Limited powers of investment in an Indian Trust

A colleague is dealing with a restrictive investment clause in a 1945 Indian trust which is governed by Bengali law. It requires any money requiring investment under the trust to be “invested in the purchase or of on the security of any investment or property of any sort within India the United Kingdom or any other part of the British Empire whether or not such investing is authorised by law for the investment of trust funds … For this purpose the British Empire includes all His Majesty’s Dominions and all territories under His Suzerainty or mandated to him”.

Is anyone aware of any changes in Bengali law that mean that a restrictive investment clause (such as the above) has been extended by any equivalent of the Trustee Act 2000 or other provision so that the trustees can now invest in assets in other countries?

It may, of course, be necessary to seek Indian/Bengali advice but I would be grateful for your thoughts.

M Duffy
Boodle Hatfield LLP