POWERS OF INVESTMENT. Save as expressly provided for in this Deed, the Mortgages Trustee Guaranteed Investment Contract and the Bank Account Agreement, the Mortgages Trustee shall have no further or other powers of investment with respect to the Trust Property and neither the Trustee Investments Act 1961 nor any other provision relating to trustee powers of investment implied by statute or general law shall apply to the Mortgages Trust and, for the avoidance of doubt, the statutory power to accumulate income conferred on trustees by Section 31 of the Trustee Act 1925 is expressly excluded.
POWERS OF INVESTMENT. The Mortgages Trustee may invest, and may appoint the Cash Manager to invest on its behalf, any amounts standing to the credit of the Mortgages Trustee Transaction Account in Authorised Investments. Save as expressly provided in this Deed, the Mortgages Trustee Guaranteed Investment Contract and the Bank Account Agreement, the Mortgages Trustee shall have no further or other powers of investment with respect to the Trust Property and (to the extent permitted by applicable law) the Trustee Xxx 0000 shall not nor shall any other provision relating to trustee powers of investment implied by statute or general law shall apply to the Mortgages Trust.
POWERS OF INVESTMENT. 7.1 The Trustees may invest all or any part of the Trust Fund held by them under this Deed, either alone or in common with any other person or persons, in all or any of the following investments:
(a) Any investment authorised under the provisions of the Trustee Xxx 0000.
(b) Interest bearing deposit accounts with any licensed Bank.
(c) Shares in Pioneer Generation Ltd or any successor company.
7.2 The Trustees may hold all or any part of the Trust Fund uninvested for any period or periods for the purpose of:
(a) Accumulating sufficient funds for the purposes of investment or;
(b) Holding sufficient funds to meet payments as they fall due.
7.3 Notwithstanding the provisions of Section 13C of the Trustee Act and the likelihood that the Trustees will from time to time include persons whose professions, employment, or business is or includes acting as a Trustee or investing money on behalf of others, it is hereby declared that the care, diligence and skill to be exercised by the Trustees in exercising any power of investment shall not be that required of such persons by the said Section 13C but shall at all times be the care, diligence and skill that a prudent person of business would exercise in managing the affairs of others.
7.4 Notwithstanding anything in this Deed, no Trustee shall be liable for any breach of trust in respect of any duty to exercise the care, diligence and skill that a prudent person of business would exercise in managing the affairs of others or that a prudent person engaged in a profession, employment or business that is or includes acting as a Trustee or investing money on behalf of others would exercise in managing the affairs of others merely (in either case) because the investments of the Trust Fund are not diversified.
POWERS OF INVESTMENT. Other Provisions regarding the Mortgages Trustee....................... 17 22. No Retirement of Mortgages Trustee..................................... 18 23. Termination............................................................ 18 24.
POWERS OF INVESTMENT. 6.4.1 Subject to the terms of the relevant MTN Supplement, the Issuer shall have no power of investment.
6.4.2 The Issuer and the Trustee acknowledge that subject to the obligations of the Issuer to allocate or distribute funds in accordance with this Deed and any MTN Supplement, the Security Trustee may give (and the Security Trustee agrees to give) the Issuer instructions consistent with the terms of this Deed and any MTN Supplement with regard to undertaking investments in accordance with the provisions of this Deed.
POWERS OF INVESTMENT. Unless permitted by the terms of the relevant Loan Note Supplement, the Loan Note Issuer shall have no power of investment.
POWERS OF INVESTMENT. Other Provisions Regarding the Mortgages Trustee......................
POWERS OF INVESTMENT. 1The power to invest conferred by trustees by section 13A(1) of the Trustee Act is hereby excluded.
POWERS OF INVESTMENT. (1) Subject to Regulations 1 and 2 trust moneys may be invested or laid out in the purchase of (or at interest upon the security of) such stocks, funds, shares, securities or other investments or property of whatsoever nature and wheresoever situate and whether involving liability or not and whether producing income or not as the Trustees shall in their absolute discretion think fit to the intent that the Trustees shall have the same full and unrestricted powers of investing and transposing investments and laying out moneys in all respects as if they were absolutely entitled thereto beneficially and without regard to the requirements of the Proper Law (save to the extent that these are obligatory) and in the professed exercise of this power the Trustees shall not be liable for any loss to the Trust Fund arising from any investment or purchase made in good faith.
(2) Without prejudice to the generality of the preceding paragraph hereof:
(a) the acquisition of any investment although of a speculative nature shall be deemed to be an authorised investment of trust moneys and the Trustees shall not be under any obligation or be liable for any loss occasioned by any failure to diversify investments notwithstanding that the whole or a substantial part of the Trust Fund may consist of a single asset or the stocks shares or debentures of a single company;
(b) the acquisition of any reversionary interest in property or any policy or securities or other investments not producing income or in respect of which no dividend interest or rent is payable shall be deemed to be an authorised investment of trust moneys;
(c) the acquisition of any limited interest in property including any limited equitable interest under a settlement or trust or any annuity or policy or securities or other investments being of a wasting nature shall be deemed to be an authorised investment of trust moneys;
(d) the Trustees shall have power to make any such investment as is mentioned in paragraphs (b) and (c) of this sub-regulation notwithstanding that the making thereof may affect or alter the interests of the persons respectively interested in capital and income hereunder;
(e) the Trustees shall have power to apply any moneys forming part of the capital or income of the Trust Fund in the purchase or subscription of partly paid shares and shall have power to pay up such shares at such times and in such manner as they shall in their absolute discretion determine;
(f) the Trustees shall have pow...
POWERS OF INVESTMENT. Subject to the requirements of the Council:
(a) Moneys to be invested hereunder may be applied or invested in the purchase of any investments or property for the time being authorised by the Council for the investment of Lloyd’s Deposits (whether producing income or not and whether properly described as investments or not and whether or not within the range of investments authorised by law for the investments of trust funds);
(b) Securities comprised in the Trust Fund may be deposited with or lent (with or without security) to any incorporated company or building society or bank or discount house or local or governmental authority other than any of the following:
(i) The Corporate Member itself;
(ii) any company which is an associate of the Corporate Member for the purposes of section 435 of the Insolvency Xxx 0000 (or any amendment or re-enactment thereof);
(iii) any other corporate member of the Society;
(c) Any part of the Trust Fund may be pooled with any other property held in the names or under the control of the Trustees or of the Trustees jointly with other trustees upon the trusts of other Lloyd’s Deposits or of Lloyd’s Special Reserve Funds or Premiums Trust Funds including the Premiums Trust Fund and may accordingly be deposited or otherwise applied together with such other sums and without any obligation to keep them separate;
(d) Moneys may be invested in securities or property in any part of the world which are recorded held and transferred by an officially established or officially regulated system which is based wholly or partly on computer records (including in particular the systems currently operated in the USA under the names of the “Fedwire” and the Depository Trust Company).
