The Charities (The Royal Philanthropic Society) Order 1994

INVESTMENT

28.  Powers of Investment. The funds of the Charity requiring investment shall be invested at the discretion of the General Committee, without any requirement for a division of assets, in any investments which are for the time being narrower-range or wider-range investments within the meaning of the Trustee Investments Act 1961(1).

29.  Investment adviser. The General Committee shall employ and may remunerate an investment adviser being a person or body entitled to carry on investment business under the provisions of the Financial Services Act 1986(2)which person or body may be the investment managers referred to in clause 30 of this Scheme or any employee of such investment managers.

30.  Investment managers.—

(1) The General Committee may employ and remunerate an investment manager or investment managers (hereinafter referred to as the managers) being some person or persons or body entitled to carry on investment business under the provisions of the Financial Services Act 1986 and, subject as hereinafter provided, may from time to time delegate to the managers for such period (not exceeding twelve months) as the General Committee thinks fit all or any of the functions, discretions and powers of the General Committee relating to investment including but without prejudice to the generality of the foregoing—

(a) the day-to-day management of the funds of the Charity including power to buy and sell investments, to operate bank accounts and to borrow (other than borrowing for the purposes of investment);

(b) the valuation of the property of the Charity;

(c) the keeping of such accounts as the General Committee may require;

(d) any matters incidental to any such delegation.

(2) Notwithstanding such delegation—

(a) the General Committee shall itself decide all matters of policy and what constitutes a matter of policy;

(b) the managers shall be required to inform the General Committee within fourteen days of each act done in the exercise of the functions, discretions and powers so delegated, to obtain the decision of the General Committee on matters of policy which may arise and to act in accordance with such directions as the General Committee shall give;

(c) the General Committee may without notice revew the terms of any such delegation and may alter or revoke the same at any time notwithstanding that the period of delegation has not expired.

31.  Nominees. The General Committee may (whether through the investment managers referred to in clause 30 of this Scheme or on their own account) permit the funds and investments of the Charity to be held and dealt with in the names of nominees.

(1)

1961 c. 62.

(2)

1986 c. 60.