PART 2The funded scheme
12Administration of scheme
(1)
The Board must continue to administer the funded scheme.
(2)
The things which the Board may do for the purpose of exercising that function include—
(a)
entering into agreements for the receipt and payment of actuarial equivalents of contributions or pensions;
(b)
borrowing money for the purposes of pensions or lump sum payments in respect of deceased clerks;
(c)
securing money borrowed under paragraph (b) in whatever manner and on whatever terms and conditions the Board thinks fit.