§ 1. In this Schedule 'special-range property' means property falling within subsection (3) of section three of this Act.
§ 2.—(1) Where a trust fund includes special-range property, subsection (1) of section two of this Act shall have effect as if references to the trust fund were references to so much thereof as does not consist of special-range property, and the special-range property shall be carried to a separate part of the fund.
§ (2) Any property which—
- (a) being property belonging to the narrower-range or wider-range part of a trust fund, is converted into special-range property, or
- (b) being special-range property, accrues to a trust fund after the division of the fund or part thereof in pursuance of subsection (1) of section two of this Act or of that subsection as modified by subparagraph (1) of this paragraph,
§ 3. Where property carried to such a separate part as aforesaid is converted into property other than special-range property,
- (a) it shall be transferred to the narrower-range part of the fund or the wider-range part of the fund as apportioned between them, and
- (b) any transfer of property from one of those parts to the other shall be made which is necessary to secure that the value of each of those parts of the fund is increased by the same amount.")
§ After the First Schedule, insert the following new Schedule—
§ ("PROVISIONS SUPPLEMENTARY TO S. 3 (4)
§ 1. Where in a case falling within subsection (4) of section three of this Act, property belonging to the narrower-range part of a trust fund—
- (a) is invested otherwise than in a narrower-range investment, or
- (b) being so invested, is retained and not transferred or as soon as may be reinvested as mentioned in subsection (2) of section two of this Act,
§ 2. Section four of the Trustee Act, 1925, or section thirty-three of the Trusts (Scotland) Act, 1921 (which relieve a trustee from liability for retaining an investment which has ceased to be authorised), shall not apply where an investment ceases to be authorised in consequence of the foregoing paragraph.")
§ Third Schedule, page 16, line 7, at end insert—
|("9 & 10 Eliz. 2. c. 16.||The Sierra Leone Independence Act, 1961.||In the Third Schedule, paragraph 5.")|
§ THE EARL OF DUNDEE
My Lords, I beg to move that this House doth agree with the Commons in the said Amendments.
§ Moved, That this House doth agree with the Commons in the said Amendments.—(The Earl of Dundee.)
§ On Question, Motion agreed to.