Trust Funds Investment Act 1924 (WA)

1924.] Trust Funds Investment. [No. 10.

TRUST FUNDS INVESTMENT.

15° GEO. V., No. X.

No. 10 of 1924.

AN ACT to enable Trust Funds and other moneys to be

invested in the Debentures of Road Boards.

[Assented to 9th December, 1924.]

13 E it enacted by the King's Most Excellent Majesty, byCouncil and Legislative Assembly of Western Australia, inand with the advice and consent of the Legislative

this present Parliament assembled, and by the authority of

the same, as follows:-

1.    This Act may be cited as the Trust Funds Investment Short title.

Act, 1924.

2.

(1.) Whenever under any Act trustees or other per- sons are authorised to invest money in the debentures or	Trustees enabled
to invest funds
in Road Board
debentures.
other securities issued by a municipality, such authority shall extend to the investment in the debentures issued by any Road Board of a Road District to which this Act is applied by order of the Governor published in the Gazette.
(2.) The securities which a life assurance company is required to deposit with the Colonial Treasurer under sec- tion four of the Life Assurance Companies Act, 1889, shall extend to such debentures of a Road Board:
Provided that prior to the issue of such debentures the Minister for Public Works shall have certified in writing

(a)	that seventy-five per centum of the ratepayers of the district have paid all rates due by them for rates imposed by the Road Board for the then last preceding financial year;
(b)	that the total annual rateable value of the Road Dis- trict shall disclose an average increase of at least one per centum per annum during the immedi- a8aly preceding five years,.