National Health Service (Scotland) Act 1978

4The Trust shall have the following powers—

(a)the like powers in relation to their funds as trustees have in relation to their trust estate under section 4(1) of the [1921 c. 58.] Trusts (Scotland) Act 1921 ;

(b)power to purchase and lease land and to invest in any security in which trustees are authorised to invest under or in pursuance of the Trusts (Scotland) Act 1921 and—

(i)to retain any investment which they from time to time receive,

(ii)to make a narrower-range investment falling within Part II of Schedule 1 to the [1961 c. 62.] Trustee Investments Act 1961 without first obtaining advice as required by section 6 of that Act,

(iii)to invest in the units of a unit trust scheme or in participation certificates or in any form of participation under any trust or scheme having the effect of enabling persons to participate in the profits and income arising from the acquisition, holding, management or disposal of securities or of land ;

(c)power to make loans to Health Boards against their share in the capital of the Trust;

(d)power to pay all the expenses of the constitution and administration of the Trust from their funds ;

(e)power to accept from any Health Board for investment and management on behalf of the Board any endowments or accumulated income thereof transferred to the Board under Part VI of the [1972 c. 58.] National Health Service (Scotland) Act 1972 and any endowments, or accumulated income thereof, otherwise held by a Health Board ;

(f)power to accept, hold, administer and dispose of any property (other than a relevant endowment or such an endowment as is referred to in sub-paragraph (e)) on trust for purposes similar to those for which property is held by a Health Board ;

(g)power to give advice to a Health Board relating to the investment or management of any such endowment or income as is referred to in sub-paragraph (e) and which is not transferred to the Trust under paragraph 16 of Schedule 1, and to recover from the Board concerned any expenses reasonably incurred by them in giving such advice.