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The Potato Industry Development Council Order 1997
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- UK Statutory Instruments
- 1997 No. 266
- Article 10
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Borrowing and investment of money
10.—(1) The Council may borrow money and pledge, mortgage, charge or grant standard security over any of its property (including the proceeds of the charges imposed in accordance with the provisions of article 9) for the purpose of defraying any expenses incurred or to be incurred in the discharge of its functions.
(2) The Council may establish and thereafter maintain one or more reserve funds for the purpose of carrying out its functions.
(3) Any monies for the time being comprised in a reserve fund maintained under this article and any other monies of the Council which are not for the time being required for any other purpose may be invested in accordance with paragraph (4).
(4) Sections 1, 2, 5, 6, 12 and 13 of the Trustee Investments Act 1961(1) (which relate to the investment powers of trustees) shall have effect in relation to any such monies, and in relation to any investments or other property for the time being representing any such monies, as if they constituted a trust fund and the Council were the trustees of that trust fund.
(1)
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