s.17Gifts and bequests to Council
17
Section 17Part 3 — Finance

Gifts and bequests to Council

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Subject to subsection (2), the Council shall have power to receive all grants, technical assistance, funds or gifts in kind made, given or bequeathed to the Council, or to the Government, for the purposes of the Council, or given or bequeathed by words showing an intention that the funds or gifts should enure to or for the benefit of the Council, and, subject to this Law, the Council shall apply all such funds or gifts or, if such funds are invested, the income derived therefrom, to furthering the purposes of the Council in such manner as the Council thinks fit.
The powers conferred by subsection (1) shall not be exercised in any manner inconsistent with any condition imposed or any direction given by the donor or testator with respect to any such fund or gift.
Notwithstanding anything contained in any other Law, with respect to funds received by the Council by way of gift or bequest for the purposes of the Council —
the Council may invest liquid funds in such securities as the Council may determine, and shall so invest any such funds that are given or bequeathed for the endowment of the Council;
subject to subsection (4), the Council may realise any funds that are in a state of investment; and
funds which, when received by the Council, are in any investment may be retained by the Council in that investment.
Funds given or bequeathed for the endowment of the Council which, pursuant to paragraph (b) of subsection (3), are realised shall, as soon as may be practicable or expedient, be reinvested by the Council.

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