Section 2
1The trustees may accept gifts or bequests.
2The trustees may employ staff and incur any other expenses that they think necessary or expedient.
3The trustees’ expenses shall be met from the Fund.
4The trustees may invest money forming part of the Fund as they think fit.
5The trustees may enter into arrangements for the transfer (by sale or otherwise) of liabilities or commitments (which may include future liabilities or commitments) on such terms as the trustees may agree.
6(1)The trustees may act by a majority of those present at a meeting.
(2)The quorum at a meeting of the trustees shall be 3.
(3)In other respects the trustees shall determine their own procedure.
7The trustees must make arrangements to keep confidential the identity of recipients of grants from the Fund.
8(1)Each trustee and former trustee shall be indemnified out of the Fund against any action, claim, cost, losses, damages and expenses arising out of anything done or omitted to be done by the trustee in the performance or purported performance of the trustee’s functions.
(2)This subsection shall not apply to acts or omissions that are dishonest, in bad faith or reckless (and the Fund may not be used to buy insurance for such cases).
9The trustees shall make arrangements for the maintenance and publication of accounts in accordance with generally accepted accounting practice; and the arrangements must include—
(a)examination and certification of the accounts by the Comptroller and Auditor-General or another external auditor, and
(b)laying of the accounts and the auditor’s report before the House of Commons.
10The trustees may ask the Government Actuary to report to the trustees on the position of the Fund; and the trustees shall make such arrangements for the publication of reports as they think proper (which may include laying before the House of Commons).