|
|
Scholarship Exchange Fund.
|
6.—(1) During the period of sixty days beginning on the commencement of this Act, there shall be paid to the Board, out of the Counterpart Special Account the sum of five hundred thousand pounds.
|
|
| |
(2) Upon receipt of the sum referred to in subsection (1) of this section, the Board shall establish with that sum a fund which shall be known as the Scholarship Exchange Fund (in this Act referred to as the Fund) and which shall be managed and controlled by the Board in accordance with this Act.
|
|
| |
(3) (a) The Board shall invest amounts standing to the credit of the Fund (excepting sums required to meet current expenditure) in such securities as may be approved of by the Minister for Finance.
|
|
| |
(b) The Board may vary or transpose moneys invested under this subsection into other investments approved of by the Minister for Finance, and may at any time, subject to the approval of that Minister, sell or otherwise dispose of any investments under this subsection.
|
|
| |
(c) Dividends and interest received by the Board on investments under this subsection, and amounts received by the Board on sales or other disposals of such investments, shall be paid into the Fund.
|
