4Subject to paragraphs 5 and 6 below, the Funding Council shall have the power—
(a)to acquire, hold and dispose of land and other property;
(b)to enter into contracts, including contracts for the employment of staff for the purposes of the discharge of their functions;
(c)to invest any sums not immediately required by the Funding Council for the purpose of their carrying on any of the activities which they have power to carry on; and
(d)to accept gifts of money, land or other property and apply it to, or hold or administer it in trust for, the purpose of the discharge of any of their functions.
5The Funding Council shall not borrow money from any source, give any guarantee or indemnity or create any trust or security over or in respect of any of their property which was acquired, improved or maintained wholly or partly, directly or indirectly out of funds provided by the Secretary of State under section 10 of this Act or from the proceeds of or any consideration for the disposal of any property so acquired, improved or maintained.
6(1)The Funding Council shall not dispose of any property acquired, improved or maintained wholly or partly, directly or indirectly out of funds provided by the Secretary of State under the said section 10 or from the proceeds of or any consideration for the disposal of any property so acquired, improved or maintained without the prior consent, given in writing, of the Secretary of State.
(2)The consent of the Secretary of State may be given in respect of a particular disposal of property or of disposals of any class or description and may be given subject to such conditions as the Secretary of State may determine.
(3)The consent of the Secretary of State is not required for the disposal of land which is or forms part of property mentioned in sub-paragraph (1) above where the disposal is in consequence of the compulsory acquisition of such land by any authority in pursuance of any power of compulsory acquisition under any enactment; but the Funding Council shall inform the Secretary of State of any such compulsory acquisition.
(4)Where any such property is disposed of, the Funding Council shall pay to the Secretary of State such portion of the proceeds or value of the consideration for the disposal, after deduction of such expenses as appear to the Secretary of State to have been reasonably incurred in the disposal, as the Secretary of State may, after consultation with the Funding Council, determine.