Universities and Colleges (Trusts) Act 1943

2 Schemes for administering university and college trusts.

(1) A university or college may make a scheme providing, in relation to that university or college, as the case may be, 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 college or which are administered by other trustees for purposes connected with the university or college and are included in the scheme with the consent of those trustees ;

(b) for enabling all the property held by the university or college on any trust to which the scheme applies, with such exceptions as may be specified in the scheme, to be administered by the university or college 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 or college to transfer to the university or college 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 Minister of Agriculture and Fisheries to transfer to the university or college any property held by him on behalf of the university Or college on any trust to which the scheme applies, and for its administration 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 or college 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 or college, 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 or college) the consent of the trustees is withheld ;

(k) for any incidental, consequential and supplementary matters for which the university or college considers it expedient to provide.

(2) Any power conferred by any, such scheme on a university or college to purchase land shall not be exercised without the consent of the Minister of Agriculture and Fisheries, and sections thirty-eight and thirty-nine of the [15 & 16 Geo. 5. c. 24.] Universities and College Estates Act, 1925, shall apply to any such consent.

(3) The Universities and College Estates Act, 1925, shall, in the case-of a scheme made under this section by a university or by a college to which that Act applies, apply to property comprised in the, Fund established by the scheme, subject to the modification that so much of the said Act as requires money arising from any sale or exchange of land or other transaction affecting land to be paid to the Minister "of Agriculture and Fisheries shall not apply in relation to such property as aforesaid ; and any scheme made by a college to which the said Act does not apply may apply any of the provisions of the said Act to property comprised in the Fund established by that scheme, subject to the modification aforesaid.

(4) A university or college may make different schemes under this section in relation to different classes of trusts.