Section 15.
SCHEDULE 2E+W Management of Funds for Purchase of Exhibits
Payments into fundE+W
1E+WNo payment shall be made into the fund (hereinafter referred to as the “art fund”) unless the payment is authorised or required to be made by the following provisions of this Schedule.
2(1)There may be paid into the art fund from the county fund [F1council fund] or, as the case may be, the [F2general fund or, in the case of the common council, the City fund]such sums as the local authority determine, . . . F3E+W
(2),(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4
Textual Amendments
F1Words inserted (1.4.1996) by 1994 c. 19, s. 66(6), Sch. 16 para. 24(4) (with ss. 54(5)(7), 55(5), 66(7) Sch. 17 paras. 22(1), 23(2)); S.I. 1996/396, art. 4, Sch. 2
F2Words substituted by S.I. 1990/1285, art. 2, Sch. Part I para. 6
F3Words repealed by Local Government Act 1972 (c. 70), Sch. 30
F4Sch. 2 paras. 2(2)(3), 6 repealed by Local Government Act 1972 (c. 70), Sch. 30
3E+WWhere any object previously kept for exhibition in a museum or art gallery maintained by the local authority under section 12 of this Act is sold by the authority, and the proceeds of sale are not subject to any trust the terms of which prevent their being used for the purchase of other objects for exhibition either in that museum or gallery or in any other museum or art gallery for the time being so maintained, the proceeds of sale or any part thereof may be paid into the art fund.
Power of investmentE+W
4E+WUntil it is required for the purposes of the art fund, money therein may be invested by the local authority in the like investments as trustees are for the time being by law authorised to make, and for this purpose section 7 of the M1Trustee Investments Act 1961 (which applies the preceding sections of the Act to persons, other than trustees, having trustee investment powers) shall have effect as if this Act had been passed before that Act:
Provided that for the purpose of the making of investments by the authority under this paragraph, paragraph 9 of Part II of Schedule 1 to that Act (which specifies local authorities whose securities are to be authorised investments) shall not apply to the authority or to a joint board comprising the authority and established under section 5 of this Act.
Marginal Citations
5E+WIncome arising from investments made under paragraph 4 above shall be carried to the county fund [F5council fund] or the [F6general fund or, in the case of the common council, the City fund], as the case may be, and an equivalent sum shall be paid from that fund into the art fund.
Textual Amendments
F5Words inserted (1.4.1996) by 1994 c. 19, s. 66(6), Sch. 16 para. 24(4) (with ss. 54(5)(7), 55(5), 66(7), Sch. 17 paras. 22(1), 23(2)); S.I. 1996/396, art. 4, Sch. 2
F6Words substituted by S.I. 1990/1285, art. 2, Sch. Part I para. 6
6E+W. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7
Textual Amendments
F7Sch. 2 paras. 2(2)(3), 6 repealed by Local Government Act 1972 (c. 70), Sch. 30