Paragraph 23 Fund Managers.

an individual of repute with at least 15 years’ experience of investment or financial management who is an authorised person within the meaning of the Financial Services Act, 1986^f1 (the 1986 Act); or

a company or firm of repute which is (otherwise than by virtue of section 45(1) (j) of the 1986 Act) an authorised or exempted person within the meaning of the 1986 Act;

Such power to sell or purchase if delegated to the Fund Managers shall only be exercisable by the Fund Managers within clear policy guidelines laid down in advance by the Council and shall not exceed or in any way infringe the powers of investment conferred by the Council;

Every sale or purchase made at the discretion of the Fund Managers in exercise of such a power to sell or purchase (if so delegated to them) shall as soon as is reasonably possible be reported by the Fund Managers to (or to a person appointed by) the Council;

The Council may without notice review any such delegation to the Fund Managers and its terms and revoke or alter the same if it thinks fit at any time notwithstanding that the period of such delegation has not expired (but without prejudice to acts or events prior to the revocation or alteration);

The Council shall be bound to review any delegation made under the provisions of this sub-clause at such intervals as it thinks fit (and so that in the absence of special reason such intervals shall not exceed 12 calendar months) but no such delegation shall be invalidated by any failure of the Council to undertake any review within the said period of 12 calendar months; and

The Council shall be liable for the acts and defaults of the Fund Managers in exercise of such a power to sell or purchase (if so delegated to them) in the same manner as if they were the acts of the Council.