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14. In regulation 20 (trustees of Federation property and funds)–
(a)in paragraph (3)–
(i)before the words “Where any Federation funds” insert “Subject to paragraph (5)”; and
(ii)for the words “the Trustee Investments Act 1961” substitute “the Trustee Act 2000(1)”; and
(b)after paragraph (4) insert–
“(5) Federation property and funds held by the joint central committee may, at the direction of the joint central committee, be used by way of investment in the building of property, whether to provide office accommodation for the Federation or otherwise.
(6) The joint central committee may, for any of the purposes authorised under these regulations or Federation Rules, establish a limited company and Federation property and funds held by the joint central committee may, at the direction of the joint central committee, be used to establish, administer and fund such a company.”
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