Section 7 Application of ss. 1–6 to persons, other than trustees, having trustee investment powers.

Where any persons, not being trustees, have a statutory power of making investments which is or includes power—

however the power is expressed, the foregoing provisions of this Act shall with the necessary modifications apply in relation to them as if they were trustees:

Where, in the exercise of powers conferred by any enactment, an authority to which paragraph 9 of Part II of the First Schedule to this Act applies uses money belonging to any fund for a purpose for which the authority has power to borrow, the foregoing provisions of this Act, as applied by the foregoing subsection, shall apply as if there were comprised in the fund (in addition to the actual content thereof) property, being narrower-range investments, having a value equal to so much of the said money as for the time being has not been repaid to the fund, and accordingly any repayment of such money to the fund shall not be treated for the said purposes as the accrual of property to the fund:

In this section “Consolidated Loans Fund” means a fund established under section fifty-five of the M1Local Government Act, 1958, and includes a loans fund established under F1Schedule 3 to the M2Local Government (Scotland) Act 1975 and “statutory power” means a power conferred by an enactment passed before the passing of this Act or by any instrument made under any such enactment.