Where capital money payable to [F1the Minister under this Act, or any enactment hereby repealed][F1to a university or college under this Act] is purchase money paid in respect of a lease for years, or in respect of any other estate or interest in land less than the fee simple, or in respect of a reversion dependent on any such lease, estate, or interest [F2the Minister may, notwithstanding anything in this Act, require and][F2the university or college concerned shall] cause the same to be laid out, invested accumulated and paid in such manner as, in the judgment of [F3the Minister][F3the university or college][F4is appropriate to make a proper allocation thereof as between capital and income.]
Textual Amendments
F1Words “to a university” to “this Act” substituted for words from “to the Minister” to “hereby repealed” in relation to universities and their colleges by Universities and College Estates Act 1964 (c. 51), s. 3(1), Sch. 1 Pt. II para. 13
F2Words “the university or college concerned shall” substituted for words from “the Minister” to “require and” in relation to universities and their colleges by Universities and College Estates Act 1964 (c. 51), s. 3(1), Sch. 1 Pt. II para. 13
F3Words “the university or college” substituted for words “the Minister” in relation to universities and their colleges by Universities and College Estates Act 1964 (c. 51), s. 3(1), Sch. 1 Pt. II para. 13
F4Words substituted by Universities and College Estates Act 1964 (c. 51), Sch. 3 Pt. II