Any funds for the time being belonging to the Duchy of Lancaster may, notwithstanding anything in the M1Duchy of Lancaster Lands Act 1855 whether in a state of investment or not, be invested [F1under the general power of investment in section 3 of the Trustee Act 2000 (as restricted by sections 4 and 5 of that Act)] and any investments made in pursuance of this section shall be made in the names of at least three persons to be nominated by the chancellor and council of the said Duchy upon such trusts and in such manner as may be directed by the said chancellor and council.