(1)The Totalisator Board shall have power—
(a)to acquire and hold such land as may be reasonably required for the purposes of any of their functions and to sell or lease any land held by them which is not required for those purposes;
(b)to borrow for the purposes of any of their functions and to give security for any moneys borrowed by them;
(c)to make such loans or investments as they judge desirable for the proper conduct of their affairs, being loans or investments either—
(i)such as, under the enactments for the time being in force, a trustee would by authorised to make out of trust funds; or
(ii)approved, or of a description approved, by the Secretary of State;
(d)to do all such things as are incidental to, or conducive to the attainment of the purposes of, any of their functions.
(2)Subject to section 14(3) to (5) of this Act, the Totalisator Board shall apply any moneys from time to time available in their hands—
(a)in providing for the payment of rates, taxes, charges, expenses and other outgoings;
(b)in making provision for the payment of any contribution for the time being payable by them under section 30 of this Act;
(c)in making such other provision in connection with any of their functions as they think proper.