Paragraph 1

England and Wales

(1)

Subject to sub-paragraph (2) below, a funding authority may do anything which appears to them to be necessary or expedient for the purpose of or in connection with the discharge of their functions, including in particular—

(a)

acquiring and disposing of land and other property,

(b)

entering into contracts,

(c)

investing sums not immediately required for the purpose of the discharge of their functions, and

(d)

accepting gifts of money, land or other property.

(2)

A funding authority shall not borrow money.

Notes on the whole Act

Textual amendments

F1: Act repealed (1.11.1996) by 1996 c. 56, ss. 582(2)(3), 583(2), Sch. 38 Pt. I (with savings in ss. 1(4), 561, 562, Sch. 39); Sch. 13 paras. 6, 7 as saved continued (1.9.1999) by S.I. 1999/2267, reg. 2(2); and s. 154(4) expressed to be amended (11.9.1998) by 1998 c. 18, ss. 54(1), 55(2), Sch. 3 para. 25 (which amendment fell (1.4.1999) by reason of the repeal of the said Sch. 3 para. 25 by 1998 c. 31, s. 140(3), Sch. 31; S.I. 1999/1016, art. 2(1), Sch. 1)