In relation to property, including wider-range but not including narrower-range investments,— which a trustee is authorised to hold apart from— the provisions of section one of this Act or any of the provisions of Part I of the Trustee Act, 1925, or any of the provisions of the Trusts (Scotland) Act, 1921, or any such power to invest in authorised investments as is mentioned in the foregoing subsection, or which became part of a trust fund in consequence of the exercise by the trustee, as owner of property falling within this subsection, of any power conferred by subsection (3) or (4) of section ten of the Trustee Act, 1925, or paragraph (o) or (p) of subsection (1) of section four of the Trusts (Scotland) Act, 1921, the foregoing section shall have effect subject to the modifications set out in the Second Schedule to this Act. The foregoing subsection shall not apply where the powers of the trustee to invest or postpone conversion have been conferred or varied— by an order of any court made within the period of ten years ending with the passing of this Act, or by any enactment passed, or instrument having effect under an enactment made, within that period, being an enactment or instrument relating specifically to the trusts in question; or by an enactment contained in a local Act of the present Session; but the provisions of the Third Schedule to this Act shall have effect in a case falling within this subsection. In this Act “property” includes real or personal property of any description, including money and things in action; Provided that it does not include an interest in expectancy, but the falling into possession of such an interest, or the receipt of proceeds of the sale thereof, shall be treated for the purposes of this Act as an accrual of property to the trust fund. So much of the property in the hands of a trustee shall for the purposes of this Act constitute one trust fund as is held on trusts which (as respects the beneficiaries or their respective interests or the purposes of the trust or as respects the powers of the trustee) are not identical with those on which any other property in his hands is held. Where property is taken out of a trust fund by way of appropriation so as to form a separate fund, and at the time of the appropriation the trust fund had (as to the whole or a part thereof) been divided in pursuance of subsection (1) of section two of this Act, or that subsection as modified by the Second Schedule to this Act, then if the separate fund is so divided the narrower-range and wider-range parts of the separate fund may be constituted so as either to be equal, or to bear to each other the same proportion as the two corresponding parts of the fund out of which it was so appropriated (the values of those parts of those funds being ascertained as at the time of appropriation), or some intermediate proportion. In the application of this section to Scotland the following subsection shall be substituted for subsection (1) thereof:— In this Act “property” includes property of any description (whether heritable or moveable, corporeal or incorporeal) which is presently enjoyable, but does not include a future interest, whether vested or contingent. If for the purposes of section two or four of this Act or the Second Schedule thereto a trustee obtains, from a person reasonably believed by the trustee to be qualified to make it, a valuation in writing of any property, the valuation shall be conclusive in determining whether the division of the trust fund in pursuance of subsection (1) of the said section two, or any transfer or apportionment of property under that section or the said Second Schedule, has been duly made. The foregoing subsection applies to any such valuation notwithstanding that it is made by a person in the course of his employment as an officer or servant. In the exercise of his powers of investment a trustee shall have regard— to the need for diversification of investments of the trust, in so far as is appropriate to the circumstances of the trust; to the suitability to the trust of investments of the description of investment proposed and of the investment proposed as an investment of that description. Before exercising any power conferred by section one of this Act to invest in a manner specified in Part II or III of the First Schedule to this Act, or before investing in any such manner in the exercise of a power falling within subsection (2) of section three of this Act, a trustee shall obtain and consider proper advice on the question whether the investment is satisfactory having regard to the matters mentioned in paragraphs (a) and (b) of the foregoing subsection. A trustee retaining any investment made in the exercise of such a power and in such a manner as aforesaid shall determine at what intervals the circumstances, and in particular the nature of the investment, make it desirable to obtain such advice as aforesaid, and shall obtain and consider such advice accordingly. For the purposes of the two foregoing subsections, proper advice is the advice of a person who is reasonably believed by the trustee to be qualified by his ability in and practical experience of financial matters; and such advice may be given by a person notwithstanding that he gives it in the course of his employment as an officer or servant. A trustee shall not be treated as having complied with subsection (2) or (3) of this section unless the advice was given or has been subsequently confirmed in writing. Subsections (2) and (3) of this section shall not apply to one of two or more trustees where he is the person giving the advice required by this section to his co-trustee or co-trustees, and shall not apply where powers of a trustee are lawfully exercised by an officer or servant competent under subsection (4) of this section to give proper advice. Without prejudice to section eight of the Trustee Act, 1925, or section thirty of the Trusts (Scotland) Act, 1921 (which relate to valuation, and the proportion of the value to be lent, where a trustee lends on the security of property) the advice required by this section shall not include, in the case of a loan on the security of freehold or leasehold property in England and Wales or Northern Ireland or on heritable security in Scotland, advice on the suitability of the particular loan. Where any persons, not being trustees, have a statutory power of making investments which is or includes power— to make the like investments as are authorised by section one of the Trustee Act, 1925, or section ten of the Trusts (Scotland) Act, 1921, or to make the like investments as trustees are for the time being by law authorised to make, however the power is expressed, the foregoing provisions of this Act shall with the necessary modifications apply in relation to them as if they were trustees: Provided that property belonging to a Consolidated Loans Fund or any other fund applicable wholly or partly for the redemption of debt shall not by virtue of the foregoing provisions of this Act be invested or held invested in any manner specified in paragraph 6 of Part II of the First Schedule to this Act or in wider-range investments. Where, in the exercise of powers conferred by any enactment, an authority to which paragraph 9 of Part II of the First Schedule to this Act applies uses money belonging to any fund for a purpose for which the authority has power to borrow, the foregoing provisions of this Act, as applied by the foregoing subsection, shall apply as if there were comprised in the fund (in addition to the actual content thereof) property, being narrower-range investments, having a value equal to so much of the said money as for the time being has not been repaid to the fund, and accordingly any repayment of such money to the fund shall not be treated for the said purposes as the accrual of property to the fund: Provided that nothing in this subsection shall be taken to require compliance with any of the provisions of section six of this Act in relation to the exercise of such powers as aforesaid. In this section “Consolidated Loans Fund” means a fund established under section fifty-five of the Local Government Act, 1958, and includes a loans fund established under Schedule 3 to the Local Government (Scotland) Act 1975 and “statutory power” means a power conferred by an enactment passed before the passing of this Act or by any instrument made under any such enactment. In relation to persons to whom this section applies— notwithstanding anything in subsection (3) of section one of this Act, no provision of any enactment passed, or instrument having effect under an enactment and made, before the passing of this Act shall limit the powers conferred by the said section one; subsection (1) of the foregoing section shall apply where the power of making investments therein mentioned is or includes a power to make some only of the investments mentioned in paragraph (a) or (b) of that subsection. This section applies to— the persons for the time being authorised to invest funds of the Duchy of Lancaster; any persons specified in an order made by the Treasury by statutory instrument, being persons (whether trustees or not) whose power to make investments is conferred by or under any enactment contained in a local or private Act. An order of the Treasury made under the foregoing subsection may provide that the provisions of sections one to six of this Act (other than the provisions of subsection (3) of section one) shall, in their application to any persons specified therein, have effect subject to such exceptions and modifications as may be specified. In subsection (3) of section ten of the Trustee Act, 1925, before paragraph (c) (which enables trustees to concur in any scheme or arrangement for the amalgamation of a company in which they hold securities with another company, with power to accept securities in the second company) there shall be inserted the following paragraph :— for the acquisition of the securities of the company, or of control thereof, by another company It is hereby declared that the power to subscribe for securities conferred by subsection (4) of the said section ten includes power to retain them for any period for which the trustee has power to retain the holding in respect of which the right to subscribe for the securities was offered, but subject to any conditions subject to which the trustee has that power. Section four of the Trusts (Scotland) Act, 1921 (which empowers trustees in trusts the execution of which is governed by the law in force in Scotland to do certain acts, where such acts are not at variance with the terms or purposes of the trust) shall have effect as if, in subsection (1) thereof, after paragraph (n), there were added the following paragraphs :— to concur, in respect of any securities of a company (being securities comprised in the trust estate), in any scheme or arrangement— for the reconstruction of the company, for the sale of all or any part of the property and undertaking of the company to another company, for the acquisition of the securities of the company, or of control thereof, by another company, for the amalgamation of the company with another company, or for the release, modification, or variation of any rights, privileges or liabilities attached to the securities or any of them, in like manner as if the trustees were entitled to such securities beneficially ; to accept any securities of any denomination or description of the reconstructed or purchasing or new company in lieu of, or in exchange for, all or any of the first mentioned securities; and to retain any securities so accepted as aforesaid for any period for which the trustees could have properly retained the original securities ; to exercise, to such extent as the trustees think fit, any conditional or preferential right to subscribe for any securities in a company (being a right offered to them in respect of any holding in the company), to apply capital money of the trust estate in payment of the consideration, and to retain any such securities for which they have subscribed for any period for which they have the power to retain the holding in respect of which the right to subscribe for the securities was offered (but subject to any conditions subject to which they have that power); to renounce, to such extent as they think fit, any such right; or to assign, to such extent as they think fit and for the best consideration that can reasonably be obtained, the benefit of such right or the title thereto to any person, including any beneficiary under the trust. Without prejudice to powers conferred by or under any other enactment, any authority to which this section applies may invest property held by the authority in accordance with a scheme submitted to the Treasury by an association of local authorities ... ... and approved by the Treasury as enabling investments to be made collectively without in substance extending the scope of powers of investment. A scheme under this section may apply to a specified authority or to a specified class of authorities, may make different provisions as respects different authorities or different classes of authorities or as respects different descriptions of property or property held for different purposes, and may impose restrictions on the extent to which the power conferred by the foregoing subsection shall be exercisable. In approving a scheme under this section, the Treasury may direct that the Financial Services and Markets Act 2000, shall not apply to dealings undertaken or documents issued for the purposes of the scheme, or to such dealings or documents of such descriptions as may be specified in the direction. The authorities to which this section applies are— in England and Wales , the Greater London Authority,, the council of a county a county borough,, a ... borough ... a ... district or a parish, a river authority the Common parish, the Common Council of the City of London , a functional body (within the meaning of the Greater London Authority Act 1999),the Broads Authoritya National Park authority, a police and crime commissioner ... , ... , a joint authority established by Part IV of the Local Government Act 1985 , an authority established for an area in England by an order under section 207 of the Local Government and Public Involvement in Health Act 2007 (joint waste authorities), an economic prosperity board established under section 88 of the Local Democracy, Economic Development and Construction Act 2009, a combined authority established under section 103 of that Act , a combined county authority established under section 9(1) of the Levelling-up and Regeneration Act 2023, a fire and rescue authority created by an order under section 4A of the Fire and Rescue Services Act 2004 , a corporate joint committee established by regulations under Part 5 of the Local Government and Elections (Wales) Act 2021 ... ... and the Council of the Isles of Scilly; in Scotland, a local authority within the meaning of the Local Government (Scotland) Act, 1947; in any part of Great Britain, a joint board or joint committee constituted to discharge or advise on the discharge of the functions of any two or more of the authorities mentioned in the foregoing paragraphs (including a joint committee established by those authorities acting in combination in accordance with regulations made under section 7 of the Superannuation Act 1972; in Northern Ireland, a district council established under the Local Government Act (Northern Ireland) 1972, and the Northern Ireland Local Government Officers’ Superannuation committee established under the Local Government (Superannuation) Act (Northern Ireland), 1950. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Her Majesty may by Order in Council extend the powers of investment conferred by section one of this Act by adding to Part I, Part II or Part III of the First Schedule to this Act any manner of investment specified in the Order. Any Order under this section shall be subject to annulment in pursuance of a resolution of either House of Parliament. The Treasury may by order made by statutory instrument direct that, subject to subsection (3) of section four of this Act, any division of a trust fund made in pursuance of subsection (1) of section two of this Act during the continuance in force of the order shall be made so that the value of the wider-range part at the time of the division bears to the then value of the narrower-range part such proportion, greater than one but not greater than three to one, as may be prescribed by the order; and in this Act “ the prescribed proportion ” means the proportion for the time being prescribed under this subsection. A fund which has been divided in pursuance of subsection (1) of section two of this Act before the coming into operation of an order under the foregoing subsection may notwithstanding anything in that subsection be again divided (once only) in pursuance of the said subsection (1) during the continuance in force of the order. If an order is made under subsection (1) of this section, then as from the coming into operation of the order— paragraph (b) of subsection (3) of section two of this Act and sub-paragraph (b) of paragraph 3 of the Second Schedule thereto shall have effect with the substitution, for the words from “each” to the end, of the words “the wider-range part of the fund is increased by an amount which bears the prescribed proportion to the amount by which the value of the narrower-range part of the fund is increased”; subsection (3) of section four of this Act shall have effect as if for the words “so as either” to “each other” there were substituted the words “so as to bear to each other either the prescribed proportion or”. An order under this section may be revoked by a subsequent order thereunder prescribing a greater proportion. An order under this section shall not have effect unless approved by a resolution of each House of Parliament. So much of section twenty-seven of the Trusts (Scotland) Act, 1921, as empowers the Court of Session to approve as investments for trust funds any stocks, funds or securities in addition to those in which trustees are by that Act authorised to invest trust funds shall cease to have effect. The enlargement of the investment powers of trustees by this Act shall not lessen any power of a court to confer wider powers of investment on trustees, or affect the extent to which any such power is to be exercised. The provisions of the Fourth Schedule to this Act (which contain minor amendments and amendments consequential on the foregoing provisions of this Act) shall have effect. This Act may be cited as the Trustee Investments Act, 1961. Section 11 of this Act extends to Northern Ireland, but, except as aforesaid and except so far as any other provisions of this Act apply by virtue of Northern Ireland legislation to trusts the execution of which is governed by the law of Northern Ireland, this Act does not apply to such trusts. So much of section sixteen of this Act as relates to the National Savings Bank . . . shall extend to the Isle of Man and the Channel Islands. Except where the context otherwise requires, in this Act, in its application to trusts the execution of which is governed by the law in force in England and Wales, expressions have the same meaning as in the Trustee Act, 1925. Except where the context otherwise requires, in this Act, in its application to trusts the execution of which is governed by the law in force in Scotland, expressions have the same meaning as in the Trusts (Scotland) Act, 1921. In Defence Bonds, National Savings Certificates and Ulster Savings Certificates Ulster Development BondsNational Development BondsBritish Savings BondsNational Savings Income BondsNational Savings Deposit BondsNational Savings Indexed-Income Bonds.National Savings Capital BondsNational Savings FIRST Option BondsNational Savings Pensioners Guaranteed Income Bonds In deposits in the National Savings Bank . . . and deposits in a bank or department thereof certified under subsection (3) of section nine of the Finance Act, 1956. 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 or any variable interest securities issued by Her Majesty’s Government in the United Kingdom and registered in the United Kingdom. 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. In fixed-interest securities issued in the United Kingdom by any public authority or nationalised industry or undertaking in the United Kingdom. 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 Overseas Service Act 1958. 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:— the Bank of England’s minimum lending rate; the average rate of discount on allotment on 91-day Treasury Bills; a yield on 91-day Treasury Bills; a London sterling inter-bank offered rate; A London sterling certificate of deposit rate. In fixed-interest securities issued in the United Kingdom by the African Development Bank, the Asian Development Bank, the Caribbean Development Bank, the European Bank for Reconstruction and Development,the International Finance Corporation, the International Monetary Fund or by the International Bank for Reconstruction and Development, being securities registered in the United Kingdom. In fixed-interest securities issued in the United Kingdom by the Inter-American Development Bank. In fixed-interest securities issued in the United Kingdom by the European Atomic Energy Community, the European Bank for Reconstruction and Development, the European Economic Community, the European Investment Bank or by the European Union, being securities registered in the United Kingdom. In securities issued in the United Kingdom by the International Bank for Reconstruction and Development or by the European Investment Bank or by the European Union, being securities registered in the United Kingdom; or 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 London sterling certificate of deposit rate. 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 Bank for Reconstruction and Development, 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:— The average rate of discount on allotment on 91-day Treasury Bills: In debentures issued in the United Kingdom by a company incorporated in the United Kingdom, being debentures registered in the United Kingdom. In stock of the Bank of Ireland. In Bank of Ireland 7 per cent Loan Stock 1986/91. In debentures issued by the Agricultural Mortgage Corporation Limited or the Scottish Agricultural Securities Corporation Limited. 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— any local authority in the United Kingdom; the Greater London Authority; any functional body, within the meaning of the Greater London Authority Act 1999; any authority all the members of which are appointed or elected by one or more local authorities in the United Kingdom; 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; a police and crime commissioner; the Belfast City and District Water Commissioners; the Great Ouse Water Authority. any district council in Northern Ireland. any residuary body established by section 57 of the Local Government Act 1985. a fire and rescue authority created by an order under section 4A of the Fire and Rescue Services Act 2004. 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: In debentures or in the guaranteed or preference stock of any incorporated company, being statutory water undertakers within the meaning of the 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 ½ per cent on its ordinary shares. In any units of a gilt unit trust scheme. A gilt unit trust scheme is an authorised unit trust scheme, or a recognised scheme, the objective of which is— to invest at least 90% of the property of the scheme in loan stock, bonds or other instruments creating indebtedness which— are transferable; and are issued or guaranteed by the government of the United Kingdom or of any other country or territory, by a local authority in the United Kingdom or in a relevant state, or by an international organisation the members of which include the United Kingdom or a relevant state; to invest the remainder of the property of the scheme in shares, debentures or other instruments creating or acknowledging indebtedness, certificates representing securities or units in a collective investment scheme. Sub-paragraphs (a) and (b) must be read with— section 22 of the Financial Services and Markets Act 2000; any relevant order under that section; and Schedule 2 to that Act. In deposits with a building society within the meaning of the Building Societies Act 1986. 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. 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 ... . In Certificates of Tax Deposit. In fixed-interest or variable interest securities issued by the Government of a relevant state. In any securities the payment of interest in which is guaranteed by the Government of a relevant state. In fixed-interest securities issued in a relevant state by any public authority or nationalised industry or undertaking in any such state. 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. For this purpose— “ overseas territory ” means any territory or country outside the United Kingdom, and the reference to the government of any overseas territory includes a reference to a government constituted for two or more overseas territories, and to any authority established for the purpose of providing or administering services which are common to, or relate to matters of common interest to, two or more such territories. In fixed-interest or variable interest securities issued in a relevant state by— the African Development Bank; the Asian Development Bank; the Caribbean Development Bank; the International Finance Corporation; the International Monetary Fund; the International Bank for Reconstruction and Development; the European Atomic Energy Community; the European Bank for Reconstruction and Development; the European Economic Community; the European Investment Bank; or the European Coal or Steel Community. In debentures issued in any relevant state by a company incorporated in that state. 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— any local authority in a relevant state; or any authority all the members of which are appointed or elected by one or more local authorities in any such state. In deposits with a mutual investment society whose head office is located in a relevant state. 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. 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. In shares in a building society within the meaning of the Building Societies Act 1986. In any shares in an open-ended investment company within the meaning of the open-ended Investment Companies Regulations 2001 In any units of an authorised unit trust scheme . . .. In any securities issued in any relevant state by a company incorporated in that state or by any unincorporated body constituted under the law of that state, not being (in either case) securities falling within Part II of this Schedule or paragraph 6 of this Part of this Schedule. In shares in a mutual investment society whose head office is located in a relevant state. In any units of a recognised scheme which does not fall within Part 2 of this Schedule. 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 , in the currency of a relevant state or in the european currency unit (as defined in article 1 of Council Regulation no. 3180/78/EEC ). 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— securities the price of which is not quoted on a recognised investment exchange . . .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; 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). 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— securities the price for which is not quoted on a recognised investment exchange . . . 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; 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). The securities mentioned in paragraph 6 and 21 of Part II and paragraph 1 or 4 of Part III of this Schedule do not include— shares or debentures of an incorporated company of which the total issued and paid up share capital is less than one million pounds; shares or debentures of an incorporated company of which the total issued and paid up share capital at any time on the business day before the investment is made is less than the equivalent of one million pounds in the currency of a relevant state (at the exchange rate prevailing in the United Kingdom at the close of business on the day before the investment is made); 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— to take over the business of another company or other companies, or 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. For the purposes of sub-paragraph (b) of this paragraph in relation to investment in shares or debentures of a successor company within the meaning of the Electricity (Northern Ireland) Order 1992 the company shall be deemed to have paid a dividend as mentioned in that sub-paragraph— in every year preceding the calendar year in which the transfer date within the meaning of Part III of that Order of 1992 falls (“the first investment year”) which is included in the relevant five years; and in the first investment year, if that year is included in the relevant five years and that company does not in fact pay such a dividend in that year; and “the relevant five years”means the five years immediately preceding the year in which the investment in question is made or propoosed to be made. 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— in England and Wales, the council of a county, a county borough, a . . . borough . . . , an urban or rural district or a parish, the Common Council of the City of London the Greater London Council and the Council of the Isles of Scilly; “mutual investment society” means a credit institution which operates on mutual principles and which is authorised by the appropriate supervisory authority of a relevant state; “relevant money market” means a money market which is supervised by the central bank or a government agency of a relevant state; “relevant state” means Austria, Finland, Iceland, Liechtenstein,Norway, Sweden or a member state other than the United Kingdom; “securities” includes shares, debentures units within paragraph 3 or 6 of Part III of this Schedule, Treasury Bills and Tax Reserve Certificates; “share” includes stock; “Treasury Bills” includes . . . bills issued by Her Majesty’s Government in the United Kingdom and Northern Ireland Treasury Bills. In this Schedule— “authorised unit trust scheme” and “recognised scheme” have the meaning given by section 237(3) of the Financial Services and Markets Act 2000; “collective investment scheme” has the meaning given by section 235 of that Act; and “recognised investment exchange” has the meaning given by section 285 of that Act. 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 Local Registration of Title (Ireland) Act 1891, or any other enactment, operates as a mortgage by deed. In relation to the United Kingdom, 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. In this Schedule “ special-range property ” means property falling within subsection (3) of section three of this Act. 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. Any property which— being property belonging to the narrower-range or wider-range part of a trust fund, is converted into special-range property, or 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. Where property carried to such a separate part as aforesaid is converted into property other than special-range property,— 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 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. 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— is invested otherwise than in a narrower-range investment, or 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. Section four of the Trustee Act, 1925, or section thirty-three of the 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. 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. 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. The following enactments and instruments, that is to say— subsection (3) of section seventy-four of the Third Schedule to the Water Act, 1945, and any order made under that Act applying the provisions of that subsection; 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. For the reference in subsection (2) of section one of the 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. This Act is reproduced in SIF Group 128 (Trusts and Liferents, Scotland) and Group 98:4 (Property, England & Wales: Trusts). Act applied with modifications by Trustee Act (Northern Ireland) 1958 (c. 23), s. 1 Act applied (S.)(21.3.1995) by S.I. 1995/471, art. 28(1) Act wholly in force at Royal Assent. Power to modify Act conferred (E.W.S) (1.8.1993) by 1993 c. 10, ss. 70(1)(b), 99(1). Act modified (E.W.S.)(25.4.1995) by S.I. 1995/1092, art.3 Act applied (30.6.1999 but with application as mentioned in s. 38(2)(3)) by 1999 Measure No. 1, s. 16(1) (with ss. 33, 34, 37, 38(5)(6)) For extent of Act as regards Northern Ireland, see s. 17(3) S. 1: Powers of investment amended by S.I. 1962/658, 2611, 1964/703, 1404, 1966/401, 1968/470, 1972/1818, 1973/1332, 1975/1710, 1977/831, 1878, 1981/1547, 1982/1086, 1983/772, 1525, 1985/1780, 1986/601, 1988/2254 S. 1 repealed (with saving) (E.W.) (1.2.2001) by 2000 c. 29, s. 40(1)(3), Sch. 2 Pt. I para.

1(1), Sch. 4 Pt. I (with s. 35); S.I. 2001/49, art. 2 S. 1: Powers of investment amended by S.I. 1991/999, art. 2 S. 1 applied (with modifications) (E.W.S.)(7.2.1995) by S.I. 1995/356, art. 10(4) S. 1 applied (E.W.S.)(11.2.1997) by S.I. 1997/266, art. 10(4) S. 2 repealed (with saving) (E.W.) (1.2.2001) by 2000 c. 29, s. 40(1)(3), Sch. 2 Pt. I para. 1(1), Sch. 4 Pt. I (with s. 35); S.I. 2001/49, art. 2 S. 2 applied (E.W.S.) (11.2.1997) by S.I. 1997/266, art. 10(4) Power to modify s. 2(1) conferred (1.9.1992) by Charities Act 1992 (c. 41), s. 38(1)(2); S.I. 1992/1900, art. 2(1), Sch. 1 Power to modify s. 2(1) conferred (E.S.W.) (1.8.1993) by 1993 c. 10, ss. 70(1)(a), 99(1). S. 2(1) excluded (1.9.1992) by Charities Act 1992 (c. 41), s. 38(2); S.I. 1992/1900, art. 2(1), Sch. 1 S. 2(1) excluded (E.W.S.) (1.8.1993) by 1993 c.10, ss. 70(2), 99(1). S. 2 applied (with modifications) (E.W.S.) (7.2.1995) by S.I. 1995/356, art. 10(4) S. 2(3)(b) modified (E.W.S.) (25.4.1995) by S.I. 1995/1092, art. 3(2) S. 3 repealed (with saving) (E.W.) (1.2.2001) by 2000 c. 29, s. 40(1)(3), Sch. 2 Pt. I para. 1(2), Sch. 4 Pt. I (with s. 35); S.I. 2001/49, art. 2 1925 c. 19(98:4) 1921 c. 58(128) S. 4(3) modified (E.W.S.)(25.4.1995) by S.I. 1995/1092, art. 3(3) S. 5 repealed (with saving) (E.W.) (1.2.2001) by 2000 c. 29, s. 40(1)(3), Sch. 2 Pt. I para. 1(1), Sch. 4 Pt. I (with s. 35); S.I. 2001/49, art. 2 S. 5 applied (with modifications) (E.W.S.)(7.2.1995) by S.I. 1995/356, art. 10(4) S. 5 applied (E.W.S.)(11.2.1997) by S.I. 1997/266, art. 10(4) S. 6 repealed (with saving) (E.W.) (1.2.2001) by 2000 c. 29, s. 40(1)(3), Sch. 2 Pt. I para. 1(1), Sch. 4 Pt. I (with s. 35); S.I. 2001/49, art. 2 Power to apply s. 6 conferred (1.9.1992) by Charities Act 1992 (c. 41), s. 39(3)(b); S.I. 1992/1900, art. 2(1), Sch. 1 S. 6 applied (with modifications) (E.W.S.)(7.2.1995) by S.I. 1995/356, art. 10(4) S. 6 applied (E.W.S.)(11.2.1997) by S.I. 1997/266, art. 10(4) 1958 c. 55(81:1) Words substituted (S.) by Local Government and Planning (Scotland) Act 1982 (c. 43, SIF 81:2), s. 66(1), Sch. 3 para. 4 1975 c. 30(81:2) S. 8 repealed (E.W.) (1.2.2001) by 2000 c. 29, s. 40(1)(3), Sch. 2 Pt. I para. 1(3)(a), Sch. 4 Pt. I (with s. 35);S.I. 2001/49, art. 2 S. 9 repealed (E.W.) (1.2.2001) by 2000 c. 29, s. 40(1)(3), Sch. 2 Pt. I para. 1(3)(a), Sch. 4 Pt. I (with s. 35); S.I. 2001/49, art. 2 The text of ss. 9(1) and 10 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991. S. 11 extended by Local Government Act 1985 (c. 51, SIF 81:1), s. 57(7), Sch. 13 para. 14(a) S. 11 extended (5.7.1994) by 1994 c. 19, s. 39, Sch. 13 para. 24(a)(with ss. 54(7), 66(7), Sch. 17 paras. 22, 23(2)) Words repealed by Local Government Act 1985 (c. 51, SIF 81:1), s. 102, Sch. 17 Words repealed by London Government Act 1963 (c. 33, SIF 81:1), Sch. 18 Pt. II Words substituted by Financial Services Act 1986 (c. 60, SIF 69), s. 212(2), Sch. 16 para. 2(a) Words in s. 11(3) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 268 S. 11(4)(a) amended by S.I. 1985/1884, art. 10, Sch. 3 para. 4(c) S. 11(4)(a) extended by S.I. 1987/2110, art. 2, Sch. 1 para. 8(a) Words in s. 11(4)(a) inserted (8.5.2000 for the purposes of its application to the Authority and 3.7.2000 so far as it is not already in force) by 1999 c. 29, s. 387(2)(a) (with Sch. 12 para. 9(1)); S.I. 1999/3434, arts. 3, 4 Words in s. 11(4)(a) inserted (1.4.1996) by 1994 c. 19, s66(6), Sch. 16 para. 19(1)(with ss. 54(7), 66(7), Sch. 17 paras. 22, 23(2)); S.I. 1996/396, art. 4, Sch. 2 Words repealed by Local Government Act 1972 (c. 70, SIF 81:1), s. 273(1)–(3), Sch. 30 Words “parish, the Common” substituted (E.W.) for words commencing “parish, [a river authority” by Water Act 1989 (c. 15, SIF 130), s. 190, Sch. 25 para. 29(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) Words inserted by Water Resources Act 1963 (c. 38, SIF 130), Sch. 13 para. 16 Words in s. 11(4)(a) inserted (8.5.2000 for the purposes of its application to the Authority and 3.7.2000 so far as it is not already in force) by 1999 c. 29, s. 387(2)(b) (with Sch. 12 para. 9(1); S.I. 1999/3434, arts. 3, 4 Words inserted (E.W.) by Norfolk and Suffolk Broads Act 1988 (c. 4, SIF 81:1), s. 21, Sch. 6 para. 3 Words in s. 11(4)(a) inserted (23.11.1995) by 1995 c. 25, s. 78, Sch. 10 para. 5(with ss. 7(6), 115, 117); S.I. 1995/2950, art. 2(1) Words in s. 11(4)(a) inserted (1.10.1994 for the purposes mentioned in S.I. 1994/2025, art. 6 and 1.4.1995 for all remaining purposes by S.I. 1994/3262) by 1994 c. 29, ss. 43, 94(1), Sch. 4 Pt. II para. 46; S.I. 1994/2025, art. 6(2)(g); S.I. 1994/3262, art. 4, Sch. Words inserted by Local Government Act 1985 (c. 51, SIF 81:1), s. 84, Sch. 14 Pt. II, para. 38 Words repealed by Education Reform Act 1988 (c. 40, SIF 41:1), ss. 231(7), 235(6), 237, Sch. 13. 1985 c. 51(81:1) 1947 c. 43(81:2, 103:2) Words substituted by Superannuation Act 1972 (c. 11, SIF 101A), Sch. 6 para. 40 1972 c. 11(101A) Words substituted by S.R.&O. 1973/256, art. 3, Sch. 2 1972 c. 9. 1950 c. 10. S. 12 repealed (with saving) (E.W.) (1.2.2001) by 2000 c. 29, s. 40(1)(3), Sch. 2 Pt. I para. 1(1), Sch. 4 Pt. I (with s. 35); S.I. 2001/49, art. 2 S. 12 applied (with modifications) (E.W.S.)(7.2.1995) by S.I. 1995/356, art. 10(4) S. 12 applied (E.W.S.)(11.2.1997) by S.I. 1997/266, art. 10(4) S. 13 repealed (with saving) (E.W.) (1.2.2001) by 2000 c. 29, s. 40(1)(3), Sch. 2 Pt. I para. 1(1), Sch. 4 Pt. I (with s. 35); S.I. 2001/49, art. 2 S. 13 applied (with modifications) (E.W.S.)(7.2.1995) by S.I. 1995/356, art. 10(4) S. 13 applied (E.W.S.)(11.2.1997) by S.I. 1997/266, art. 10(4) S. 15 repealed (with saving) (E.W.) (1.2.2001) by 2000 c. 29, s. 40(1)(3), Sch. 2 Pt. I para. 1(1), Sch. 4 Pt. I (with s. 35); S.I. 2001/49, art. 2 S. 16(1) repealed in so far as it relates to Sch. 4 para. 1(1) (E.W.) (1.2.2001) by 2000 c. 29, ss. 40(1)(3), Sch. 2 Pt. I para. 1(3)(c), Sch. 4 Pt. I (with s. 35); S.I. 2001/49, art. 2 S. 16(2) repealed by Statute Law (Repeals) Act 1974 (c. 22), s. 1, Sch. Pt. XI S. 17 modified (E.W.S.)(25.4.1995) by S.I. 1995/1092, art. 3(4) S. 17(2) substituted (29.7.2002) by 2001 c. 14 (N.I.), ss. 44, Sch. 2 para. 20; S.R. 2002/253, art. 2 Words substituted by Post Office Act 1969 (c. 48, SIF 96), Sch. 6 Pt. III Words repealed by Trustee Savings Banks Act 1985 (c. 58, SIF 110), ss. 4(3), 7(3), Sch. 4 Words added by virtue of S.I. 1962/2611, art. 1 Words added by virtue of S.I. 1964/703, art. 1 Words added by virtue of S.I. 1968/470, art. 1 Words added by virtue of S.I. 1982/1086, art. 2 Words added by virtue of S.I. 1983/1525, art. 2 Words added by virtue of S.I. 1985/1780, art. 2 Words added by virtue of S.I. 1988/2254, art. 2 Words added (13.8.1992) by virtue of S.I. 1992/1738, art. 2. Words in Sch. 1 para. 1 added (11.3.1994) by S.I. 1994/265, art.2 Words repealed by Trustee Savings Banks Act 1976 (c. 4), s. 36(2), Sch. 6 1956 c. 54(63:1) Words added by virtue of S.I. 1977/831, art. 3 1958 c. 14. Para. 4A added by virtue of S.I. 1977/1878, art. 3 Words added by virtue of S.I. 1983/772, art. 2(a) Words in Sch. 1 Pt. II para. 5 added by virtue of S.I. 1991/999, art. 2 Para. added by S.I. 1964/1404 Para. added by S.I. 1972/1818 Words added by virtue of S.I. 1983/772, art. 2(b) Para. 5A added by virtue of S.I. 1977/1878, art. 3 Para. 5B added by virtue of S.I. 1983/772, art. 2(c) Words in Sch. 1 Pt. II para. 5B added by virtue of S.I. 1991/999, art. 2 Para. added by S.I. 1966/401 Sch. 1 Pt. II para. 8 repealed (E.W.S.)(25.9.1991) by Agriculture and Forestry (Financial Provisions) Act 1991 (c. 33, SIF 2:2), s. 1(1)(5), SchedulePart IV; S.I. 1991/1978, art. 2 Sch. 1 Pt. 2 para. 9(aa)(ab) inserted (8.5.2000 for the purposes of its application to the Authority and 3.7.2000 so far as it is not already in force) by 1999 c. 29, s. 387(3)(a) (with Sch. 12 para. 9(1)); S.I. 1999/3434, arts. 3,4 Sch. 1 Pt. 2 para. 9(f) added by S.I. 1962/658 Sch. 1 Pt. 2 para. 9(g) added by virtue of S.I. 1973/1332, art. 3 Sch. 1 Pt. 2 para. 9(h)(i) added by virtue of S.I. 1986/601, art. 2 Sch. 1 Pt. 2 para. 9(h) repealed by Education Reform Act 1988 (c. 40, SIF 41:1), ss. 231(7), 235(6), 237, Sch. 13 1985 c. 51 (81:1) Para. 9A added by virtue of S.I. 1977/1878 art. 3 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) Sch. 1 Pt. II para. 10: Power to amend conferred by Finance Act 1973 (c. 51, SIF 63:1), s. 58(1) 1945 c. 42(130) Words substituted (in relation to dividends paid during any year after 1972) by virtue of S.I. 1973/1393, art. 3 Sch. 1 Pt. II para. 10A substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 269(2) Sch. 1 Pt. II para. 11 repealed by Trustee Savings Banks Act 1976 (c. 4, SIF 110), s. 36(2), Sch. 6 Para. 12 substituted by Building Societies Act 1986 (c. 53, SIF 16), s. 120, Sch. 18 Pt. I para. 4(2) 1986 c. 53(16) Para. 15 added by virtue of S.I. 1975/1710, art. 3 Sch. 1 Pt. II paras. 16-24 inserted (22.8.1994) by S.I. 1994/1908 art. 2(2) Sch. 1 Pt. 2 para. 19; Words and (a) (b) substituted for words (17.6.2002) by International Development Act 2002 (c. 1), s. 19, Sch. 3 para. 1 (with Sch. 5 para. 5); S.I. 2002/1408, art. 2 Para. 2 substituted by Building Societies Act 1986 (c. 53, SIF 16), s. 120, Sch. 18 Pt. I para. 4(3) Sch. 1 Pt. III para. 2A substituted (1.12.2001) by S.I. 2001/1228, regs. 2(1), 84, Sch. 7 Pt. I para. 1; S.I. 2001/3538, art. 2 Para. 3 substituted by Financial Services Act 1986 (c. 60, SIF 69), s. 212(2), Sch. 16 para. 2(b) Words in Sch. 1 Pt. III para. 3 repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 269(3) Sch. 1 Pt. III paras. 4-6 inserted (22.8.1994) by S.I. 1994/1908 art. 2(3) Sch. 1 Pt. III para. 6 substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 269(4) Sch. 1 Pt. III excluded (N.I.) by Trustee (Amendment) Act (Northern Ireland) 1962 (c. 10), s. 2(1) Words in Sch. 1 Pt. IV para. 1 inserted (22.8.1994) by S.I. 1994/1908, art. 3(2) OJ No. L379, 30.12.78, p.1; the relevant amending instrument is Council Regulation (EEC) No. 1971/89, OJ No. L189, 4.7.89, p. 1. Words substituted by Financial Services Act 1986 (c. 60, SIF 69), s. 212(2), Sch. 16 para. 2(c) Words in Sch. 1 Pt. IV para. 2 repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 269(5) Words in Sch. 1 Pt. IV para. 2(a) inserted (22.8.1994) by S.I. 1994/1908, art. 3(3) Sch. 1 Pt. IV para. 2A inserted (22.8.1994) by S.I. 1994/1908, art. 3(4) Words in Sch. 1 Pt. IV para. 2A repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 269(5) Sch. 1 Pt. IV para. 3 amended by Trustee Savings Banks Act 1985 (c. 58, SIF 110), s. 3, Sch. 1 para. 10 Words in Sch. 1 Pt. IV para. 3 inserted (22.8.1994) by S.I. 1994/1908, art. 3(5)(a)(b) Sch. 1 Pt. IV para. 3(ab) inserted (22.8.1994) by S.I. 1994/1908, art. 3(5)(c) 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) Sch. 1 Pt. IV para. 3(b) modified (E.W.S.) by British Steel Act 1988 (c. 35, SIF 70), s. 12(1)(2) 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) Sch. 1 Pt. IV para. 3(b) modified by Electricity Act 1989 (c. 29, SIF 44:1), s. 83(1)(2) Sch. 1 Pt. IV para. 3(b) modified (6.1.1991) by British Technology Group Act 1991 (c. 66, SIF 64), s. 13(1); S.I. 1991/2721, art. 2 Sch. 1 Pt. IV para. 3(b) modified (1.4.1992) by S.I. 1992/231, art. 85(1); S.R. 1992/117, art. 3(1) Sch. 1 Pt. IV para. 3(b) modified (E.W.S.) (27.7.1993) by 1993 c. 37, s. 12, Sch. 2 Pt. II para. 34. Sch. 1 Pt. IV para. 3(b) modified (8.11.1995) by 1995 c. 37, s. 6, Sch. 2 para. 8 Sch. 1 Pt. IV para. 3(b) modified (24.7.1996) by 1996 c. 55, s. 134, Sch. 6 para. 5(1)(with s. 43(1)) Sch. 1 Pt. IV para. 3(b) modified (27.7.1999) by 1999 c. 20, s. 21(1) (with s. 15) Sch. 1 Pt. IV para. 3(b) applied (1.2.2001) by 2000 c. 38, s. 55(4)(5), (with s. 106); S.I. 2001/57, art. 3(1), Sch. 2 Pt. I (with Sch. 2 Pt. II) Sch. 1 Pt. IV para. 3(b) applied (E.W.S.) (with modifications) (6.1.1994) by 1993 c. 43, s. 108(1); S.I. 1993/3237, art. 2(2). Sch. 1 Pt. IV para. 3(b) excluded (N.I.) (3.11.1993) by 1993/2655 (N.I. 10), art. 15 Sch. 2 para. 2. Words in Sch. 1 Pt. IV para. 3 added (1.4.1992) by S.I. 1992/232, art. 4; S.R. 1992/117, art. 3(1) 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 Words in Sch. 1 Pt. IV para. 4 inserted (1.4.1996) by 1994 c. 19, s. 66(6), Sch. 16 para. 19(2)(with ss. 54(7), 66(7), Sch. 17 paras. 22, 23(2)); S.I. 1996/396, art. 4, Sch.2 Words inserted by London Government Act 1963 (c. 33, SIF 81:1), Sch. 17 para. 25 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) Sub-para. (c) repealed by Statute Law (Repeals) Act 1981 (c. 19), s. 1(1), Sch. 1 Pt. V Definitions in Sch. 1 Pt. IV para. 4 inserted (22.8.1994) by S.I. 1994/1908, art. 3(6)(a) Words in Sch. 1 Pt. IV para. 4 inserted (18.4.1995) by S.I. 1995/768, art. 2 Definitions repealed by Trustee Savings Banks Act 1976 (c. 4, SIF 110), s. 36(2), Sch. 6 Words inserted by Financial Services Act 1986 (c. 60, SIF 69), s. 212(2), Sch. 16 para. 2(d) Words in Sch. 1 Pt. IV para. 4 inserted (22.8.1994) by S.I. 1994/1908, art. 3(6)(b) Words repealed by National Loans Act 1968 (c. 13, SIF 99:3), Sch. 6 Pt. I 1891 c. 66. Words in Sch. 1 Pt. IV para. 6 inserted (22.8.1994) by S.I. 1994/1908, art. 3(7) Sch. 1 Pt. IV para. 6A repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 269(7) Sch. 1 Pt. IV para. 7 repealed by Building Societies Act 1986 (c. 53, SIF 16), s. 120, Sch. 19 Pt. I Sch. 1 Pt. IV para. 4A inserted (1.12.2001) by S.I. 2001/3649, arts. 1, 269(6) Sch. 2 para 3(b) modified (S.)(25.4.1995) by S.I. 1995/1092, art. 3(2) Sch. 4 para. 1(1) repealed (E.W.) (1.2.2001) by 2000 c. 29, s. 40(1)(3), Sch. 2 Pt. I para. 1(3)(b), Sch. 4 Pt. I (with s. 35); S.I. 2001/49, art. 2 Sch. 4 para. 2 repealed by Building Societies Act 1962 (c. 37, SIF 16), Sch. 10 1945 c. 42(130). 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 1959 c. 33(61). 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) Sch. 4 para. 6 repealed (E.W.) by Housing (Consequential Provisions) Act 1985 (c. 71, SIF 61), s. 3, Sch. 1 Pt. I Sch. 5 repealed by Statute Law (Repeals) Act 1974 (c. 22), s. 1, Sch. Pt. XI Sch. 2 repealed (with saving) (E.W.) (1.2.2001) by 2000 c. 29, s. 40(1)(3), Sch. 2 Pt. I para. 1(2), Sch. 4 Pt. I (with s. 35); S.I. 2001/49, art. 2 Sch. 3 repealed (with savings) (E.W.) (1.2.2001) by 2000 c. 29, s. 40(1)(3), Sch. 2 Pt. I para. 1(2), Sch. 4 Pt. I (with s. 35); S.I. 2001/49, art. 2 Sch. 1 extended (24.6.2003) by The Uncertificated Securities (Amendment) (Eligible Debt Securities) Regulations 2003 (S.I. 2003/1633), reg. 1(1), Sch. 2 para. 2(b) Sch. 1 extended (24.6.2003) by The Uncertificated Securities (Amendment) (Eligible Debt Securities) Regulations 2003 (S.I. 2003/1633), reg. 1(1), Sch. 2 para. 8(2)(a) Sch. 1 Pt. IV para. 4 extended (24.6.2003) by The Uncertificated Securities (Amendment) (Eligible Debt Securities) Regulations 2003 (S.I. 2003/1633), reg. 1(1), Sch. 2 para. 3(a) Sch. 2 repealed (with saving) (S.) (1.1.2006) by Charities and Trustee Investment (Scotland) Act 2005 (asp 10), s. 107(2), Sch. 3 para. 4(3); S.S.I. 2005/644, art. 2(1), Sch. 1 Sch. 3 repealed (with savings) (S.) (1.1.2006) by Charities and Trustee Investment (Scotland) Act 2005 (asp 10), s. 107(2), Sch. 3 para. 4(3); S.S.I. 2005/644, art. 2(1), Sch. 1 S. 8 repealed (S.) (1.1.2006) by Charities and Trustee Investment (Scotland) Act 2005 (asp 10), s. 107(2), Sch. 3 para. 4(4); S.S.I. 2005/644, art. 2(1), Sch. 1 Sch. 4 para. 1(2) repealed (S.) (1.1.2006) by Charities and Trustee Investment (Scotland) Act 2005 (asp 10), s. 107(2), Sch. 3 para. 4(4); S.S.I. 2005/644, art. 2(1), Sch. 1 S. 1 repealed (with saving) (S.) (1.1.2006) by Charities and Trustee Investment (Scotland) Act 2005 (asp 10), s. 107(2), Sch. 3 para. 4(2); S.S.I. 2005/644, art. 2(1), Sch. 1 S. 2 repealed (with saving) (S.) (1.1.2006) by Charities and Trustee Investment (Scotland) Act 2005 (asp 10), s. 107(2), Sch. 3 para. 4(2); S.S.I. 2005/644, art. 2(1), Sch. 1 S. 3 repealed (with saving) (S.) (1.1.2006) by Charities and Trustee Investment (Scotland) Act 2005 (asp 10), s. 107(2), Sch. 3 para. 4(3); S.S.I. 2005/644, art. 2(1), Sch. 1 S. 5 repealed (with saving) (S.) (1.1.2006) by Charities and Trustee Investment (Scotland) Act 2005 (asp 10), s. 107(2), Sch. 3 para. 4(2); S.S.I. 2005/644, art. 2(1), Sch. 1 S. 6 repealed (with saving) (S.) (1.1.2006) by Charities and Trustee Investment (Scotland) Act 2005 (asp 10), s. 107(2), Sch. 3 para. 4(2); S.S.I. 2005/644, art. 2(1), Sch. 1 S. 12 repealed (with saving) (S.) (1.1.2006) by Charities and Trustee Investment (Scotland) Act 2005 (asp 10), s. 107(2), Sch. 3 para. 4(2); S.S.I. 2005/644, art. 2(1), Sch. 1 S. 13 repealed (with saving) (S.) (1.1.2006) by Charities and Trustee Investment (Scotland) Act 2005 (asp 10), s. 107(2), Sch. 3 para. 4(2); S.S.I. 2005/644, art. 2(1), Sch. 1 S. 15 repealed (with saving) (S.) (1.1.2006) by Charities and Trustee Investment (Scotland) Act 2005 (asp 10), s. 107(2), Sch. 3 para. 4(2); S.S.I. 2005/644, art. 2(1), Sch. 1 Words in s. 11(4)(a) repealed (1.4.2006) by Serious Organised Crime and Police Act 2005 (c. 15), s. 178(8)(8), Sch. 4 para. 8(a), Sch. 17 Pt. 2; S.I. 2006/378, art. 4(1), Sch. para. 10Sch. para. 13(e) S. 11(4)(e) repealed (1.4.2006) by Serious Organised Crime and Police Act 2005 (c. 15), s. 178(8)(8), Sch. 4 para. 8(b), Sch. 17 Pt. 2; S.I. 2006/378, art. 4(1), Sch. paras. 10, 13(e) Sch. 1 Pt. 2 para. 9(da) repealed (1.4.2006) by Serious Organised Crime and Police Act 2005 (c. 15), s. 178(8)(8), Sch. 4 para. 9, Sch. 17 Pt. 2; S.I. 2006/378, art. 4(1), Sch. para. 10Sch. para. 13(e) Words in s. 11(4)(a) inserted (1.4.2008) by Local Government and Public Involvement in Health Act 2007 (c. 28), s. 245(5), Sch. 13 para. 26; S.I. 2008/917, art. 2(1)(p) Words in s. 11(4)(a) inserted (17.12.2009) by Local Democracy, Economic Development and Construction Act 2009 (c. 20), s. 148(6), Sch. 6 para. 2; S.I. 2009/3318, art. 2(c) Act ceases to have effect in part (S.) (1.4.2010) by virtue of The Local Government Investments (Scotland) Regulations 2010 (S.S.I. 2010/122), regs. 1, 4 Words in Act substituted (22.4.2011) by The Treaty of Lisbon (Changes in Terminology) Order 2011 (S.I. 2011/1043), arts. 2, 3, 4 (with arts. 3(2)(3), 4(2), 6(4)(5)) Words in s. 11(4)(a) substituted (22.11.2012) by Police Reform and Social Responsibility Act 2011 (c. 13), s. 157(1), Sch. 16 para. 77; S.I. 2012/2892, art. 2(i) Sch. 1 Pt. 2 para. 9(d) substituted (22.11.2012) by Police Reform and Social Responsibility Act 2011 (c. 13), s. 157(1), Sch. 16 para. 78; S.I. 2012/2892, art. 2(i) Ss. 1-6 applied (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), ss. 27(2)(c), 154 (with Sch. 5) Words in Sch. 1 Pt. II para. 14 repealed (S.) (28.11.2004) by Abolition of Feudal Tenure etc. (Scotland) Act 2000 (asp 5), ss. 71, 77(2), Sch. 13 Pts. 1 (with ss. 58, 62, 75); S.S.I. 2003/456, art. 2 Words in s. 11(4)(a) omitted (26.5.2015) by virtue of Deregulation Act 2015 (c. 20), s. 115(7), Sch. 13 para. 6(3); S.I. 2015/994, art. 6(g) Sch. 1 Pt. 2 para. 9 applied (with modifications) (8.5.2017) by The Greater Manchester Combined Authority (Transfer of Police and Crime Commissioner Functions to the Mayor) Order 2017 (S.I. 2017/470), art. 1(2), Sch. 1 para. 2(2) Words in s. 11(4)(a) inserted (22.2.2018) by The Policing and Crime Act 2017 (Consequential Amendments) Regulations 2018 (S.I. 2018/226), regs. 1, 3(2) Sch. 1 Pt. 2 para. 9(j) inserted (22.2.2018) by The Policing and Crime Act 2017 (Consequential Amendments) Regulations 2018 (S.I. 2018/226), regs. 1, 3(3) Sch. 1 Pt. 2 para. 9 applied (with modifications) (10.5.2021) by The West Yorkshire Combined Authority (Election of Mayor and Functions) Order 2021 (S.I. 2021/112), arts. 1(4), 35(1)(2), Sch. 5 para. 2 Words in s. 11(4)(a) inserted (25.3.2022) by The Corporate Joint Committees (General) (Wales) Regulations 2022 (S.I. 2022/372), regs. 1(2), 14 Sch. 1 Pt. 2 para. 9 modified (E.W.) (20.12.2023) by The York and North Yorkshire Combined Authority Order 2023 (S.I. 2023/1432), arts. 1(2), 33(2), Sch. 5 para. 2(2) Words in s. 11(4)(a) inserted (E.W.) (26.12.2023) by Levelling-up and Regeneration Act 2023 (c. 55), s. 255(2)(c), Sch. 4 para. 2 (with s. 247) Act applied (with modifications) (E.W) (21.3.2024) by The South Yorkshire Mayoral Combined Authority (Election of Mayor and Transfer of Police and Crime Commissioner Functions) Order 2024 (S.I. 2024/414), arts. 1(2), 5, Sch. 1 para. 2