Section 31 Investments.F1

Northern Ireland

A registered society may invest any part of its funds in or upon any security authorised by its registered rules, and also, unless those rules direct otherwise—

(a)

in or upon any mortgage, bond, debenture, debenture stock, corporation stock, annuity, rentcharge, rent or other security (not being securities payable to bearer) authorised by or under any Act of anyF2 district council or joint committee constituted by two or more such councils or local authority within the meaning of section 34 of the Local Loans Act 1875 1875 c.83;

(b)

in the shares or on the security of any other registered society, of anyF3 building society within the meaning of the Building Societies Act 1986, or of any company F4registered under the Companies Act 2006 or incorporated by Act or by charter, being a society or company with limited liability;

F5(c)

in any investments in which trustees may invest under—

(i)

the general power of investment in section 3 of the Trustee Act (Northern Ireland) 2001 (as restricted by sections 4 and 5 of that Act); or

(ii)

section 8(1)(a) of that Act (land);

Annotations

Textual amendments

F1: 1971 c. 29
F2: 1983 NI 1
F3: 1986 c. 53
F4: Words in s. 31(b) substituted (1.10.2009) Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 2(1), Sch. 1 para. 21(4) (with art. 10)
F5: 2001 c. 14 (NI)

Notes on the whole Act

Textual amendments

F1: Act: "The Industrial and Provident Societies (N.I.) Act 1969 may be cited as The Co-operative and Community Benefit Societies Act (N.I.) 1969" (6.4.2018) by virtue of Credit Unions and Co-operative and Community Benefit Societies Act (NorthernIreland) 2016 (c. 16), ss. 8(2), 17(2) (with Sch. 2 paras. 2, 3); S.R. 2017/217, art. 2(b)
F2: 1981 NI 3