Cathedrals Measure 1999

16 Cathedral moneys: investment powers, etc

(1) Subject to the provisions of this section, the Chapter of any cathedral may exercise the following powers in respect of moneys which form part of the endowment of the cathedral or are otherwise vested in the cathedral or which are vested in the Church Commissioners on its behalf, that is to say—

(a) power to invest such moneys in the acquisition of land, including participation in any collective investment scheme operated for the purposes of this paragraph by the Church Commissioners,

(b) power to invest such moneys in any investment fund or deposit fund constituted under the [1958 No.1.] Church Funds Investment Measure 1958,

(c) the same powers of investing as a trustee has under the [1961 c. 62.] Trustee Investments Act 1961, as relaxed or extended by any order or regulations made under section 70 or 71 of the [1993 c. 10.] Charities Act 1993,

(d) subject to subsection (3) below, power to use such moneys for the improvement or development of any property vested in the cathedral,

and the powers of the Chapter under paragraph (c) above shall be exercisable in the like manner and subject to the like conditions as the powers of a trustee are exercisable under the said Act of 1961.

(2) The Chapter of any cathedral shall before investing any moneys in the acquisition of land obtain the like consents as are required under section 15 above for the acquisition of land.

(3) Moneys which form part of the endowment of the cathedral may not be used for the improvement or development of the cathedral or any other building falling within paragraph 5(2)(a) of the [S.I. 1994/1771.] Ecclesiastical Exemption (Listed Buildings and Conservation Areas) Order 1994 and the Chapter shall before using them for the improvement or development of any other property obtain the consent of the Church Commissioners.

(4) Moneys which form part of the endowment of the cathedral may not be used for the repair of any property:

• Provided that, where the Chapter is satisfied that an emergency has arisen which justifies the expenditure of such moneys on the repair of the cathedral or any other building falling within paragraph 5(2)(a) of the said Order of 1994, it may, with the consent of the Church Commissioners, incur that expenditure and the sum expended shall be replaced by the Chapter within such period and in such manner as may be agreed between the Church Commissioners and the Chapter.