Section 9 Investment of surplus funds.

Northern Ireland

(1)

The Ministry may, if so recommended by the Committee, invest on their behalf any part of the Development Fund which is not for the time being required for any other purpose in any securities in which trustees are entitled by law and in the absence of a direction contained in their trust instrument to invest trust moneys.

(2)

The Ministry, if so authorised by the Committee, may from time to time vary or transpose all moneys invested under this section into other investments authorised under this section, and may at any time, for the purpose of such variation or transposition, or in order to utilise for the purposes of this Act the invested portion of the Development Fund, sell and convert into money all or any investments made under this section.

(3)

All dividends and interest received on investments made under this section shall be paid into the Development Fund.

Notes on the whole Act

Textual amendments

F1: Act repealed (1.6.2009) by Public Authorities (Reform) Act (Northern Ireland) 2009 (c. 3), ss. 3(1)(a), 6, 7(1), Sch. 3 (with s. 3(2), Sch. 1 Pt. 1 para. 4(3)); S.R. 2009/172, art. 2(c)(e)