(1)The transferee must hold, invest and otherwise deal with the property transferred by virtue of this Act, and any income deriving from that property, separately from any other property it holds, and in this Act such property and income is referred to as the “restricted funds”.
(2)The transferee may apply the restricted funds only for the purposes set out in section 2(2), and in accordance with the condition set out in section 2(3).
(3)The Fire Brigades Union may nominate up to two individuals for the purposes of subsections (4) and (5).
(4)The transferee must permit any individuals nominated under subsection (3) to attend any meeting of the trustees of the transferee, or any committee of the transferee, at which the restricted funds are discussed.
(5)Any individuals nominated under subsection (3) are not entitled to vote on any matter but––
(a)must be given at least as much notice of the meeting as is given to any trustee of the transferee, or any member of the relevant committee of the transferee;
(b)are entitled to contribute to any discussions at the meeting relating to the restricted funds; and
(c)are to have the same right of access to documents relating directly or indirectly to the restricted funds as any other trustee of the transferee, or any member of the relevant committee of the transferee.
(6)In the event that the Fire Brigades Union ceases to exist, the power under subsection (3) is to be exercisable by––
(a)any body nominated by the Fire Brigades Union, prior to its ceasing to exist, to inherit that power; or
(b)in the absence of such a body, an organisation specified by the transferee, within three months of the date on which the Fire Brigades Union ceases to exist, which appears to it to be representative of professional firefighters operating in the City of Edinburgh local government area.