1. (1) This Act may be called the Indian Trusts (Amendment) Act, 2016.
(2) It shall come into force on such date as the Central Government may, by
notification in the Official Gazette, appoint.
2. For section 20 of the Indian Trusts Act, 1882 (hereinafter referred to as the principal
Act), the following section shall be substituted, namely:—
‘20. 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 shall, subject to
any direction contained in the instrument of trust, invest the money in any of the
securities or class of securities expressly authorised by the instrument of trust or as
specified by the Central Government, by notification in the Official Gazette:
Provided that where there is a person competent to contract and entitled in
possession to receive the income of the trust-property for his life, or for any greater
2 of 1882. Substitution
of new
section for
section 20.
Investment
of trustmoney.
EXTRAORDINARY
PART II — Section 1
PUBLISHED BY AUTHORITY
No. 41] NEW DELHI, WEDNESDAY, JULY 27, 2016/SHRAVANA 5, 1938 (SAKA)
Separate paging is given to this Part in order that it may be filed as a separate compilation.
REGISTERED NO. DL—(N)04/0007/2003—16
MINISTRY OF LAW AND JUSTICE
(Legislative Department)
New Delhi, the 27th July, 2016/Shravana 5, 1938 (Saka)
The following Act of Parliament received the assent of the President on the
26th July, 2016, and is hereby published for general information:—
www.taxguru.in
42 of 1956.
estate, no investment in any of the securities or class of securities mentioned above
shall be made without his consent in writing.
Explanation.—For the purposes of this section, the expression “securities”
shall have the same meaning as assigned to it in clause (h) of section 2 of the Securities
Contracts (Regulation) Act, 1956.’.
3. In section 20A of the principal Act, in sub-section (1), the proviso shall be omitted.