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Trustee Investments Act 1961
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Trustee Investments Act 1961, Section 10 is up to date with all changes known to be in force on or before 25 May 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes and effects yet to be applied to Section 10:
- s. 10 repealed by 2024 asp 2 Sch. 2
10 Powers of Scottish trustees supplementary to powers of investment. X1U.K.
Section four of the Trusts (Scotland) Act, 1921 (which empowers trustees in trusts the execution of which is governed by the law in force in Scotland to do certain acts, where such acts are not at variance with the terms or purposes of the trust) shall have effect as if, in subsection (1) thereof, after paragraph (n), there were added the following paragraphs :—
“(o)to concur, in respect of any securities of a company (being securities comprised in the trust estate), in any scheme or arrangement—
(i)for the reconstruction of the company,
(ii)for the sale of all or any part of the property and undertaking of the company to another company,
(iii)for the acquisition of the securities of the company, or of control thereof, by another company,
(iv)for the amalgamation of the company with another company, or
(v)for the release, modification, or variation of any rights, privileges or liabilities attached to the securities or any of them,
in like manner as if the trustees were entitled to such securities beneficially ; to accept any securities of any denomination or description of the reconstructed or purchasing or new company in lieu of, or in exchange for, all or any of the first mentioned securities; and to retain any securities so accepted as aforesaid for any period for which the trustees could have properly retained the original securities ;
(p)to exercise, to such extent as the trustees think fit, any conditional or preferential right to subscribe for any securities in a company (being a right offered to them in respect of any holding in the company), to apply capital money of the trust estate in payment of the consideration, and to retain any such securities for which they have subscribed for any period for which they have the power to retain the holding in respect of which the right to subscribe for the securities was offered (but subject to any conditions subject to which they have that power); to renounce, to such extent as they think fit, any such right; or to assign, to such extent as they think fit and for the best consideration that can reasonably be obtained, the benefit of such right or the title thereto to any person, including any beneficiary under the trust.”
Editorial Information
X1The text of ss. 9(1) and 10 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.
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