House of Commons Members’ Fund Act 1962 (repealed) (c. 53)

House of Commons Members’ Fund Act 1962

1962 CHAPTER 53 10 and 11 Eliz 2

An Act to make fresh provision with respect to the powers of investment of the trustees of the House of Commons Members’ Fund.

[1st August 1962]

1 Powers of investment of trustees. U.K.

(1) The powers of investment of the trustees of the House of Commons Members’ Fund (hereafter in this Act referred to as “the fund”) shall be those conferred by the following provisions of this section instead of those conferred by the House of Commons Members’ Fund Acts 1939 to 1960 (under which the trustees of the Fund are authorised to invest in any investments whatsoever subject to the restriction that the total value, at cost, of the investments made by virtue only of the power conferred by the M1 House of Commons Members’ Fund Act 1960, must not exceed half the value of the fund).

(2) [F1 . . .], the trustees of the fund may invest any property in their hands, whether at the time in a state of investment or not, in any investments whatsoever and wheresoever and may also from time to time vary any such investments.

[F2 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1 Words in s. 1(2) repealed (1.2.2001) by 2000 c. 29, s. 40, Sch. 2 Pt. II para. 33(1), Sch. 4 Pt. II (with s. 35); S.I.2001/49, art. 2

F2 S. 1(3)-(5) repealed (1.2.2001) by 2000 c. 29, s. 40, Sch. 2 Pt. II para. 33(2), Sch. 4 Pt. II (with s. 35); S.I. 2001/49, art. 2

Marginal Citations

M1 1960 c. 50.

2 Interpretation, short title, citation and repeal. U.K.

[F3 (1) In this Act “narrower-range investment” and “property” have the same meanings as in the M2 Trustee Investments Act 1961.]

(2) This Act may be cited as the House of Commons Members’ Fund Act 1962.

(3) This Act and the House of Commons Members’ Fund Acts 1939 to 1957, may be cited together as the House of Commons Members’ Fund Acts 1939 to 1962.

(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4

Textual Amendments

F3 S. 2(1) repealed (1.2.2001) by 2000 c. 29, s. 40, Sch. 2 Pt. II para. 33(2), Sch. 4 Pt. II

F4 S. 2(4), Sch. repealed by Statute Law (Repeals) Act 1974 (c. 22), Sch. Pt. XI

Marginal Citations

M2 1961 c. 62.

F5 F5 SCHEDULE U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F5 S. 2(4), Sch. repealed by Statute Law (Repeals) Act 1974 (c. 22), Sch. Pt. XI