Paragraph 1 Investment
Any property of the Charity for the time being available for investment shall be invested under the control of the Governors in accordance with the provisions of this paragraph.
Subject to sub-clauses (d), (e) and (f) of this clause the Governors may invest the cash and other property of the Charity at their discretion in:
any investments which are qualifying investments within the meaning of paragraphs 2 to 8 of Schedule 20 to the Income and Corporation Taxes Act 1988 but excluding units of a Unit Trust scheme which is not an authorised Unit Trust under the Financial Services Act 1986 where any such investments are traded investments they must be such as are traded with proper authority on a recognised stock exchange within the meaning of section 841 of the Income and Corporation Taxes Act 1988.
in mortages within the limits permitted by paragraph 13 Part II of Schedule I to the Trustee Investments Act 1961.
Any land held as an investment which belongs to the Charity at the date on which this Scheme is given effect by an Order of the Secretary of State under section 17(2) of the Charities Act 1993 may continue to be retained as an investment. Where such land is sold, subject to the taking and consideration of advice from a professional adviser who is qualified by his ability in and practical experience of land held as an investment, the Governors may apply the proceeds of sale in investing in other freehold or leasehold land in England or Wales.
The Governors shall at all times keep the investments of the Charity under review (including land held by them as an investment) and may at any time at their discretion realise exchange or otherwise dispose of any investment (including land held as an investment) or deposit or loan either to raise cash for the purposes of this Scheme or for investment in accordance with the terms of this Scheme.
In performance of their functions under this clause the Governors shall have regard to:
the need for diversification of investments (including land held as an investment) of the Charity in so far as it is appropriate to the circumstances of the Charity; and
in relation to any investment (including land held as an investment) of the Charity or any proposed investment, to the suitability to the Charity of the investments of the description concerned and of the particular investment as an investment of that description.
Unless authorised by an Order or Orders of the Commissioners the Governors shall not invest by way of underwriting any new issue of shares stock or other securities. Provided that they may invest by way of underwriting an issue of stock eligible to be held by the Charity where the Governors do so in order to secure an allocation of the new issue (and not for the sole or main purpose of obtaining commission) and are satisfied that the Charity has the resources to take up the allocation and that to do so would not be hazardous or speculative.