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Power to invest funds on mortgage. 10. The moneys for the time being belonging to the Society may from time to time be invested, in the names of the trustees of the Society for the time being, on mortgage of any manors, messuages, lands, tenements, or hereditaments of a clear and indefeasible estate of inheritance, in fee simple, or fee farm in Ireland, free from incumbrances except quitrents and other small annual payments, or held upon any lease or leases for any term or terms of years, of which not less than sixty years shall be unexpired, or in the purchase of stock in the public funds of Great Britain or Ireland, or Bank of Ireland Stock, Parliamentary Securities, or any other securities upon which trustees may for the time being, according to the Statutes of the Realm, or the rules of the [High Court of Justice in Northern Ireland], be entitled to lend or invest trust funds, and the moneys or any part of the moneys so invested may be called in, and the payment of the same, and of the interest thereof, or any part thereof respectively, may be required and enforced when thought advisable so to do on the part of the Society: Provided always, that no money shall be so invested on mortgage unless, for the further security for the repayment of the money invested, and the interest thereof, the mortgage contain a power of sale, exercisable by or on behalf of the Society.
© 1871 Crown Copyright
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URL: http://www.bailii.org/nie/legis/num_act/pca1871257/s10.html