TRUSTEE INVESTMENTS. A trustee may invest the trust funds only in certain securities. The Trustees Act, 1893, provides as follows : " Section 1. A trustee may, unless ex pressly forbidden by the instrument (if any) creating the trust, invest any trust funds in his hands, whether at the time in a state of investment or not, in manner following, that is to say : " (a) In any of the parliamentary stocks or public funds or Government securities of the United Kingdom : " (b) On real or heritable securities in Great Britain or Ireland : " (c) In the stock of ;the Bank of England or the Bank of Ireland : " (d) In India Three and a half per cent. stock and India Three per cent. stock, or in any other capital stock which may at any time hereafter be issued by the Secretary of State in Council of India under the authority of Act of Parliament, and charged on the revenues of India : " (e) In any securities the interest of which is for the time being guaranteed by Parliament : " (f) In consolidated stock created by the Metropolitan Board of Works, or by the London County Council, or in debenture stock created by the receiver for the Metropolitan Police District : In the debenture or rent charge, or guaranteed or preference stock of any railway company in Great Britain or Ireland incorporated by special Act of Parliament, and hav ing during each of the ten years last past before the date of investment paid a dividend at the rate of not less than three per centum per annum on its ordinary stock : In the stock of any railway or canal company in Great Britain or Ireland whose undertaking is leased in per petuity or for a term of not less than two hundred years at a fixed rental to any such railway company as is mentioned in sub-section (g), either alone or jointly with any other railway company : In the debenture stock of any railway company in India the interest on which is paid or guaranteed by the Secretary of State in Council of India : In the " B " annuities of the Eastern Bengal, the East Indian, and the Scinde Punjaub and Delhi Railways, and any like annuities which may at any time hereafter be created on the purchase of any other railway by the Secretary of State in Council of India, and charged on the re venues of India, and which may be authorised by Act of Parliament to he accepted by trustees in lieu of any stock held by them in the pur chased railway ; also in deferred annuities comprised in the register of holders of annuity Class D and annuities comprised in the register of annuitants Class C. of the East
Indian Railway Company : In the stock of any railway company in India upon which a fixed or minimum dividend in sterling is paid or guaranteed by the Secretary of State in Council of India, or upon the capital of which the interest is so guaranteed : In the debenture or guaranteed or preference stock of any company in Great Britain or Ireland, established for the supply of water for profit, and incorporated by special Act of Parliament or by Royal Charter, and having during each of the ten years last past before the date of investment paid a dividend of not less than five pounds per centum on its ordinary stock : " (in) In nominal or inscribed stock issued, or to be issued, by the corporation of any municipal borough having, according to the returns of the last census prior to the date of invest ment, a population exceeding fifty thousand, or by any county council, under the authority of any Act of Parliament or Provisional o )rder : " (n) In nominal or inscribed stock issued or to be issued by any commissioners incorporated by Act of Parliament for the purpose of supplying water, and having a compulsory power of levying rates over an area having, according to the returns of the last census prior to the date of invest ment, a population exceeding fifty thousand, provided that during each of the ten years last past before the date of investment the rates levied by such commissioners shall not have exceeded eighty per centum of the amount authorised by law to be levied : " (o) In any of the stocks, funds, or se curities for the time being author ised for the investment of cash under the control or subject to the order of the High Court, and may also from time to time vary any such investment.