7(1)The Board may invest any funds held by them which appear to them to be surplus to their requirements for the time being—
(a)in any investment for the time being falling within Part I, Part II or Part III of Schedule 1 to the [1961 c. 62.] Trustee Investments Act 1961 ; or
(b)in any investment approved for the purpose by the Secretary of State.
(2)Subject to sub-paragraph (1) above, the Board shall have power to do anything incidental or conducive to the proper performance of their functions under this Act
(3)Without prejudice to the generality of sub-paragraph (2) above, the measures open to the Board under any provision of this Act which authorises or requires the Board to take any measures appearing to them to be appropriate for any purpose include in particular—
(a)the making of payments to any person, on such terms (including terms requiring repayment, in whole or in part) and on such conditions as the Board think fit;
(b)the giving of guarantees or indemnities to or in favour of any person; and
(c)the making of any other agreement or arrangement with or for the benefit of any person.