Trustee Investments Act 1961
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Change 1
THIRD SCHEDULE Provisions Supplementary to s. 3(4)
Section 3. 1 Where in a case falling within subsection (4) of section three of this Act, property belonging to the narrower-range part of a trust fund— (a) is invested otherwise than in a narrower-range investment, or (b) being so invested, is retained and not transferred or as soon as may be reinvested as mentioned in subsection (2) of section two of this Act, then, so long as the property continues so invested and comprised in the narrower-range part of the fund, section one of this Act shall not authorise the making or retention of any wider-range investment. 2 Section four of the Trustee Act, 1925, or section thirty-three of the Trusts (Scotland) Act, 1921 (which relieve a trustee from liability for retaining an investment which has ceased to be authorised), shall not apply where an investment ceases to be authorised in consequence of the foregoing paragraph.
THIRD SCHEDULE Provisions Supplementary to s. 3(4)
Section 3. 1 Where in a case falling within subsection (4) of section three of this Act, property belonging to the narrower-range part of a trust fund— (a) is invested otherwise than in a narrower-range investment, or (b) being so invested, is retained and not transferred or as soon as may be reinvested as mentioned in subsection (2) of section two of this Act, then, so long as the property continues so invested and comprised in the narrower-range part of the fund, section one of this Act shall not authorise the making or retention of any wider-range investment. 2 Section four of the Trustee Act, 1925, or section thirty-three of the Trusts (Scotland) Act, 1921 (which relieve a trustee from liability for retaining an investment which has ceased to be authorised), shall not apply where an investment ceases to be authorised in consequence of the foregoing paragraph.
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