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National Lottery Act 1998
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- UK Public General Acts
- 1998 c. 22
- Part II
- Section 20
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20Solicitation of gifts and investment of money
(1)NESTA shall be under a duty to seek gifts of assistance, money, land and other property, but in seeking or accepting any such gifts NESTA shall comply with any directions given to them by the Secretary of State.
(2)Except to the extent that directions under section 21 below otherwise provide, NESTA shall pay—
(a)their endowment, and
(b)any other money held by them which is not immediately required by them for the purpose of achieving their objects,
to the National Debt Commissioners for investment by them in accordance with any instructions given to them by NESTA.
(3)In giving instructions to the National Debt Commissioners under subsection (2) above, NESTA shall comply with any directions under section 21 below.
(4)The expenses of the National Debt Commissioners in making any investment under subsection (2) above shall be met by NESTA.
(5)In this section “endowment” has the meaning given by section 19(6) above.
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