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50In section 52, in subsection (5) (investment of sums held in relation to repair of chancels)—
(a)for “in any investment permitted by law for the investment of trust funds, and the yearly income resulting therefrom shall be applied,” substitute “in any investments in which trustees may invest under the general power of investment in section 3 of the Trustee Act 2000, and the annual profits from the investments shall be applied”; and
(b)in paragraph (iii) for “any residue of the said income not applied as aforesaid in any year” substitute “any residue of the profits from the investments not applied in any year.”
51In section 4 (application of moneys credited to capital accounts) in subsection (1) for paragraph (bc) substitute—
“(bc)investment in any investments in which trustees may invest under the general power of investment in section 3 of the Trustee Act 2000 (as restricted by sections 4 and 5 of that Act);”.
52In the Schedule, in paragraph 21 (range of investments of deposit fund) for paragraphs (a) to (d) of sub-paragraph (1) substitute—
“(aa)In any investments in which trustees may invest under the general power of investment in section 3 of the Trustee Act 2000 (as restricted by sections 4 and 5 of that Act);”.
53(1)In section 32 (investment powers of Board), in subsection (1), for paragraph (a) substitute—
“(a)in any investments in which trustees may invest under the general power of investment in section 3 of the Trustee Act 2000 (as restricted by sections 4 and 5 of that Act);”.
(2)Omit subsection (3) of that section.
54In section 17, in subsection (2) (diocesan parsonages fund’s power of investment), for “who shall have the same powers of investment as trustees of trust funds:” substitute “who shall have the same power as trustees to invest in any investments in which trustees may invest under the general power of investment in section 3 of the Trustee Act 2000 (as restricted by sections 4 and 5 of that Act).”
55In section 44, for subsection (6) (Redundant Churches Fund’s power of investment) substitute—
“(6)The powers to invest any such sums are—
(a)power to invest in investments in which trustees may invest under the general power of investment in section 3 of the Trustee Act 2000 (as restricted by sections 4 and 5 of that Act); and
(b)power to invest in the investments referred to in paragraph 21(1)(e) and (f) of the Schedule to the Church Funds Investment Measure 1958.”
56Omit section 14(b) (amendment of section 32(3) of the Clergy Pensions Measure 1961).
57In section 16 (cathedral moneys: investment powers, etc.), in subsection (1)—
(a)for paragraph (c) substitute—
“(c)power to invest in any investments in which trustees may invest under the general power of investment in section 3 of the Trustee Act 2000 (as restricted by sections 4 and 5 of that Act),”, and
(b)omit the words from “and the powers” to the end of the subsection.
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