Section 5 Enlargement of powers of investment.

England and Wales

(1)

A trustee having power to invest in real securities may invest and shall be deemed always to have had power to invest—

(a)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1

(b)

on any charge, or upon mortgage of any charge, made under the M1Improvement of Land Act, 1864.

(2)

A trustee having power to invest in real securities may accept the security in the form of a charge by way of legal mortgage, and may, in exercise of the statutory power, convert an existing mortgage into a charge by way of legal mortgage.

(3)

A trustee having power to invest in the mortgages or bonds of any railway company or of any other description of company may invest in the debenture stock of a railway company or such other company as aforesaid.

4)—(6)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations

Textual amendments

F1: Ss. 1, 5(1)(a)(4)–(6) repealed by Trustee Investments Act 1961 (c. 62), Sch. 5

Marginal citations

M1: 1864 c. 114.

Notes on Part I

Textual amendments

F1: Pt. I (ss. 1-11) repealed (1.2.2001) by 2000 c. 29, s. 40(1)(3), Sch. 2 Pt. II para. 18, Sch. 4 Pt. II (with s. 35, Sch. 3 paras. 2, 3); S.I. 2001/49, art. 2