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FINANCE ACT 1917

FINANCE ACT 1917 - LONG TITLE

An Act to grant certain duties of Customs and Inland Revenue
(including Excise), to alter other duties, and to amend the Law
relating to Customs and Inland Revenue (including Excise) and the
National Debt, and to make further provision in connection with
Finance.
[2nd August 1917]
Preamble rep. by SLR 1927

Part I (ss.19) rep. by 1920 c.18 s.64(3) sch.4; 1927 c.11 (NI)
s.7(3) sch.2; SLR 1927; 1952 c.44 s.320 sch.12 Pt.I

Ss.3134 rep. by SLR 1927; 1933 c.19 s.47(7) sch.8; 1958 c.6 (7
Eliz.2) s.17 sch.; SLR 1964; SL(R) 1978

FINANCE ACT 1917 - SECT 35
Power of trustees, &c. to borrow and invest in war securities.

35.(1) It shall be lawful and shall be deemed always to have been
lawful for a trustee to borrow for the purpose of subscribing to
or investing in any securities which have been or may be issued in
connection with any Government loan raised for the purpose of the
present war, and a trustee shall not be liable for any loss
resulting from any borrowing so authorised or from any subscription
to or investment in such securities or the sale of any securities
for the purpose of such subscription or investment, or from the
exercise of any option to convert any securities into securities so
issued, whether such borrowing, subscription, investment or sale, or
the exercise of such option, was before or after the passing of
this Act; and trustees and other persons acting in any fiduciary
character [are hereby expressly authorised to exercise such powers of
borrowing, subscription, investment, sale, or conversion,
notwithstanding anything to the contrary in any instrument creating
the trust, and without the consent of any other person,
notwithstanding that such consent is required by the instrument
creating the trust]:

Provided that

(a)In the case of transactions after the passing of this Act, a
trustee shall before borrowing for the purpose aforesaid give notice
of his intention so to do to the persons for the time being
beneficially entitled to the income of the trust fund and the
amount borrowed shall not exceed the value for the time being of
the trust fund;

(b)For the purpose of transactions after the passing of this Act
the power to borrow for the purpose of investing in any such
securities shall be deemed not to include a power to borrow for
the purpose of purchasing any such securities at any time after the
subscription list has been closed, or, in the case of any such
securities which are issued on application from day to day, after
the issue thereof has been discontinued.

(2) This section shall apply to any officer or department who holds
funds on account of or for the benefit of any persons or class of
persons as part of, or in consequence of, the duties of the
officer or department, but shall not apply to any trustee under an
implied or constructive trust, except a resulting trust arising on
the determination or failure of an express trust.

(3) The foregoing provisions of this section, so far as they relate
to the exercise of such powers as aforesaid before the passing of
this Act, shall apply to local and other public authorities,
notwithstanding any limitations on their powers, in like manner as
they apply to trustees.

Subs.(4) rep. by SL(R) 1973

S.36 rep. by SLR 1950

FINANCE ACT 1917 - SECT 37
Provisions facilitating dealings with Government stock.

37.Subs.(1)(3) rep. by 1942 c.21 s.47(2) sch.11 Pt.III

(4) It is hereby declared that stock or registered bonds issued
under the War Loan Acts, 1914 to 1916, and any other Act
authorising the raising of any sum for the purposes of the present
war,... shall be subject to the provisions of [the National Debt
Act, 1870] and any enactment amending that Act, so far as is
consistent with the tenor of the Act under which the loan is
raised and save as is otherwise provided by any other Act.

Subs.(5) rep. by 1942 c.21 s.47(2) sch.11 Pt.III

Short title.

FINANCE ACT 1917 - SECT 38

38.Subs.(1) rep. by SLR 1927; 1952 c.44 s.320 sch.12 Pt.I; SLR
1964; 1975 c.7 s.59 sch.13 Pt.I

(2) This Act may be cited as the Finance Act, 1917.

First and Second Schedules rep. by SLR 1927