1The Research Trust shall consist of a chairman appointed by the Secretary of State and such number of other members so appointed as the Secretary of State may from time to time determine.
2SThe Research Trust shall be a body corporate.
F13The Secretary of State may make regulations for—
(a)the appointment, and tenure and vacation of office, of the members of the Research Trust;
(b)the procedure of the Trust;
(c)the appointment, remuneration and conditions of service of officers of the Trust;
(d)the making of payments from the funds of the Trust to its members in respect of any loss of earnings they would otherwise have made or any additional expenses (including travelling and subsistence expenses) to which they would not otherwise have been subject, being loss of expenses necessarily suffered or incurred by them for the purpose of enabling them to perform duties as members of the Trust; and
(e)any matters consequential or incidental to those matters.
Textual Amendments
F1Sch. 7 paras. 3-3G and cross-headings substituted (1.11.2005) for Sch. 7 para. 3 by Smoking, Health and Social Care (Scotland) Act 2005 (asp 13), ss. 38(3)(b), 43(3); S.S.I. 2005/492, art. 3(b), Sch. 2
4The Research Trust shall have power to purchase land and to invest in any securities in which trustees are authorised to invest under or in pursuance of the M1Trusts (Scotland) Act 1921; and they may—
(a)retain any investment which they from time to time receive;
(b)make a narrower-range investment falling within Part II of Schedule 1 to the M2Trustee Investments Act 1961 without first obtaining advice as required by section 6 of that Act;
(c)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. [F2 It is hereby declared, for the avoidance of doubt, that the Research Trust has at all times had the power referred to in this paragraph to invest in any security in which trustees are authorised to invest under or in pursuance of the Trustee Investments Act 1961.]
Textual Amendments
F2Words inserted by Law Reform (Miscellaneous Provisions) (Scotland) Act 1985 (c. 73, SIF 39:1), s. 54(3)
Marginal Citations
5The Research Trust shall have, in relation to their funds, the like powers as trustees have in relation to their trust estate under subsection (1) of section 4 of the M3Trusts (Scotland) Act 1921.
Marginal Citations
6Where the Research Trust borrow money or draw upon capital to meet expenditure of a capital nature, they shall set aside annually a sum sufficient to repay such loan or draft within a period which, unless the Secretary of State otherwise approves in any case, shall not exceed 30 years; but this paragraph shall not apply in the case of a draft on capital to the extent only of surplus income added to capital.
7The proceedings of the Research Trust shall not be invalidated by any vacancy in the membership thereof or by any defect in the appointment of a member.