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TRUSTEE (AMENDMENT) ACT (NORTHERN IRELAND) 1962

TRUSTEE (AMENDMENT) ACT (NORTHERN IRELAND) 1962 - LONG TITLE

An Act to make further provision with respect to the powers of
trustees and persons having the investment powers of trustees, to
extend section fifty-seven of the Trustee Act (Northern Ireland),
1958, and otherwise to amend the law relating to trustees.
[20th February 1962]
1961 c.62

TRUSTEE (AMENDMENT) ACT (NORTHERN IRELAND) 1962 - SECT 1

1.Subs.(1) amends s.1 of 1958 c.23 (NI)

(2) For the purposes of the Trustee Investments Act, 1961 (in this
section referred to as "the Investments Act"), as it applies by
virtue of sub-section (1) of section one of the Trustee Act (as
amended by sub-section (1)) to trusts the execution of which is
governed by the law in force in Northern Ireland

(a)the power conferred by virtue of paragraph (a) or paragraph (c)
of sub-section (2) of the said section one to invest trust funds
in the purchase of an estate or interest in land shall be deemed
to be a special power within the meaning of section three of the
Investments Act;

(b)an estate or interest in land purchased by a trustee in the
exercise of any such power as is mentioned in paragraph (a) shall
be deemed to be special-range property falling within sub-section (3)
of the said section three;

(c)the references in sub-section (3) of the said section three
(which modifies the Investments Act in relation to certain property
which trustees may hold apart from, among other provisions, Part I
of the Trustee Act, 1925, or which became part of a trust fund by
virtue of a trustee's exercising certain powers conferred by section
ten of the Act of 1925) to Part I of the Trustee Act, 1925, and
to sub-sections (3) and (4) of section ten of that Act shall be
construed as references to Part I of the Trustee Act and to
sub-sections (4) and (5) of section ten of that Act, respectively;

(d)the references in sub-section (4) of the said section three
(which modifies the Investments Act where a trustee's powers have
been conferred or varied by or under certain enactments) to
enactments shall be construed as references to enactments of the
Parliament of Northern Ireland, and the references to instruments
shall be construed accordingly;

(e)the reference in paragraph (c) of the said sub-section (4) to a
local Act of the present session shall be construed as a reference
to a local Act of the present session of the Parliament of
Northern Ireland;

(f)the reference in sub-section (7) of section six of the
Investments Act to section eight of the Trustee Act, 1925, shall be
construed as a reference to section eight of the Trustee Act;

(g)the reference in paragraph 2 of the Third Schedule to the
Investments Act (which excludes section four of the Trustee Act,
1925, where, under paragraph 1 of that Schedule, an investment
ceases to be authorised) to section four of the said Act of 1925
shall be construed as a reference to section three of the Trustee
Act;

(3) Sub-sections (2) to (6) of section six of the Investments Act
(which require trustees to consider proper advice in relation to
certain investments under that Act) shall have effect in relation to
the purchase, after the passing of this Act, of an estate or
interest in land in the exercise of any such power as is mentioned
in paragraph (a) of sub-section (1) as they have effect in relation
to the exercise of any power conferred by section one of that Act
to invest in a manner specified in Part II or III of the First
Schedule thereto.

TRUSTEE (AMENDMENT) ACT (NORTHERN IRELAND) 1962 - SECT 2
1961 c.62

2.(1) Where any persons, not being trustees, have a statutory power
of making investments which is or includes power

(a)to make the like investments as are authorised by section one of
the Trustee Act or by any enactment repealed by that Act; or

(b)to make the like investments as trustees are for the time being
by law (whether the law of Northern Ireland or of any other part
of the United Kingdom) authorised to make;

(2) Where, in the exercise of powers conferred by any enactment, an
authority to which this sub-section applies uses money belonging to
any fund for any purpose for which the authority has power to
borrow, the provisions of the Investments Act, as it applies by
virtue of sub-section (1), shall, subject to sub-section (3), apply
as if there were comprised in the fund (in addition to the actual
content thereof) property, being narrower-range investments within the
meaning of the Investments Act, 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 purposes of the Investments Act as the
accrual of property to the fund.

(3) Nothing in sub-section (2) shall be taken to require compliance
with any of the provisions of section six of the Investments Act
(duty of trustees in choosing investments) in relation to the
exercise of any such powers as are mentioned in that sub-section.

(4) Sub-section (2) applies to the following authorities

(a)any local authority;

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

(c)any authority the majority of the members of which are appointed
or elected by one or more than one local authorities, being an
authority which by virtue of any enactment has power to issue a
precept to a local authority, or to the expenses of which, by
virtue of any enactment, a local authority is or can be required
to contribute.

(5) In this section

"local authority" [means a district council];

"statutory power" means a power conferred by any transferred
provision (within the meaning of section one of the Interpretation
Act (Northern Ireland), 1954) passed before the passing of this Act
or by any instrument made under any such provision.

TRUSTEE (AMENDMENT) ACT (NORTHERN IRELAND) 1962 - SECT 3
1925 c.19

3.Subs.(1) inserts s.10(4)(bb) in 1958 c.23 (NI)

(2) It is hereby declared that the power to subscribe for
securities conferred by sub-section (5) 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.

TRUSTEE (AMENDMENT) ACT (NORTHERN IRELAND) 1962 - SECT 4
Application of Investments Act to persons, not being trustees, having
trustee investment powers.

4. The enlargement of the investment powers of trustees by the
Investments Act as it applies as aforesaid shall not lessen any
powers of a court to confer wider powers of investment on trustees,
or affect the extent to which any such power is to be exercised.

S.5 amends s.57 of 1958 c.23 (NI)

TRUSTEE (AMENDMENT) ACT (NORTHERN IRELAND) 1962 - SECT 6
1954 c.33

6. It is hereby declared that the references in sections four and
six of the Trustee Act to a trustee having power to make certain
investments include references to a trustee having such a power by
virtue of the Trustee Act or any other provision of the law for
the time being in force in Northern Ireland.

TRUSTEE (AMENDMENT) ACT (NORTHERN IRELAND) 1962 - SECT 7
Supplementary provisions as to investments.

7. In this Act

"the Investments Act" in section one, has the meaning assigned by
sub-section (2) of that section, and in the other provisions of
this Act means that Act as it applies by virtue of sub-section (1)
of section one of the Trustee Act and the provisions of this Act
to trusts the execution of which is governed by the law in force
in Northern Ireland;

"the Trustee Act" has the meaning assigned by sub-section (1) of
section one.

TRUSTEE (AMENDMENT) ACT (NORTHERN IRELAND) 1962 - SECT 8
Saving for powers of court.

8.(1) This Act may be cited as the Trustee (Amendment) Act
(Northern Ireland), 1962, and the Trustee Act and this Act may be
cited together as the Trustee Acts (Northern Ireland), 1958 and
1962.

Subs.(2) rep. by SLR 1973

Meaning of "trustee having power' in ss.4 and 6 of Trustee
Act.Short title and citation.