Section 5 Powers and duties of the investment manager

Without prejudice to the generality of the duty of the investment manager to manage and control the fund, the investment manager has the powers and duties set out in Schedule 1 in respect of the fund.

The investment manager shall administer the fund with the objective of securing long-term growth in income and capital.

The investment manager shall determine an investment strategy designed to achieve the objective mentioned in sub-paragraph (2), and may from time to time revise the investment strategy for the same purpose.

Before determining or revising an investment strategy, the investment manager shall consult the Board and the Lord Chancellor.

The investment manager shall ensure that he or his representative attends all meetings of the Board to which he is invited, and supplies to the Board all information it reasonably requires.