- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/11/2016)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 14/06/2023
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Charities Act 2011, Section 104B is up to date with all changes known to be in force on or before 10 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)The Commission may by regulations make provision about—
(a)resolutions under section 104A(2),
(b)the investment of a relevant fund without the need to maintain a balance between capital and income returns, and expenditure from such a fund, and
(c)the steps that must be taken by charity trustees in respect of a fund, or portion of a fund, in the event of a resolution under section 104A(2) ceasing to have effect in respect of the fund or portion.
(2)Regulations under subsection (1)(a) may, in particular—
(a)specify steps that must be taken by charity trustees before passing a resolution under section 104A(2),
(b)make provision about the variation and revocation of such a resolution,
(c)require charity trustees to notify the Commission of the passing, variation or revocation of such a resolution, and
(d)specify circumstances in which such a resolution is to cease to have effect.
(3)Regulations under subsection (1)(b) may, in particular—
(a)make provision requiring a relevant fund to be invested, and the returns from that investment to be allocated, in such a way as to maintain (so far as practicable) the long-term capital value of the fund,
(b)make provision about the taking of advice by charity trustees in connection with the investment of, and expenditure from, a relevant fund,
(c)confer on the charity trustees of a relevant fund a power (subject to such restrictions as may be specified in the regulations) to accumulate income,
(d)make provision about expenditure from a relevant fund (including by imposing limits on expenditure and specifying circumstances in which expenditure requires the Commission's consent), and
(e)require charity trustees to report to the Commission on the investment of, and expenditure from, a relevant fund.
(4)A power to accumulate income conferred by regulations under subsection (1)(b) or (c) is not subject to section 14(3) of the Perpetuities and Accumulations Act 2009 (which provides for certain powers to accumulate income to cease to have effect after 21 years).
(5)Any regulations made by the Commission under this section must be published by the Commission in such manner as it thinks fit.
(6) In this section “ relevant fund ” means a fund, or portion of a fund, in respect of which a resolution under section 104A(2) has effect, and includes the returns from the investment of the fund or portion. ]
Textual Amendments
F1Ss. 104A, 104B inserted (6.4.2013 for specified purposes, 1.1.2014 in so far as not already in force) by Trusts (Capital and Income) Act 2013 (c. 1), ss. 4, 5(3); S.I. 2013/676, art. 3; S.I. 2013/2461, art. 2
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