Lawgist6Powers 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.
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- 1 Short title
- 2 Repeal of Act XX of 1860
- 3 The Commissioner for the Northern Division, the Accountant - General, and the Collector of Bombay to be a Corporation for execution of the Trusts of this Act
- 4 Present Baronet to continue to bear, and all future Baronet to take, names of First Baronet
- 5 Government Promissory Notes of a certain nominal value vested in Trustees
- 6 Powers of investment
- 7 Prohibition against varying investments without consent of person entitled to income
- 8 Power to Baronet for the time being to purchase land to erect a Mansion House thereon
- 9 Power to trustees to sell securities to produce funds to pay for land, etc
- 10 Power to Baronet for the time being to sell Mazngon Castle
- 11 Power to Trustees to apply proceeds of sale Mazagon Castle, not exceeding Rs. 2,75,000 in paying for land purchased and for erecting Mansion House th ere on, etc
- 12 Settlement of Mansion House, etc., in support of Baronetcy
- 13 Saving of rights of persons interested in reversion or remainder in Mazagon Castle on sale thereo
- 14 Declaration of Trusts as to surplus proceeds of sale of Mazagon Castle over and above the sum of Rs. 2,75,000
- 15 Power to Trustees to invest the surplus annual interest and income of the Trust Fund and p remises during the minority of any Baronet etc
- 16 Provision in case of refusal or discontinuance of names of First Baronet
- 17 Baronet in possession may jointure
- 18 Limit of aggregate of jointure payable contemporaneously
- 19 Mansion House and hereditaments not to be subject to joiuture
- 20 Alienation prohibited during the Baronetcy
- 21 Power to augment the funds and securities subject to the Settlement, provided that total amount of funds su bject to the Settlement shall not exceed fifty lakh
- 22 Provision as to insurances of Mazagon Castle, and other house or buildings purchased in lieu thereof
- 23 Directions for keeping Mazagone Castle, and other houses or buildings purchased in lieu thereof, in repair
- 24 Power to Trustees to sell land subject to Settlement
- 25 Directions as to how sale may be made
- 26 Direction as investment of proceeds of sale of lands
- 27 Declaration of Trusts as to investments of proceeds of sale of lands
- 28 Power to Baronet for the time being to enter into arrangement with Government as to land - revenue payable in respect of land purchased under section
- 29 Indemnity of Trustees
- 30 General saving clause
