Local Authorities’ Mutual Investment Trust Act 1968

1 Extension of Company’s power to invest. U.K.

(1) The powers of investment exercisable by the Company in relation to the wider-range trust fund shall include power to invest—

(a) in any securities issued by or guaranteed by any government or public authority in or issued by any body corporate incorporated in any of the territories which on the 30th day of November 1967 were scheduled territories within the meaning of the M1 Exchange Control Act 1947 (other than the United Kingdom) and any other territory which after the said date is added to Schedule 1 of the said Act by virtue of an Order made by the Treasury under that Act or in Canada or the United States of America or in any of the following countries, namely, Austria, Belgium, Denmark, France, Holland, Italy, Luxembourg, Norway, Portugal, Spain, Sweden, Switzerland and Western Germany;

(b) in the acquisition, development or management of land situate in the United Kingdom or any interest in such land.

(2) The restrictions contained in paragraphs 1, 2 and 3 of Part IV of Schedule 1 to the Act of 1961 shall not apply to the securities in which the Company is authorised to invest in relation to the wider-range trust fund by virtue of paragraph 1 of Part III of the said Schedule 1 or by virtue of subsection (1) of this section:

Save that the securities in which the Company is authorised to invest by virtue of paragraph 1 of Part III of the said Schedule 1 shall not include securities the price of which is not quoted on a [F1 recognised investment exchange F2 . . .] or the Belfast Stock Exchange.

(3) For the purposes of the foregoing provisions of this section an investment in the units of a unit trust scheme or in participation certificates or in any form of participation under any trust or scheme established in the United Kingdom or in any of the territories or countries referred to in subsection (1) of this section having the effect of enabling persons to participate in the profits and income arising from the acquisition, holding, management or disposal of such securities or of such land or interest in land as are specified in that subsection shall be regarded as an investment in the securities in question or in such land or interest in land.

Textual Amendments

F1 Words in s. 1(2) substituted by 1986 c. 60, s. 212(2), Sch. 16 para. 7

F2 Words in s. 1(2) repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 276

Marginal Citations

M1 1947 c. 14.