(1)There shall be trustees of the fund who, subject to the provisions of this section, shall be appointed and may be removed by order of the House of Commons.
(2)The said trustees shall be not more than seven in number, of whom one, being the Public Trustee or a corporation entitled by rules made under subsection (3) of section four of the M1Public Trustee Act 1906, to act as custodian trustee, shall be custodian trustee of the fund, and the remainder shall be managing trustees.
(3)No person shall be appointed to be a managing trustee unless he is a member of the House of Commons, and, on ceasing to be a member of the House of Commons, a managing trustee shall vacate his office.
(4)The managing trustees may act by a majority of those present at any meeting of the managing trustees at which a quorum is present.
(5)The procedure of the trustees shall, subject to the provisions of this Act, be such as the trustees may determine, and the quorum for any meeting of the managing trustees shall be three.
(6)A direction of the managing trustees shall continue in force until revoked by a subsequent direction of the managing trustees, notwithstanding any changes in the persons who are managing trustees and notwithstanding that, by reason of a dissolution of Parliament or for any other reason, there are for a time no managing trustees.
(7)The provisions set out in the Second Schedule to this Act (being certain provisions of subsection (2) of section four of the M2Public Trustee Act 1906, as modified for the purposes of this Act) shall have effect with respect to the functions of the custodian trustee and the managing trustees respectively.