Trustee Investments Act 1961

Changes over time for: Section 11

Version Superseded: 01/10/1994

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Point in time view as at 01/02/1991. This version of this provision has been superseded.

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11 Local Authority investment schemes. U.K.

(1)Without prejudice to powers conferred by or under any other enactment, any authority to which this section applies may invest property held by the authority in accordance with a scheme submitted to the Treasury by an association of local authorities . . . F1 . . . F2 and approved by the Treasury as enabling investments to be made collectively without in substance extending the scope of powers of investment.

(2)A scheme under this section may apply to a specified authority or to a specified class of authorities, may make different provisions as respects different authorities or different classes of authorities or as respects different descriptions of property or property held for different purposes, and may impose restrictions on the extent to which the power conferred by the foregoing subsection shall be exercisable.

(3)In approving a scheme under this section, the Treasury may direct that [F3the M1Financial Services Act 1986], shall not apply to dealings undertaken or documents issued for the purposes of the scheme, or to such dealings or documents of such descriptions as may be specified in the direction.

(4)The authorities to which this section applies are—

(a)in England and Wales, the council of a county, a . . . F2 borough . . . F4 a . . . F4 district or a [F5parish, [F6a river authority] the Common][F5parish, the Common] Council of the City of London [F7the Broads Authority][F8, . . . F9, a joint authority established by Part IV of the M2Local Government Act 1985] . . . F1 and the Council of the Isles of Scilly;

(b)in Scotland, a local authority within the meaning of the M3Local Government (Scotland) Act, 1947;

(c)in any part of Great Britain, a joint board or joint committee constituted to discharge or advise on the discharge of the functions of any two or more of the authorities mentioned in the foregoing paragraphs (including a joint committee established by [F10those authorities acting in combination in accordance with regulations made under section 7 of the M4Superannuation Act 1972];

(d)in Northern Ireland, [F11a district council established under the M5Local Government Act (Northern Ireland) 1972], and the Northern Ireland Local Government Officers’ Superannuation committee established under the M6Local Government (Superannuation) Act (Northern Ireland), 1950.

Textual Amendments

F1Words repealed by Local Government Act 1985 (c. 51, SIF 81:1), s. 102, Sch. 17

F2Words repealed by London Government Act 1963 (c. 33, SIF 81:1), Sch. 18 Pt. II

F3Words substituted by Financial Services Act 1986 (c. 60, SIF 69), s. 212(2), Sch. 16 para. 2(a)

F4Words repealed by Local Government Act 1972 (c. 70, SIF 81:1), s. 273(1)–(3), Sch. 30

F5Words “parish, the Common” substituted (E.W.) for words commencing “parish, [a river authority” by Water Act 1989 (c. 15, SIF 130), s. 190, Sch. 25 para. 29(1) (with ss. 58(7), 101(1), 141(6), 160(1)(2)(4), 163, 189(4)–(10), 190, 193(1), Sch. 26 paras. 3(1)(2), 17, 40(4), 57(6), 58)