PUBLIC AUTHORITIES (FINANCIAL ARRANGEMENTS) ACT 1987 - SECT 39 Trustee investment etc

This legislation has been repealed.

PUBLIC AUTHORITIES (FINANCIAL ARRANGEMENTS) ACT 1987 - SECT 39

39 Trustee investment etc

(1) A trustee (unless expressly forbidden by the trust instrument, if any) may invest trust funds in any debentures, bonds, inscribed stock, registered stock, discounted securities, promissory notes or other securities or instruments issued by an authority under this Act.

(2) Such an investment may be made whether the funds are at the time in a state of investment or not.

(3) Such an investment shall be taken to be an investment of trust funds made in accordance with the Trustee Act 1925 .

(4) An authority or officer of an authority is not competent to receive notice of an express, implied or constructive trust affecting any such security or instrument issued by an authority or a coupon attached to the security or instrument.

(5) A company, a council within the meaning of the Local Government Act 1993 and any other body corporate constituted by an Act may invest its funds in providing financial accommodation obtained by an authority under this Act.