(1)The Queen's University of Belfast (in this Act called “the university”) may make a scheme providing for the following matters:—
(a)for the application of the scheme to such trusts as may be specified therein, being trusts which are administered by the university or which are administered by other trustees for purposes connected with the university and are included in the scheme with the consent of those trustees;
(b)for enabling all the property held by the university on any trust to which the scheme applies, with such exceptions as may be specified in the scheme, to be administered by the university as a single fund (hereafter referred to as “the Fund”);
(c)for enabling the trustees of any trust to which the scheme applies which is not administered by the university to transfer to the university all the property comprised in the trust, with such exceptions as may be specified in the scheme, and for its administration as part of the Fund;
(d)for enabling the Ministry of Finance to transfer to the university any property held by it on behalf of the university on any trust to which the scheme applies, and for the administration of that property as part of the Fund;
(e)for valuing the Fund and determining the shares of the various trusts therein;
(f)for distributing the income of the Fund in accordance with the said shares, and for enabling, in the case of any trust, advances of capital to be made out of the Fund, up to an amount not exceeding the share of that trust, for any purpose for which capital is authorised by the terms of the trust to be advanced;
(g)for authorising, in such circumstances as may be specified in the scheme, a part of the income for any year to be placed to a reserve account for the purpose of eliminating or reducing fluctuations of income;
(h)for conferring upon the university powers of investment with respect to property comprised in the Fund, including powers to invest in the purchase of land;
(i)for enabling the scheme to be extended to trusts administered by or for purposes connected with the university, being trusts created after the coming into operation of the scheme or excluded from the scheme for other reasons, unless the terms of the trust expressly provide to the contrary or (in the case of trusts not administered by the university) the consent of the trustees is withheld;
(j)for any incidental, consequential and supplementary matters for which the university considers it expedient to provide.
(2)The university may make different schemes under this section in relation to different classes of trusts.