HC Deb 25 April 1967 vol 745 cc1388-9
Mr. Ross

I beg to move Amendment No. 10, in page 5, line 34, after 'provisions' to insert, 'of that section and'.

This Amendment applies certain provisions of Section 8 of the Local Government (Development and Finance) (Scotland) Act, 1964, to capital funds and renewal and repair funds established by a board under Clause 9. As drafted, Clause 9 provides for regional water boards and water development boards the necessary machinery for the general management of their funds and accounts, to a large extent by applying provisions of the Local Government (Scotland) Acts.

Subsection (3) as drafted extends to the boards the like powers conferred on local authorities by the 1964 Act to establish capital and renewal and repair funds. But Section 8 of that Act also provides that moneys in such funds must be invested in statutory securities until they are required, and their provision should apply to capital and renewal and repair funds established by a board under the Bill. That was not done in the original draft and is now done by the Amendment.

Statutory securities as defined by Section 8(7) of the 1964 Act are:

  1. "(a) any security in which trustees are for the time being authorised by law to invest trust moneys,
  2. (b) any mortgage, bond, debenture, debenture stock, stock, annuity or other security created by a local authority, and
  3. (c) any feu-duty or ground-annual, but does not include any security transferable by delivery."

I think that the Amendment is sensible and reasonable.

Amendment agreed to.