The King’s College London Act 1978 (Amendment) Order 2004

Amendments to the King’s College London Act 1978

8.  For section 13 substitute—

“13.— (1) Any money for the time being in the pool and available for investment shall be invested in any investments in which the Council may invest under the general power of investment in section 3 of the Trustee Act 2000 (as restricted by section 4 and section 5 of that Act) and shall be so invested in the name of the College.

(2) Any money for the time being comprised in the pool and awaiting investment may be paid by the Council into a bank to a deposit or other account in the name of the College and all interest (if any) payable in respect thereof shall be applied as if it were income from an investment comprised in the pool.

(3) At any time the Council, if they, for any of the purposes of any endowment fund or in order to separate that fund in whole or in part from the pool, decide to realise any investment units forming the whole or any part of the shareholding of that fund in the pool, may effect such realisation by cancelling those investment units and withdrawing from the pool either—

(a) an amount of money equal to the aggregate nominal value of the investment units so cancelled; or

(b) investments the certified capital value of which is equal to such aggregate nominal value; or

(c) an amount equal to such aggregate nominal value and composed partly of money and partly of investments the certified capital value of which when added to the amount of such money gives a total amount equal to such aggregate nominal value.

(4) The Council may at any time sell any of the investments for the time being comprised in the pool if such a sale is required for the purpose of realising any investment units in the pool or is thought by the Council to be expedient.

(5) The Council may at any time vary or transpose any investment in the pool for or into other investments of any nature authorised for the pool.

(6) The income arising from the investments comprised from time to time in the pool shall be dealt with in the manner specified in section 15 (Apportionment of income from pooled investments) of this Act.”.