PART 4General financial provisions
Powers of the Board
I146Investment of money held in pension funds
1
The Board may invest money which is in a relevant fund and available for investment—
a
in the purchase of investments or property, whether or not of a kind authorised by the general law for the investment of trust funds;
b
on loan, whether or not on the security of property.
2
If there is money in a relevant fund which the Board does not think appropriate for immediate investment, it may deposit the money at a bank.
3
“Relevant fund” means a fund which the Board administers or of which it is trustee.
4
In relation to land (whether freehold or leasehold), the Board may exercise any power of management or improvement which an absolute owner holding the land beneficially would be entitled to exercise.