9.—(1) An administering authority must invest any fund money that is not needed immediately to make payments from the fund.
(2) They may vary their investments.
(3) Their investment policy must be formulated with a view—
(a)to the advisability of investing fund money in a wide variety of investments; and
(b)to the suitability of particular investments and types of investments.
(4) An administering authority must obtain proper advice at reasonable intervals about their investments.
(5) The authority must consider such advice in taking any steps about their investments.
10.—(1) An administering authority may invest in any investment made in accordance with a section 11 scheme without any restriction as to quantity.
(2) A “section 11 scheme” is a scheme under section 11 of the Trustee Investments Act 1961(1) (which enables the Treasury to approve schemes for local authorities to invest collectively).
11.—(1) Schedule 1 sets out the limits which apply to certain sorts of investments.
(2) The percentages set out in the headings in Part I are the limits on the amount of each description of investment listed under those headings.
(3) Those percentages are percentages of the total value of all existing investments in the fund before making the investment which is subject to the limit.
(4) The limits in that Schedule only apply at the time the investment is made.
(5) Part II of that Schedule sets out certain exceptions to the limits.
(6) Part III of that Schedule applies for interpreting Parts I and II.
12.—(1) An administering authority must pay interest on the total from day to day of any fund money used by them and not repaid.
(2) That interest may not be paid at a rate lower than the lowest rate at which they could have obtained a commercial loan of that amount at 7 days' notice (otherwise than by bank overdraft).