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6. Powers of investment.-

The Corporation shall have power to invest the funds, which are subject to the trusts of the Settlement effected by this Act, on the following securities and on no others:-

(a) in Promissory Notes, debentures, stock or other securities of the Government of India, or of the United Kingdom of Great Britain and Ireland;

(b) in bonds, debentures or annuities charged by the Imperial Parliament, or by an Act of Legislative Council of the Governor General of India, on the revenues of India;

(c) in stock or debentures of or shares in Railway or other Companies, the interest whereon shall have been guaranteed by the Secretary of State for India in Council;

(d) in debentures or other securities for moneys issued by, or on, behalf of, any municipal body under the authority of any Act of a Legislature established in British India, or debentures issued by the Trustees for the Improvement of the City of Bombay under the City of Bombay Improvement, Act, 1898 (Bombay Act 4 of 1898), or debentures issued by the Trustees of the Port of Bombay under the Bombay Port Trust Act, 1879 (Bombay Act 6 of 1879), or debentures issued by the Trustees of the Port of Karachi under the Local Authorities Loans Act, 1914 (Act 9 of 1914), or other law for the time being in force, or debentures issued by the Commissioners for the Port of Rangoon under the Local Authorities Loans Act, 1914 ( Act 9 of 1914), or the Rangoon Port Act, 1905 (Baronet Act 4 of 1905).

(e) on any other security expressly authorised by any rule which the High Court of Judicature at Bombay may, from time to time, prescribe as an investment for trust property consisting of money.

Sir Jamsetjee Jejeebhoy Baronetcy Act, 1915 Back

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