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1[20. Investment of trust-money.--Where the trust-property consists of money and cannot be
applied immediately or at an early date to the purposes of the trust, the trustee shall, subject to any
direction contained in the instrument of trust, invest the money in any of the securities or class of
securities expressly authorised by the instrument of trust or as specified by the Central
Government, by notification in the Official Gazette:
Provided that where there is a person competent to contract and entitled in possession to
receive the income of the trust-property for his life, or for any greater estate, no investment in any of the securities or class of securities mentioned above shall be made without his
consent in writing.
Explanation.--For the purposes of this section, the expression “securities” shall have the
same meaning as assigned to it in clause (h) of section 2 of the Securities Contracts
(Regulation) Act, 1956 (42 of 1956).]
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1 Ins. by Act 31 of 1920, s. 2 and the First Schedule.
2 Added by Act 18 of 1934, s. 2.
3. Subs. by the A.O.1937, for charged by the Imperial Parliament on the revenues of India .
4. Subs. by the A.O.1950, for Imperial Parliament.
5. Ins. by the A.O.1948.
6. Subs., ibid., for Federation.
7. The words Governor-General and Province stand unmodified, vide the A.O.1950.
8. Added by Act 1 of 1916, s. 2.
9 Ins. by s. 2, ibid.
10. Subs. by the A.O. 1950, for which may at any time hereafter be.
11 .Ins., ibid.
12 .Ins. by the A.O. 1937.
13. Subs. by the A.O. 1950, for may be- .
14 .Ins. by Act 21 of 1917, s. 2.
15.Subs. by Act 37 of 1925, s. 2 and Sch. 1, for Central.
16.Subs. by Act 3 of 1908, s. 2, for the original cl.
17.The words any Act of a Legislature established in British India have been successively amended by the A.O. 1948, the A.O. 1950 and Act 3 of 1951, s. 3 and Sch., to read as above.
18. Ins. by Act 16 of 1975, s. 2 (w.e.f. 7-1-1975).
19. The words British India have been successively amended by the A.O. 1948, the A.O. 1950 and Act 3 of 1951, s. 3 and Sch., to read as above.
20. The word or omitted by Act 16 of 1975, s. 2 (w.e.f. 7-1-1975).
21 .Ins. by Act 1 of 1916, s. 3.