Clergy Pensions Measure 1961

32 Investment powers of Board. E

[F1 (1) Without prejudice to section 32A of this Measure, the Board may invest any moneys in their hands and available for investment—

[F2 (a) in any investments in which trustees may invest under the general power of investment in section 3 of the Trustee Act 2000 (as restricted by sections 4 and 5 of that Act);]

(b) in the acquisition of freehold land in England and Wales or of leasehold land in England and Wales of which the unexpired term at the time of acquisition is not less than sixty years, and

(c) in any investment fund or deposit fund constituted under the Church Funds Investment Measure 1958.

[F3 (1A) The power of the Board to invest moneys in subsection (1)(a) above includes power to enter into derivative contracts, derivative financial instruments and equity instruments.

(1B) In subsection (1A) above, “ derivative contracts ” means options, futures or contracts for differences, within the meaning which those expressions have for the purposes of the Corporation Tax Act 2009 and “ derivative financial instruments ” and “ equity instruments ” have the same meanings as in that Act.

(1C) The Board may, by regulations, amend subsection (1A) above by adding other financial instruments to those listed in that subsection.

(1D) A draft of any regulations proposed to be made shall be laid before the General Synod and, if they are approved by the General Synod with or without amendment, the draft regulations so approved shall be referred to the Board.

(1E) Where draft regulations are referred to the Board under subsection (1D) above—

(a) if they have been approved by the General Synod without amendment, the Board shall, by applying their seal, make the regulations;

(b) if they have been approved with amendments, the Board may either—

(i) by applying their seal, make the regulations as amended, or

(ii) withdraw the regulations for further consideration in view of any amendment by the General Synod,

and the regulations shall not come into force until they have been sealed by the Board.

(1F) Where the Business Committee of the General Synod determines that draft regulations do not need to be debated by the General Synod, then unless—

(a) notice is given by a member of the General Synod in accordance with its standing orders that he or she wishes the draft regulations to be debated, or

(b) notice is given by any such member that he or she wishes to move an amendment to the draft regulations,

the draft regulations shall, for the purposes of subsections (1D) and (1E) above, be deemed to have been approved by the General Synod without amendment.

(1G) The Statutory Instruments Act 1946 (c. 36) applies to any regulations sealed by the Board under subsection (1E) above as if they were a statutory instrument and were made when sealed by the Board, and as if this Measure were an Act providing that any such regulations were to be subject to annulment in pursuance of a resolution of either House of Parliament.]

(2) The Board may retain any investment given to them by way of legacy or otherwise notwithstanding that it is not an investment which the Board would have power to acquire under subsection (1) above.]

F4 ( 3 ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)—(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5

(8) In this section, unless the context otherwise requires, the following expressions have the meanings hereby respectively assigned to them, that is to say—

• . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F6

• “ property ” includes real or personal property of any description, but does not include any land or building used for the purposes of a home of residence under section twenty-six of this Measure;

• . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F6

(9)(10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5

Textual Amendments

F1 S. 32(1)(2) substituted by Church of England (Pensions) Measure 1988 (No. 4, SIF 21:5) , ss. 10(3) , 14(a)

F2 S. 32(1)(a) substituted (1.2.2001) by 2000 c. 29 , s. 40(1) , Sch. 2 Pt. III para. 53(1) (with s. 35 ); S.I. 2001/49 , art. 2

F3 S. 32(1A)-(1G) inserted (19.5.2014) by Church of England (Miscellaneous Provisions) Measure 2014 (No. 1) , ss. 4(2) , 21(2) ; S.I. 2014/1369 , art. 2

F4 Words in s. 32(3) repealed (1.2.2001) by 2000 c. 29 , s. 40(1)(3) , Sch. 2 Pt. III para. 53(2) , Sch. 4 Pt. II (with s. 35 ); S.I. 2001/49 , art. 2

F5 S. 32(4)–(7)(9)(10) repealed by Church of England (Pensions) Measure 1988 (No. 4, SIF 21:5) , ss. 10(3) , 14(c) , 18(2) , Sch. 3

F6 Definitions repealed by Church of England (Pensions) Measure 1988 (No. 4, SIF 21:5) , ss. 10(3) , 14(c)