This legislation has been repealed.
Creation and administration of trust and other funds43. Creation and administration of trust and other funds (1) The University- (a) may acquire property by gift, grant, bequest or devise; and (b) may agree to and carry out any conditions of any such gift, grant, bequest or devise. (2) Subject to this Act, the Council may create and administer any trust fund or funds for any other purpose whatsoever. (3) The Council may establish one or more investment common funds for the collective investment of any trust and other funds held by or in the custody of the University. (4) The Council, from time to time without liability for breach of trust, may bring into or withdraw from any investment common fund the whole or any part of any trust fund or other fund, despite any direction to the contrary, whether express or implied, contained in the trust instrument. (5) The Council must not bring into any investment common fund the whole or any part of any trust fund if- * * * * * (b) any of the securities in which the capital of the investment common fund is invested are securities in which the trust fund is not authorised to be invested. (6) Subject to subsection (7), the Council must periodically distribute the income of each investment common fund among the funds participating in the common fund, having regard to the extent of the participation by each fund in the common fund during the relevant accounting period. (7) The Council, if it considers it expedient so to do, may from time to time add some portion of the income of a common fund to the capital of the common fund or use some part of the income to establish or augment a fund or funds as a provision against capital depreciation or reduction of income. (8) The Council may, out of the annual income of a trust fund in an investment common fund, periodically deduct an amount not exceeding 5% of the annual income of that trust fund as commission for the administration of that trust fund. (9) The commission deducted in accordance with subsection (8) is to be received and accepted by the University as full payment to it for the costs of administration of the trust fund. (10) The University must not make any other charges on the trust fund in addition to the commission received under subsection (9), except in accordance with the trust deed.