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Public Trustee and Administration of Funds Act 1986 in Scotland

1986 c. 57 · Enacted 7 November 1986 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 1 October 2009.

Contents

  1. Public Trustee and Funds Administration
  2. 4Accountant General’s powers of investment. Repealed
  3. Investment expenses of National Debt Commissioners
  4. 5Deduction by National Debt Commissioners of investment expenses of money in court.
  5. 6Short title commencement and extent.
  6. Schedule: Offices of Public Trustee and Accountant General
  7. Public Trustee
  8. 1Paragraph 1
  9. Accountant General of the Supreme Court
  10. 2Paragraph 2
  11. 3Paragraph 3
  12. 4Paragraph 4 Repealed

4Accountant General’s powers of investment.F1

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5Deduction by National Debt Commissioners of investment expenses of money in court.

(1)

In section 39 of the M1Administration of Justice Act 1982 (investment of money in court transferred to National Debt Commissioners) in subsection (2) (payment of excess into Consolidated Fund) after paragraph (b) there shall be inserted the words—

“and

(c)

an amount equal to the expenses incurred by the Commissioners in that year in making investments under subsection (1) above and disposing of investments so made”.

(2)

In subsection (3) of that section (deficiencies to be made good out of the Consolidated Fund) for the words “paragraphs (a) and (b)” there shall be substituted the words “ paragraphs (a) to (c) ”.

(3)

After subsection (4) of that section there shall be inserted the following subsection—

“(4A)

Any sum deducted by the Commissioners under subsection (2)(c) above shall be applied as an appropriation in aid of moneys provided by Parliament for the expenses of the National Debt Commissioners; and, so far as not so applied, shall be paid into the Consolidated Fund.”

6Short title commencement and extent.

(1)

This act may be cited as the Public Trustee and Administration of Funds Act 1986.

F1(2)

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(3)

With the exception of the amendments in the Administration of Justice Act 1982, this Act extends to England and Wales only.

1

For subsection (1) of section 8 of the M1Public Trustee Act 1906 (appointment and tenure of office of public trustee) there shall be substituted the following—

“(1)

The Lord Chancellor shall appoint such person as he thinks fits to the office of Public Trustee and the person so appointed shall hold and vacate office in accordance with the terms of his appointment.

(1A)

The Public Trustee shall be paid such salary or fees as the Lord Chancellor determines with the consent of the Treasury.

(1B)

If one person holds office both as the Public Trustee and as the Accountant General of the Supreme Court then, if he ceases to be the Accountant General, he shall also cease to be the Public Trustee unless the Lord Chancellor otherwise directs.

(1C)

If a vacancy occurs in the office of Public Trustee or the person appointed to hold office is for any reason unable to act for any period such person as the Lord Chancellor appoints as deputy in that office shall, during the vacancy or that period, perform the functions of that office (and any property vested in the Public Trustee may accordingly be dealt with by the deputy in all respects as if it were vested in him instead).”

2

In section 93(1) of the M1Supreme Court Act 1981 (status of officers for purposes of salary and pension), after the words “Schedule 2” there shall be inserted the words “ or the office of Accountant General of the Supreme Court ”.

3

For subsections (2) and (3) of section 97 of the Supreme Court Act 1981 (office of Accountant General) there shall be subsituted the following—

“(2)

The Lord Chancellor shall appoint such person as he thinks fit to the office in the Supreme Court of Accountant General of the Supreme Court and the person so appointed shall hold and vacate office in accordance with the terms of his appointment.

(3)

The Accountant General shall be paid such salary or fees as the Lord Chancellor determines with the consent of the Treasury.

(4)

If one person holds office both as the Accountant General and as the Public Trustee then, if he ceases to be the Public Trustee, he shall also cease to be the Accountant General unless the Lord Chancellor otherwise directs.

(5)

If a vacancy occurs in the office of Accountant General or the person appointed to hold the office is for any reason unable to act for any period such person as the Lord Chancellor appoints as deputy in that office shall, during the vacancy or that period, perform the functions of that office (and any property vested in the Accountant General may accordingly be dealt with by the deputy in all respects as if it were vested in him instead).”

4

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