Central Bank Act, 1997

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Amendment of Trustee (Authorised Investments) Act, 1958.

80.—The Trustee (Authorised Investments) Act, 1958 , is hereby amended—

(a) by the substitution of the following section for section 2:

“Variation by order of authorised investments.

2.—(1) The Minister for Finance may by order vary by addition or deletion and may specify such conditions as he considers proper in respect of the investment of trust funds in—

(a) the investments specified in section 1 (as amended by section 1 of this Act) of the Trustee Act, 1893 , or

(b) where those investments have been varied by order under this subsection or under any other statutory authority, those investments as so varied.

(2) Every order made under this section shall be laid before each House of the Oireachtas as soon as may be after it is made and if either such House, within the next subsequent twenty-one days on which it has sat after such order is laid before it, passes a resolution annulling such order, such order shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.

(3) Before making an order under this section the Minister shall consult—

(a) the President of the High Court,

(b) the Governor of the Central Bank,

(c) the Public Trustee,

(d) the Chairperson of the Irish Bankers Federation,

(e) the President of the Law Society of Ireland, and

(f) the Chairperson of the Irish Stock Exchange,

in regard to the terms of the proposed order.

(4) Nothing in this Act or in any order made under it shall authorise a trustee to do anything which he or she is expressly forbidden to do by the instrument creating the trust nor shall it prevent a trustee from doing anything which he or she is expressly permitted to do by the instrument creating the trust.”,

and

(b) by the substitution of the following section for section 5:

“Saver for certain investments.

5.—(1) Notwithstanding anything contained in this Act where trust funds within the meaning of the Trustee Act, 1893 , or money under the control of or subject to the order of any Court stand or stands invested in a manner which was authorised by law when the investment was effected but which, apart from this section, has ceased to be so authorised, authority is hereby given to continue to keep the funds or money invested in that manner.

(2) Where any condition specified in any order made under this Act would have the effect of requiring a trustee to dispose of any investment which was not in breach of any condition specified in any order made under this Act at the time the investment was effected, such trustee is hereby authorised to retain such investment.

(3) Nothing in this section shall have the effect of removing from a trustee an obligation to comply with any condition specified in any order made under this Act in respect of any investment effected by such trustee after the coming into operation of any order made under this Act.”.