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United Kingdom Statutory Instruments |
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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Trustee Investments (Division of Trust Fund) Order 1996 No. 845 URL: http://www.bailii.org/uk/legis/num_reg/1996/uksi_1996845_en.html |
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Statutory Instruments
TRUSTEES
Approved by Parliament
Made
18th March 1996
Laid before Parliament
19th March 1996
Coming into force
11th May 1996
Whereas this Order has been approved by each House of Parliament pursuant to section 13(5) of the Trustee Investments Act 1961(1);
The Treasury, in exercise of the powers conferred on them by section 13(1) of that Act, and all powers enabling them in that behalf, hereby make the following Order:-
1. This Order may be cited as the Trustee Investments (Division of Trust Fund) Order 1996 and shall come into force on the tenth day after the day on which it is approved by resolution of each House of Parliament.
2. It is hereby directed that, subject to section 4(3) of the Trustee Investments Act 1961, any division of a trust fund made in pursuance of section 2(1) of that Act shall be made so that the value of the wider-range part at the time of the division bears to the then value of the narrower-range part the proportion of three to one.
Derek Conway
Simon Burns
Two of the Lord Commissioners of Her Majesty's Treasury
18 March 1996
(This note is not part of the Order)
This Order, which extends to England and Wales and Scotland, contains a direction by H. M. Treasury that the prescribed proportion under section 13(1) of the Trustee Investments Act 1961 shall be a proportion of three to one, with the result that any division of a trust fund under section 2(1) of that Act is to be made so that the value of the wider-range part of the fund, instead of being equal to the value of the narrower-range part of the fund as required by section 2, is three times that value.
