HC Deb 13 February 1962 vol 653 c1099
7. Mr. Stratton Mills

asked the Chancellor of the Exchequer what action he proposes to take following the two recent judicial interpretations of Section 15 of the Trustee Investments Act, in the cases of in re Kolb's Will Trusts and in re Porritt's Will Trusts on the subject of investment, to clarify the position.

Sir E. Boyle

I understand that an appeal is being made in one of these cases. It would, therefore, be premature for me to comment.

Mr. Stratton Mills

Does not the Chancellor consider that the judgment of the judges in both these cases, in spite of what my right hon. and learned Friend has said, have taken a rather limited view of the Variation of Trusts Act, 1958, despite the assurance given in Committee on the Trustees Investment Bill by the former Solicitor-General?

Sir E. Boyle

I know that a great deal of concern is felt about this matter. I think that at the present time it would be premature for me to comment, as I have said.

Mr. Mitchison

Will the hon. Gentleman bear in mind when he considers this case that this is a point on which the Government twice asserted that the Chancery judges had been consulted and that it appeared in the final stages of the Committee proceedings they had not been consulted?

Sir E. Boyle

I can assure the hon. and learned Gentleman that we shall take into account what was said by the Government during the debate and anything said on the judgments.