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The Public Trustee (Amendment) Rules 1987

S.I. 1987/2249 · Made 18 December 1987

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

TRUSTEES

Made 18th December 1987

Laid before Parliament 11th January 1988

Coming into force 1st February 1988

The Lord Chancellor, in exercise of the powers conferred on him by section 14(1) of the Public Trustee Act 1906f1, and with the concurrence of the Treasury, hereby makes the following Rules:

Annotations to the whole text

Footnotes

f1

1906 c. 55.

Contents

  1. 1Article 1
  2. 2Article 2
  3. Signature
  4. Explanatory note

1

These Rules may be cited as the Public Trustee (Amendment) Rules 1987 and shall come into force on 1st February 1988.

2

For rule 17 of the Public Trustee Rules 1912f1 there shall be substituted the following new rule—

“17

The Public Trustee may—

(a)

invest or retain invested money belonging to any trust or estate and coming into his hands in any mode of investment—

(i)

expressly or implicitly authorised by the trust instrument, or

(ii)

if there is no trust instrument, authorised by law for the investment of trust funds,

(b)

pay and deposit such money in court for investment in any manner authorised by rules made under section 38(7) of the Administration of Justice Act 1982f2,

(c)

if authorised by the trust instrument or otherwise by law, retain any investment existing at the date of the commencement of the trust.

Provided that he shall not invest in or hold any investment in such manner as to expose him to liability as the holder thereof, unless he is satisfied that he is fully indemnified or secured against loss.”.

Signature

Mackay of Clashfern, C.

Dated 16th December 1987

We concur,

David Lightbown

Mark Lennox-Boyd

Two of the Lords Commissioners of Her Majesty’s Treasury

Dated 18th December 1987

Explanatory note

(This note is not part of the Rules)

These Rules amend the Public Trustee Rules 1912 so as to enable the Public Trustee to pay trust monies into court, for investment in an authorised manner such as is applicable to funds in court.