Paragraph 2

The governing body of any university or further education institution in receipt of grant in aid from the Secretary of State or, in Northern Ireland, from the Department of Education for Northern Ireland on the advice of the University Grants Committee or pursuant to Part III of the Education (Grants) Regulations 1983^f1 or the corresponding Northern Ireland enactment when acting in the capacity of trustee or operator of any collective investment scheme established for objects connected with the relevant university or institution.