56Power to establish capital fund and renewal and repairs fund.N.I.
(1)Subject to the provisions of this Act, a council may, in addition to the district fund, establish either or both of the following funds—
(a)a capital fund, to be used either for defraying any expenditure of the council to which capital is properly applicable, or for providing money for repayment of loans (but not in making any annual payment required to be made in respect of loans);
(b)a renewal and repairs fund, to be used for the purpose of defraying expenditure to be incurred in repairing, maintaining, replacing and renewing any buildings, works, plant, equipment or articles belonging to the council.
(2)A fund established by a council under this section shall not be used to meet, directly or indirectly, any expenditure incurred by the council for the purposes of a public utility undertaking.
(3)Pending the application, for the purposes authorised by this section, of any fund established by a council under this section, the money in the fund shall (unless applied in any other manner authorised by section 73) be invested
[F1(a)if regulations so provide, in such manner as may be prescribed;
(b)in any other case, in any investments in which trustees may invest under—
(i)the general power of investment in section 3 of the Trustee Act (Northern Ireland) 2001 (as restricted by sections 4 and 5 of that Act); or
(ii)section 8(1)(a) of that Act (land).]
[F1(3A)Any money invested in accordance with subsection (3)(b) immediately before the coming into operation of regulations under subsection (3)(a) shall, for the period of 6 months from the coming into operation of those regulations, be taken to have been invested in accordance with those regulations.]
(4)Any income arising from the investment of the money in any such fund, or otherwise from the application of the fund, shall be carried to the fund.