TRUSTEE INVESTMENTS

Whereas by an Act of the Parliament of the United Kingdom known as ” The Colonial Stock Act, 1900 “, the securities in which a trustee may invest under the powers of the Act of that Parliament known as ” The Trustee Act, 1893 “, are declared to include any colonial stock which is registered in the United Kingdom in accordance with the provisions of the Colonial Stock Acts, and with respect to which there have been observed such conditions (if any) as the Lords Commissioners of the Treasury of the United Kingdom may, by order notified in the London Gazette, prescribe :

And whereas the said Lords Commissioners of the Treasury of the United Kingdom have, by an order dated 6th December, 1900, prescribed as two of the said conditions that a colony shall provide by legislation for the payment, out of the revenue of the colony, of any sums which may become payable to stockholders under any judgment, decree, rule, or order of a court in the United Kingdom, and that the colonial Government should place on record a formal expression of their opinion that any colonial legislation which appears to the Imperial Government to alter any of the provisions affecting the stock to the injury of the stockholder, or to involve a departure from the original contract in regard to the stock, would properly be disallowed :

And whereas it is expedient that provision should be made to enable advantage to be taken of the said Acts in respect of investment of trust funds in Ceylon Government securities:

Be it therefore enacted by the Governor of Ceylon, with the advice and consent of the Legislative Council thereof, as follows : –

1. This Ordinance may be cited as the Trustee Investment (in Ceylon Government Securities) Ordinance-

2. This Ordinance shall apply to all securities heretofore or hereafter created or issued on behalf of the Government of Ceylon to which for the time being the Colonial Stock Acts apply, and which are for the time being registered in the United Kingdom in accordance with the provisions of those Acts, each and all of which securities are hereinafter referred to as ” Ceylon Government securities “.

3.

4. In order to enable every such payment to be duly made a certificate under the hands of the Crown Agents, specifying the sum so paid under order of any such court, shall be sufficient authority to the Auditor-General or other officer having the auditing of their accounts for passing such sum without further

5. If at any time hereafter an enactment is passed which appears to the Government of the United Kingdom to alter any of the provisions affecting the Government securities to the injury of the holder thereof, or to involve a departure from the original contract in regard to those securities, that enactment will properly be disallowed.

6. In this Ordinance-

” Crown Agents ” means the person or persons for the time being acting as Crown Agents for Oversea Governments and Administrations in England, or any one of them ;

” Colonial Stock Acts ” means the Acts of the Parliament of the United Kingdom known as ” The Colonial Stock Acts, 1877 to 1900 “.