(1)The Conservators may create and form a land acquisition fund and may in any particular year set aside, for credit to the land acquisition fund, from the general fund maintained by them such sum standing to the credit of the general fund as has been paid to them as a result of any precept or demand levied or made on any local authority or request made of any local authority or other body for the purpose of land acquisition during that year but which has not been required for such purpose provided that such sum set aside shall not exceed 5 per cent. of the total precept, demand or request for the Conservators' purposes generally including land acquisition in that year.
(2)Any sums so set apart for the maintenance of a land acquisition fund may from time to time be invested in any manner prescribed for the investment of trust funds and the dividends and interest arising from such investment may also be invested in the same manner so as to accumulate at compound interest for the credit of the fund.