Investment of trust-money

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 is bound (subject to any direction contained in the instrument of trust) to invest the money on the following securities, and on no others :--

1. (a) in promissory notes, debentures, stock or other securities of the Government of India, or of the State, or of the United Kingdom of Great Britain and Ireland :
2. (b) in bonds, debentures and annuities charged by the parliament of the United Kingdom on the revenues of India :
3. (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 :
4. (d) [Omitted].
5. (e) on a first mortgage of immovable property situate in the State : Provided that the property is not a leasehold for a term of years and that the value of the property exceeds by one-third, or, if consisting of buildings, exceeds by one-half, the mortgage-money :

1. (2) A trustee may retain until redemption any redeemable stock, fund or security which may have been purchased in accordance with this section.