Trustee Investments Act 1961

4 U.K. 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, [F1 a county borough,] a . . . F2 borough . . . F3 , an urban or rural district or a parish, the Common Council of the City of London [F4 the Greater London Council] and the Council of the Isles of Scilly;

  (b)

  in Scotland, a local authority within the meaning of the M1 Local 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, [F7 Liechtenstein,]Norway, Sweden or a member state other than the United Kingdom;]

• . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F8

• “securities” includes shares, debentures [F9 units within paragraph 3 [F10 or 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.

Textual Amendments

F1 Words in Sch. 1 Pt. IV para. 4 inserted (1.4.1996) by 1994 c. 19, s. 66(6), Sch. 16 para. 19(2)(with ss. 54(7), 66(7), Sch. 17 paras. 22, 23(2)); S.I. 1996/396, art. 4, Sch.2

F2 Words repealed by London Government Act 1963 (c. 33, SIF 81:1), Sch. 18 Pt. II

F3 Words repealed by Local Government Act 1972 (c. 70, SIF 81:1), s. 273(1)–(3), Sch. 30

F4 Words inserted by London Government Act 1963 (c. 33, SIF 81:1), Sch. 17 para. 25

F5 Sub-para. (c) repealed by Statute Law (Repeals) Act 1981 (c. 19), s. 1(1), Sch. 1 Pt. V

F6 Definitions in Sch. 1 Pt. IV para. 4 inserted (22.8.1994) by S.I. 1994/1908, art. 3(6)(a)

F7 Words in Sch. 1 Pt. IV para. 4 inserted (18.4.1995) by S.I. 1995/768, art. 2

F8 Definitions repealed by Trustee Savings Banks Act 1976 (c. 4, SIF 110), s. 36(2), Sch. 6

F9 Words inserted by Financial Services Act 1986 (c. 60, SIF 69), s. 212(2), Sch. 16 para. 2(d)

F10 Words in Sch. 1 Pt. IV para. 4 inserted (22.8.1994) by S.I. 1994/1908, art. 3(6)(b)

F11 Words repealed by National Loans Act 1968 (c. 13, SIF 99:3), Sch. 6 Pt. I

Modifications etc. (not altering text)

C1 Sch. 1 Pt. IV para. 4 extended (24.6.2003) by The Uncertificated Securities (Amendment) (Eligible Debt Securities) Regulations 2003 (S.I. 2003/1633), reg. 1(1), Sch. 2 para. 3(a)

C2 By virtue of Local Government (Scotland) Act 1973 (c. 65, SIF 81:2), s. 214(1), Sch. 27 Pt. I para. 1(2) it is provided that the reference to a local authority within the meaning of the 1947 Act shall be construed as a reference to a local authority within the meaning of Local Government (Scotland) Act 1973 (c. 65, SIF 81:2)

Marginal Citations

M1 1947 c. 43(81:2, 103:2)