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.U.K.
(2)Any sums to be re-invested shall be re-invested, in accordance with any directions given by the Treasury, ina ny such manner for the time being specified in Part II of Schedule 1 to the M1Trustee 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 liad before Parliament.
F1(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(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.
Textual Amendments
F1Sch. 19 para. 5(4) repealed (22.8.1996) by 1996 c. 18, ss. 242, 243, Sch. 3 Pt. I
Modifications etc. (not altering text)
C1The “said section 22(1)” means National Savings Bank Act 1971 (c. 29), s. 22(1)
Marginal Citations
