CHAPTER 53
TRUSTEE INVESTMENTS ACT

[PRINCIPAL LEGISLATION]

ARRANGEMENT OF SECTIONS

   Section

Title

   1.   Short title.

   2.   Interpretation.

   3.   Application.

   4.   Authorised investment.

   5.   Purchase at premium of redeemable stocks.

   6.   Discretion of trustees.

   7.   Power to retain investment which has ceased to be authorised.

   8.   Investment in bearer securities.

   9.   Limitation on investments in scheduled corporations and companies.

   10.   Conditions for investments in companies.

   11.   Conditions for investment in mortgages.

   12.   Loans and investments by trustees not chargeable as breaches of trust.

   13.   Liability for loss by reason of improper investment.

   14.   Power to deposit money at bank and to pay calls.

   15.   Powers supplementary to the powers of investment.

   16.   Amendment of Schedule.

   17.   [Amendment of R.L. Cap. 397.]

   18.   [Disapplication.]

SCHEDULE

CHAPTER 53
THE TRUSTEE INVESTMENTS ACT

An Act to provide for investments of trust funds by trustees, to disapply Part I of the Trustee Act of the United Kingdom and to provide for related matters.

[11th August, 1967]

Act No. 33 of 1967

1.   Short title

   This Act may be cited as the Trustee Investments Act.

2.   Interpretation

   In this Act, unless the context otherwise requires–

   "authorised investments" means the investments authorised by this Act or by the Act or instrument creating the trust;

   "company" means a company incorporated under the Companies Act *.

   "debenture" includes debenture stock, bonds and any other securities of a company or corporation which constitute a charge on the assets of the company or corporation or any part thereof;

   "Minister" means the Minister for the time being responsible for finance.

   "private company" shall have the meaning assigned to that expression in the Companies Act.

   "scheduled corporation" means a body corporate specified in the Schedule to this Act;

   "securities" includes stocks, funds and shares;

   "securities payable to bearer" includes securities transferable by delivery or by delivery and endorsement;

   "share" means a share in the share capital of a company or corporation and includes stock;

   "special range property" means property forming part of a trust fund which, by the Act or instrument creating the trust, the trustee is specifically authorised to retain or property in which he is specifically authorised to invest;

   the expression "trust" does not include the duties incident to an estate conveyed by way of mortgage; but with this exception the expressions "trust" and "trustee" include implied and constructive trusts, and cases where the trustee has a beneficial interest in the trust property, and the duties incident to the office of personal representative of a deceased person.

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