Trustee Investments Act 1961

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11 Local Authority investment schemes. U.K.

(1)Without prejudice to powers conferred by or under any other enactment, any authority to which this section applies may invest property held by the authority in accordance with a scheme submitted to the Treasury by an association of local authorities F1... F2... and approved by the Treasury as enabling investments to be made collectively without in substance extending the scope of powers of investment.

(2)A scheme under this section may apply to a specified authority or to a specified class of authorities, may make different provisions as respects different authorities or different classes of authorities or as respects different descriptions of property or property held for different purposes, and may impose restrictions on the extent to which the power conferred by the foregoing subsection shall be exercisable.

(3)In approving a scheme under this section, the Treasury may direct that [F3the [F4Financial Services and Markets Act 2000]], shall not apply to dealings undertaken or documents issued for the purposes of the scheme, or to such dealings or documents of such descriptions as may be specified in the direction.

(4)The authorities to which this section applies are—

(a)in England and Wales [F5, the Greater London Authority,], the council of a county [F6a county borough,], a F2... borough F7... a F7... district or a [F8parish, [F9a river authority] the Common] [F8parish, the Common] Council of the City of London [F10, a functional body (within the meaning of the Greater London Authority Act 1999),][F11the Broads Authority][F12a National Park authority][F13, a [F14 police and crime commissioner ]] F15 ... [F16, ... F17, a joint authority established by Part IV of the M1Local Government Act 1985] [F18, an authority established for an area in England by an order under section 207 of the Local Government and Public Involvement in Health Act 2007 (joint waste authorities)], [F19 an economic prosperity board established under section 88 of the Local Democracy, Economic Development and Construction Act 2009, a combined authority established under section 103 of that Act] [F20, a combined county authority established under section 9(1) of the Levelling-up and Regeneration Act 2023,] [F21a fire and rescue authority created by an order under section 4A of the Fire and Rescue Services Act 2004 [F22, a corporate joint committee established by regulations under Part 5 of the Local Government and Elections (Wales) Act 2021]] F23... F1 ... and the Council of the Isles of Scilly;

(b)in Scotland, a local authority within the meaning of the M2Local Government (Scotland) Act, 1947;

(c)in any part of Great Britain, a joint board or joint committee constituted to discharge or advise on the discharge of the functions of any two or more of the authorities mentioned in the foregoing paragraphs (including a joint committee established by [F24those authorities acting in combination in accordance with regulations made under section 7 of the M3Superannuation Act 1972];

(d)in Northern Ireland, [F25a district council established under the M4Local Government Act (Northern Ireland) 1972], and the Northern Ireland Local Government Officers’ Superannuation committee established under the M5Local Government (Superannuation) Act (Northern Ireland), 1950.

F26(e). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1Words repealed by Local Government Act 1985 (c. 51, SIF 81:1), s. 102, Sch. 17

F2Words repealed by London Government Act 1963 (c. 33, SIF 81:1), Sch. 18 Pt. II

F3Words substituted by Financial Services Act 1986 (c. 60, SIF 69), s. 212(2), Sch. 16 para. 2(a)

F4Words in s. 11(3) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 268

F5Words in s. 11(4)(a) inserted (8.5.2000 for the purposes of its application to the Authority and 3.7.2000 so far as it is not already in force) by 1999 c. 29, s. 387(2)(a) (with Sch. 12 para. 9(1)); S.I. 1999/3434, arts. 3, 4

F6Words in s. 11(4)(a) inserted (1.4.1996) by 1994 c. 19, s66(6), Sch. 16 para. 19(1)(with ss. 54(7), 66(7), Sch. 17 paras. 22, 23(2)); S.I. 1996/396, art. 4, Sch. 2

F7Words repealed by Local Government Act 1972 (c. 70, SIF 81:1), s. 273(1)–(3), Sch. 30

F8Words “parish, the Common” substituted (E.W.) for words commencing “parish, [a river authority” by Water Act 1989 (c. 15, SIF 130), s. 190, Sch. 25 para. 29(1) (with ss. 58(7), 101(1), 141(6), 160(1)(2)(4), 163, 189(4)–(10), 190, 193(1), Sch. 26 paras. 3(1)(2), 17, 40(4), 57(6), 58)

F9Words inserted by Water Resources Act 1963 (c. 38, SIF 130), Sch. 13 para. 16

F10Words in s. 11(4)(a) inserted (8.5.2000 for the purposes of its application to the Authority and 3.7.2000 so far as it is not already in force) by 1999 c. 29, s. 387(2)(b) (with Sch. 12 para. 9(1); S.I. 1999/3434, arts. 3, 4

F11Words inserted (E.W.) by Norfolk and Suffolk Broads Act 1988 (c. 4, SIF 81:1), s. 21, Sch. 6 para. 3

F12Words in s. 11(4)(a) inserted (23.11.1995) by 1995 c. 25, s. 78, Sch. 10 para. 5(with ss. 7(6), 115, 117); S.I. 1995/2950, art. 2(1)

F13Words in s. 11(4)(a) inserted (1.10.1994 for the purposes mentioned in S.I. 1994/2025, art. 6 and 1.4.1995 for all remaining purposes by S.I. 1994/3262) by 1994 c. 29, ss. 43, 94(1), Sch. 4 Pt. II para. 46; S.I. 1994/2025, art. 6(2)(g); S.I. 1994/3262, art. 4, Sch.