Finance Act 1980

Re-investment

5 (1) Subject to paragraphs 3 and 4 above, the Commissioners may, if the Treasury so direct, re-invest any sums received by them in respect of the residual investments (whether on redemption or as proceeds of sale) and this Schedule shall apply to the resulting investments as if they were included in the residual investments.

(2) Any sums to be re-invested shall be re-invested, in accordance with any directions given by the Treasury, in any such manner for the time being specified in Part II of Schedule 1 to the [1961 c. 62.] Trustee Investments Act 1961 as the Treasury may by order specify.

(3) A draft of any statutory instrument containing an order under this paragraph shall be laid before Parliament.

(4) In section 133(3) of the [1975 c. 14.] Social Security Act 1975, section 127(3) of the [1975 c. 15.] Social Security (Northern Ireland) Act 1975 and sections 37(3) and 103(3) of the [1978 c. 44.] Employment Protection (Consolidation) Act 1978 for the words “as may be specified by an order of the Treasury for the time being in force under section 22(1) of the National Savings Bank Act 1971 ” there shall be substituted the words “for the time being specified in Part II of Schedule 1 to the Trustee Investments Act 1961 as the Treasury may specify by an order of which a draft has been laid before Parliament ”.

(5) Any order in force under the said section 22(1) at the end of 1980 shall have effect as if made under this paragraph and the provisions amended by sub-paragraph (4) above.