Industrial and Provident Societies Act 1965 (repealed)

31 Investments. E+W

A registered society may invest any part of its funds in or upon any security authorised by its registered rules, and also, unless those rules direct otherwise—

(a) in or upon any mortgage, bond, debenture, debenture stock, corporation stock, annuity, rentcharge, rent or other security (not being securities payable to bearer) authorised by or under any Act of ;

[F1 [F2 (i) a billing authority or a precepting authority, as defined in section 69 of the Local Government Finance Act 1992;

(ia) a combined police authority or a combined fire authority, as defined in section 144 of the Local Government Finance Act 1988;]

(ii) a levying body within the meaning of section 74 of that Act; and

(iii) a body as regards which section 75 of that Act applies]

(b) in the shares or on the security of any other registered society, of any [F3 building society within the meaning of the Building Societies Act 1986], or of any company registered under the Companies Acts or incorporated by Act of Parliament or by charter, being a society or company with limited liability;

(c) in or upon any other security, being a security in which trustees are for the time being authorised by law to invest, for which purpose sections 1 to 6 of the M1 Trustee Investments Act 1961 shall apply as if the society were a trustee and its funds were trust property.

Textual Amendments

F1 S. 31(a) paragraphs (i)–(iii) substituted (E.W.) for “ any local authority within the meaning of the Local Loans Act 1875" by S.I.1990/776, art. 8, Sch. 3 para. 9

F2 S. 31(a)(i)(ia) substituted (E.W.)(2.11.1992) for s. 31(a)(i) by Local Government Finance Act 1992 (c. 14), s. 117(1), Sch. 13 para.13 (with s. 118(1)(2)(4)); S.I. 1992/2454, art.2.

F3 Words substituted by Building Societies Act 1986 (c. 53, SIF 16), s. 120, Sch. 18 para. 6

Marginal Citations

M1 1961 c. 62.

31 Investments. S

A registered society may invest any part of its funds in or upon any security authorised by its registered rules, and also, unless those rules direct otherwise—

(a) in or upon any mortgage, bond, debenture, debenture stock, corporation stock, annuity, rentcharge, rent or other security (not being securities payable to bearer) authorised by or under any Act ofany local authority within the meaning of the M2 Local Loans Act 1875;

(b) in the shares or on the security of any other registered society, of any [F4 building society within the meaning of the Building Societies Act 1986], or of any company registered under the Companies Acts or incorporated by Act of Parliament or by charter, being a society or company with limited liability;

(c) in or upon any other security, being a security in which trustees are for the time being authorised by law to invest, for which purpose sections 1 to 6 of the M3 Trustee Investments Act 1961 shall apply as if the society were a trustee and its funds were trust property.

Extent Information

E1 This version of this provision extends to Scotland and the Channel Islands only; a separate version has been created for England and Wales only.

Textual Amendments

F4 Words substituted by Building Societies Act 1986 (c. 53, SIF 16), s. 120, Sch. 18 para. 6

Marginal Citations

M2 1875 c. 83.

M3 1961 c. 62.