{
  "url": "https://openlegislation.uk/university-of-wales-cardiff-act-2004/section-15",
  "json_url": "https://openlegislation.uk/university-of-wales-cardiff-act-2004/section-15.json",
  "legislation": "ukla/2004/6",
  "legislation_title": "University of Wales, Cardiff Act 2004",
  "legislation_url": "https://openlegislation.uk/university-of-wales-cardiff-act-2004",
  "path": "section/15",
  "kind": "section",
  "number": "15",
  "heading": "Apportionment of income from pooled investments",
  "text": "(1) The net amount of the aggregate income for any accounting period from the investments comprised in the investment pool after deduction of—\n(a) any expenses of administration of the pool;\n(b) any amount which may be retained in the pool in pursuance of the provisions of subsection (2) below; and\n(c) any amount set aside in pursuance of the provisions of subsection (3) below;\nshall be apportioned among the endowment funds entitled to share in the pool in proportion to the numbers of investment units in the pool to which each fund is respectively entitled and, in the case of any investment unit or units to which an endowment fund was entitled during only a part of that accounting period, after paying due regard to the time during which that fund was so entitled.\n(2) The Council may retain in the pool and carry to a reserve fund in the accounts of the pool at the end of any accounting period any such amount of income from the investments comprised in the pool, not exceeding such percentage as the Council may by resolution from time to time determine of the gross aggregate amount of that income for that accounting period, as the Council may consider it expedient to reserve with a view to—\n(a) supplementing the income from the investments comprised in the pool to be apportioned in any subsequent accounting period, and\n(b) so helping to equalise the rates of the annual distributions of income in respect of the pool.\n(3) The whole or any part of the income thus held in reserve for the time being in the pool may be applied at the discretion of the Council by way of addition to the amount of income otherwise falling to be apportioned in respect of any subsequent accounting period among the endowment funds entitled to share in the pool and as if it were part of that income.\n(4) The Council may retain in the pool and carry to a capital redemption account in the accounts of the pool at the end of any accounting period any such amount of income from the investments comprised in the pool not exceeding such percentage as the Council may by resolution from time to time determine of the gross aggregate amount of that income for that accounting period as the Council may consider it expedient to set aside to meet capital losses.\n(5) Any sums set aside pursuant to subsection (2) or (4) above shall be invested by the Council in the same manner as that in which money for the time being in the pool and available for investment is required to be invested in pursuance of the provisions of section 13 (Administration of investment pool) of this Act and the capital and income of such investments shall respectively form part of the capital and income of the pool.\n(6) If an investment is redeemed or terminated or, in pursuance of the provisions of section 13 (Administration of investment pool) of this Act, withdrawn from the pool or sold—\n(a) the Council may deduct a sum, being not greater than the capital loss, if any, resulting from the redemption, termination, withdrawal or sale, from the capital redemption account of the pool; and\n(b) may apply it at their discretion in meeting the capital loss.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukla/2004/6/section/15",
    "retrieved_at": "2026-10-29T14:45:13.517227+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}