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Investment of charity fund.
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32.—(1) The Board may, in their discretion, invest any fund held by them upon any charitable trust in such manner as they think proper.
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(2) The Board may, if they think fit, on the application of the trustees of any fund held upon any charitable trust, by order confer upon the trustees, either generally or in any particular instance, power to invest the fund in such manner, on such terms and subject to such conditions as the Board may think proper.
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(3) (a) Notwithstanding anything contained in any enactment (including this Act) or rule of law, a Court or the Board shall not invest or order, empower, consent to or approve of the investment of any fund held upon any charitable trust in manner other than the following, that is to say :
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(i) in investments authorised by the terms of the trust or for the time being authorised by law as investments for trust funds,
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(ii) in any debentures, debenture stock or guaranteed or preference or ordinary stock or shares of any industrial or commercial company incorporated in the State or maintaining in the State at the time of the proposed investment a register of its share-holders resident in the State, provided the ordinary stock or shares of any such company are quoted on the Dublin Stock Exchange or the Cork Stock Exchange,
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(iii) in the purchase of freehold or leasehold land in the State.
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(b) Notwithstanding anything contained in paragraph (a), the whole or any part of a fund held upon any charitable trust which immediately before the commencement of this Act stood invested in a manner other than that specified in paragraph (a) may continue to stand so invested and, where the investment is in any securities to the holders of which other securities of the same kind are offered on advantageous terms, the fund may, whether at the time in a state of investment or not, be invested, to the extent of the offer made in respect of the fund's holding of such securities, in the other securities.
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(c) A fund held upon any charitable trust shall not by virtue of paragraph (a) be invested in any manner expressly forbidden by the terms of the trust.
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(d) A Court or the Board may from time to time vary or order, empower, consent to or approve of the variation of an investment made in the manner specified in paragraph (a).
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(e) This subsection does not restrict the power of the Board to grant authorisations in relation to land under the subsequent provisions of this Part.
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(4) Subsection (2) does not apply to a fund to which section 33 for the time being applies.
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