IE
S.I. No. 28/1998 - Trustee (Authorised Investments) Order, 1998.
Statutory Text (5 Articles)
1. A trustee shall not invest in instruments denominated in a currency other than the currency of the State if, immediately after the investment, the proportion of the trust funds invested in currencies other than the currency of the State would exceed 40 per cent. of those funds.
2. A trustee shall not invest in a relevant collective investment scheme or in a life assurance contract of the class specified in paragraph 1 (10) of the First Schedule to this Order if, immediately after the investment, the proportion of the trust funds invested in that particular scheme or, as may be appropriate, that particular contract would exceed one third of those funds.
3. (1) A trustee shall not invest in the equity of a company if, immediately after the investment, the proportion of the trust funds invested in that equity would exceed 10 per cent. of those funds.
(2) Nothing in this paragraph shall prevent a trustee from taking up a bonus issue of shares, or a rights issue of shares, accruing to an investment of the trust funds in the equity of a company.
4. Where any part of the trust fund is invested in equities, the trustee shall review those investments at intervals of not more than six months.
GIVEN under my Official Seal, this 9th day of February, 1998.
CHARLIE McCREEVY,
Minister for Finance.
EXPLANATORY NOTE.
This Order replaces the previous list of investments in which trust funds may be invested, as set out in
section 1
of the
Trustee (Authorised Investments) Act, 1958
, with a new list. The Order also specifies conditions which, subject to the
Trustee (Authorised Investments) Act, 1958
, as amended by
section 80
of the
Central Bank Act, 1997
, are to apply to the investment of trust funds. The Order comes into operation on 9 March, 1998.
S.I. No. 28 of 1998.
TRUSTEE (AUTHORISED INVESTMENTS) ORDER, 1998.
I, CHARLIE McCREEVY, Minister for Finance, in exercise of the powers conferred on me by subsection (1) of section 2 (inserted by
section 80
of the
Central Bank Act, 1997
(No. 8 of 1997)) of the
Trustee (Authorised Investments) Act, 1958
(No. 8 of 1958), and having complied with subsection (3) of the said section 2, hereby order as follows