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Trustee Savings Banks Act 1985
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10For the purposes of paragraph 3 of Part IV of Schedule 1 to the [1961 c. 62.] Trustee Investments Act 1961 (securities not wider-range investments, and debentures not narrower-range investments, unless the company has paid dividends in each of the five calendar years preceding the year in which the investment is made), the new holding company shall be taken to have paid a dividend as mentioned in paragraph (b) of that paragraph—
(a)in each of the five years immediately preceding the year in which the vesting day falls ; and
(b)in that year, if the company does not in fact pay such a dividend.
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