law: Indian Trusts Act, 1882 
  20. 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:
  (a) in promissory notes, debentures, stock or other securities
  
  of any State Government or of the Central Government, or of the United Kingdom
  
  of Great Britain and Ireland:
  PROVIDED  that securities, both the principal whereof
  
  and the interest whereon shall have been fully and unconditionally guaranteed
  
  by any such government, shall be deemed, for the purposes of this clause, to be
  
  securities of such government;
  (b) in bonds, debentures and annuities charged or secured by the
  
  Parliament of the United Kingdom before the fifteenth day of August, 1947 on
  
  the revenues of India or of the Governor General in Council or of any province:
  
  
  PROVIDED  that, after the fifteenth day of February,
  
  1916, no money shall be invested in any such annuity being a terminable annuity
  
  unless a sinking fund has been established in connection with such annuity; but
  
  nothing in this proviso shall apply to investments made before the date
  
  aforesaid.
  (bb) in India three and a half per cent stock, India three per
  
  cent stock, India two and a half per cent stock or any other capital stock
  
  which before the 15th day of August, 1947, was issued by the Secretary of State
  
  for India in Council under the authority of an Act of Parliament of the United
  
  kingdom and charged on the revenues of India or which was issued by the
  
  Secretary of State on behalf of the Governor-General in Council under the
  
  provisions of Part XIII of the Government of India Act, 1935;
  (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 or by the Central Government or in debentures of the
  
  Bombay Provincial Co-operative Bank Limited, the interest whereon shall have
  
  been guaranteed, by the Secretary of State for India in Council or the State
  
  Government of Bombay;
  (d) in debentures or other securities for money issued, under
  
  the authority of any Central Act or Provincial Act or State Act, by or on
  
  behalf of any municipal body, port trust or city improvement trust in any
  
  Presidency-town, or in Rangoon town, or by or on behalf of the trustees of the
  
  port of Karachi:
  PROVIDED  that after the 31st day of March, 1948, no
  
  money shall be invested in any securities issued by or on behalf of a municipal
  
  body, port trust or city improvement trust in Rangoon town, or by or on behalf
  
  of the trustees of the port of Karachi ;
  (e) On a first mortgage of immovable property situate in any
  
  part of the territories to which this Act extends 1[* * *]:
  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;
   2  [(ee) in units issued by the Unit Trust of India under any
  
  unit scheme made under section 21 of the Unit Trust of India Act, 1963 (52 of
  
  1963); or]
  (f) on any other security expressly authorized by the instrument
  
  of trust, 2[or by the Central Government by the notification in the
  
  Official Gazette] or by any rule which the High Court may from time to time
  
  prescribe in this behalf:
  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 estate, no investment on any security
  
  mentioned or referred to in clauses (d), (e) and (f) shall be made without his
  
  consent in writing.