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Agriculture Act 1970

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17Reserve funds of Authority

(1)The Authority may establish and thereafter maintain—

(a)a reserve fund for the purposes of any functions conferred on the Authority by or under any provision of this Part of this Act other than section 3, 8 or 11;

(b)a reserve fund for the purposes of their functions under the said section 3 ;

(c)a reserve fund for the purposes of their functions under the said section 8.

(2)Any moneys for the time being comprised in a reserve fund maintained under this section, and any other moneys of the Authority which are not for the time being required for any other purpose, may be invested in accordance with subsection (3) of this section.

(3)Sections 1, 2, 5, 6, 12 and 13 of the [1961 c. 62.] Trustee Investments Act 1961 (which relate to the investment powers of trustees) shall have effect in relation to any such moneys, and in relation to any investments or other property for the time being representing any such moneys, as if they constituted a trust fund and the Authority were the trustees of that trust fund.

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