The Charities (People’s Dispensary for Sick Animals) Order 2015

Power of investment

4.  In section 5 of the 1956 Act, for subsection (1) substitute—

“(1) Any money in the hands of the Society and available for investment may be invested by the members of the council of the Society in—

(a) any investments in which trustees may invest under—

(i) section 3 of the 2000 Act (general power of investment), or

(ii) section 8(1)(a) of the 2000 Act (investments in land in the UK), or

(b) any interest in land outside the United Kingdom.

(1A) Sections 4 and 5 of the 2000 Act (restrictions on exercise of investment powers) apply in relation to the powers in subsection (1) (reading references in those sections to a trustee as references to the Society).

(1B) The provisions specified in subsection (1C) apply in relation to the Society as they apply in relation to a charitable trust, but with the modifications specified in subsection (1D).

(1C) The provisions are—

(a) Part 4 of the 2000 Act (agents, nominees and custodians) other than sections 11(2), 12(3), 13(3) to (5), 18, 25(2) and 27, and

(b) section 32 of that Act (remuneration of agents, nominees and custodians).

(1D) The modifications are—

(a) any reference to a charitable trust or a trust is to be read as a reference to the Society;

(b) any reference to the trustees of a trust, or to the trustees, is to be read as a reference to the members of the council of the Society;

(c) any reference to property or assets subject to the trust, or of the trust, is to be read as a reference to the property or assets of the Society;

(d) any reference to the acquisition of property which is to be subject to the trust is to be read as a reference to the acquisition of property by the Society;

(e) any reference to the trust instrument is to be read as a reference to the Act of 1949 and this Act;

(f) any reference to a provision of the 2000 Act is to be read as a reference to a provision of that Act as it applies in relation to the Society (and any reference to the 2000 Act is to the provisions of that Act so far as they apply in relation to the Society);

(g) any reference to trust funds is to be read as a reference to the funds of the Society;

(h) any reference to section 12(3), 13(5) or 18 is omitted;

(i) the reference in section 11(3)(d) to any other function prescribed by an order made by the Secretary of State is to be read as a reference to any function prescribed by an order made by the Secretary of State under that provision in relation to a charitable trust and any such order applies in relation to the Society in so far as it applies to a charity which is not an exempt charity, with appropriate modifications;

(j) in sections 14(1) and 20(1) the references to sections 29 to 32 are to be read as references to section 32;

(k) in sections 14(3)(b) and 20(3)(b) the words “or any beneficiary” are omitted;

(l) in sections 16(3) and 17(4) the words “to any trust having a custodian trustee or” are omitted;

(m) in section 19(4) the words “which is not an exempt charity” are omitted;

(n) in section 23(1) and (2) the words “under paragraph 3 of Schedule 1” are omitted;

(o) in section 25(1) the words “Subject to subsection (2)” are omitted.

(1E) In this section “the 2000 Act” means the Trustee Act 2000.”