PART 1Purposes, powers and governing documents
Cy-près and schemes
I1I27Proceeds of fund-raising: power of charity trustees to apply cy-près
After section 67 of the Charities Act 2011 insert—
67AProceeds of fund-raising: power of charity trustees to apply cy-près
1
Subsection (2) applies if—
a
money or other property is solicited to enable a charity to further specific charitable purposes,
b
money or other property is given as a result of that solicitation, and
c
some or all of that money or other property (or the property for the time being representing it or derived from it) is applicable cy-près by virtue of section 62(1)(a) or (b) or 63A.
2
The charity trustees of the charity may resolve that all the money or other property which is applicable cy-près by virtue of section 62(1)(a) or (b) or 63A be applied for such charitable purposes specified in the resolution as they consider appropriate, having regard to—
a
the desirability of securing that the purposes are, so far as reasonably practicable, similar to the specific charitable purposes for which the money or other property was given;
b
the need for the purposes to be suitable and effective in the light of current social and economic circumstances.
3
A resolution under this section must be passed by a majority of the charity trustees.
4
If a resolution passed under this section concerns money or other property with a value exceeding £1,000—
a
the charity trustees must send a copy of the resolution to the Commission, together with a statement of their reasons for passing it, and
b
the resolution does not have effect until the date on which the Commission consents to it in writing.
5
The Secretary of State may by regulations amend subsection (4) by substituting a different sum for the sum for the time being specified there.