# Health and Personal Social Services Act (Northern Ireland) 2001, Section 47: Borrowing, surplus funds and investment

Extent: N.I.

(1) Schedule 4 to the 1991 Order shall be amended as follows.
(2) In paragraph 1(1) (borrowing powers of HSC trusts) after “Subject to” there shall be inserted “any direction given by the Department under paragraph 6 of Schedule 3, to”.
(3) In paragraph 1 for sub-paragraphs (3) to (6) there shall be substituted—
“(3) It shall be for the Department, with the consent of the Department of Finance and Personnel, to determine the terms of any loan made by it to an HSC trust (including terms as to the payment of interest, if any).” .
(4) In paragraph 5 (surplus funds)—
(a) for “amount standing in the reserves of an HSS trust” there shall be substituted “sum held by an HSC trust otherwise than as trustee”;
(b) for “that amount” there shall be substituted “that sum”.
(5) For paragraph 6 (investment) there shall be substituted—
“
6 An HSC trust shall have power to invest money held by it in any investments, including investments which do not produce income, specified in directions under paragraph 6 of Schedule 3, but nothing in this paragraph applies in relation to money held by an HSC trust as trustee.”.

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Source: https://www.legislation.gov.uk/nia/2001/3/section/47 (the official version)
Page: https://openlegislation.uk/health-and-personal-social-services-act-northern-ireland-2001/section-47
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.