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Report No. 17

33. Section 21.-

A saving provision to retain investments which have ceased to be authorised may be substituted for existing section 21 on the lines of section 4 of the (English) Trustee Act, 1925.

34. We recommend the omission of the clause relating to investment on a mortgage of immovable property already hypothecated for an advance under the Land Improvement Act, 1883 for the reason that in that event the mortgage that has to be created in favour of the trustee will be a second mortgage and as such involves risk, for the security may not be adequate. The only reason given in justification of this clause in the Statement of Objects and Reasons1 of the original Bill of 1880 is that a similar provision is to be found in England in 27 and 28 Vict., Chap. 114, section 161. The provision as to deposit of trust money in Government Savings Bank may be transposed to section 20.

1. Gazette of India, 1880, Pt. V, p. 494.

35. Section 22.- No change.

Trusts Act, 1882 Back

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