4SSubject to paragraphs 5 and 6 below, the Funding Council shall have the power—
(a)to acquire, hold and dispose of land and other property;
(b)to enter into contracts, including contracts for the employment of staff for the purposes of the discharge of their functions;
(c)to invest any sums not immediately required by the Funding Council for the purpose of their carrying on any of the activities which they have power to carry on; and
(d)to accept gifts of money, land or other property and apply it to, or hold or administer it in trust for, the purpose of the discharge of any of their functions.