The Common Investment Scheme 1991

1.  The investment manager shall have the following powers—

(a) to purchase and sell investments on behalf of the fund;

(b) to vary, at such times and in such manner as he may think fit, the way in which the fund is invested;

(c) to exercise, in relation to any land comprised in the fund, any powers which he could exercise if he were beneficially entitled to the land in question;

(d) to borrow money in any currency and on the security of any property comprised in the fund or otherwise as he thinks fit for the following purposes—

(i) to manage or improve any such property;

(ii) to pay for any allotment of stock or securities in any company to which he may be entitled in respect of any investment held in the fund;

(iii) to discharge any liability that falls properly to be discharged out of any such property; and

(iv) to pay any expenses relating to any such property;

(e) to determine, without regard to any rule of law applicable to trust funds, whether any fees or expenses required to be paid out of a fund shall be defrayed out of capital or out of income or shall be apportioned, and, if so, in what proportions, between capital and income; and

(f) to take such action as he considers appropriate in relation to any situations (such as but not limited to takeover bids, schemes of arrangement, variation of rights, exercising voting rights, bonds and rights issues and underwriting offers) relating to any property or investment comprised in the fund.