SCHEDULES

FIRST SCHEDULE Manner of Investment

Part IV Supplemental

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In this Schedule, unless the context otherwise requires, the following expressions have the meanings hereby respectively assigned to them, that is to say—

“debenture” includes debenture stock and bonds, whether constituting a charge on assets or not, and loan stock or notes;

“enactment” includes an enactment of the Parliament of Northern Ireland;

“fixed-interest securities” means securities which under their terms of issue bear a fixed rate of interest;

“local authority” in relation to the United Kingdom, means any of the following authorities—

(a)

in England and Wales, the council of a county, F1a county borough, a . . . F2 borough . . . F3, an urban or rural district or a parish, the Common Council of the City of London F4the Greater London Council and the Council of the Isles of Scilly;

(b)

in Scotland, a local authority within the meaning of the M1Local Government (Scotland) Act, 1947;

(c)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5

F6“mutual investment society” means a credit institution which operates on mutual principles and which is authorised by the appropriate supervisory authority of a relevant state;

“relevant money market” means a money market which is supervised by the central bank or a government agency of a relevant state;

“relevant state” means Austria, Finland, Iceland, F7Liechtenstein,Norway, Sweden or a member state other than the United Kingdom;

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F8

“securities” includes shares, debentures F9units within paragraph 3 F10or 6 of Part III of this Schedule, Treasury Bills and Tax Reserve Certificates;

“share” includes stock;

“Treasury Bills” includes . . . F11 bills issued by Her Majesty’s Government in the United Kingdom and Northern Ireland Treasury Bills.