2(1)Subject to sub-paragraph (2) below, a funding authority may do anything which appears to them to be necessary or expedient for the purpose of or in connection with the discharge of their functions, including in particular—
(a)acquiring and disposing of land and other property,
(b)entering into contracts,
(c)investing sums not immediately required for the purpose of the discharge of their functions, and
(d)accepting gifts of money, land or other property.
(2)A funding authority shall not borrow money.
3(1)The Secretary of State may authorise a funding authority to purchase compulsorily any land required for the purpose of implementing any proposals under section 211, 212 or 260 (establishment or change in character of grant-maintained school) which are required to be implemented.
(2)The [1981 c. 67.] Acquisition of Land Act 1981 shall apply to compulsory purchase under this paragraph.