General powers
10(1)NICE may do anything which appears to it to be necessary or expedient for the purposes of, or in connection with, the exercise of its functions.
(2)But, except as provided by paragraph 11(3), NICE has no power to borrow money.
(3)NICE may do any of the following only with the approval of the Secretary of State—
(a)form, or participate in the forming of, companies,
(b)invest in companies (whether by acquiring assets, securities or rights or otherwise), and
(c)provide loans and guarantees and make other kinds of financial provision to or in respect of companies.
(4)The approval of the Secretary of State may be given for the purposes of sub-paragraph (3) subject to such conditions as the Secretary of State thinks appropriate.
(5)In this paragraph “company” has the same meaning as in the Companies Acts (see section 1(1) of the Companies Act 2006).