Chapter III

PROPERTY, BUILDINGS, LOANS

1. The University shall have power to purchase, lease, retain, sell, or transfer property real or personal and to purchase, retain, sell, or transfer securities (which term shall include stocks, funds, and shares) of any description whether or not authorized by law for the investment of trust funds, and may also apply moneys to any purpose to which capital moneys, arising under the Universities and College Estates Acts 1925 and 1964, may be applied.

2. In relation to the management, development, improvement, sale, lease, mortgage, or other disposition of any land or any estate or interest therein held by the University, or to the acquisition of any land or any estate or interest therein, the University may exercise any power and may carry out any transaction which an individual holding or acquiring such land, estate, or interest for his or her own benefit could exercise or carry out.

3. The powers conferred by this Statute shall extend to the investment (including the variation of the investment) of all endowments or other funds of the University and of the funds of any specific trust for purposes connected with the University of which the University is trustee.

4. Unless the terms of the trust provide otherwise, any part of the income of a trust fund not expended in any year shall be accumulated by investment or otherwise, and any accumulation shall at the discretion of the Council either be applied as income in any one or more subsequent years or be added to the capital of the fund.

5. Except as may be provided otherwise by Statute regarding the finance and property of the University Press, the University shall not have power to make its property or income security for any loan otherwise than by Grace, and in accordance with the Universities and College Estates Acts 1925 and 1964, and the terms of any loan so secured shall provide for the repayment of the loan within fifty years or less either by annual instalment or otherwise.

6. In order to facilitate the management of investments under the control of the University the Council may at any time and from time to time resolve that all or any part of the endowments or other funds of the University and of the funds of any specific trust for purposes connected with the University of which the University is trustee (hereinafter called the constituent funds) be treated as one amalgamated fund invested for the rateable benefit of the constituent funds and to and upon any such resolution the following provisions shall apply:

1. (a)An investment shall not be brought into an amalgamated Fund upon its first constitution or upon any change of investment unless it is an authorized investment for all the constituent funds.
2. (b)An amalgamated fund shall be held on behalf of the constituent funds in shares as nearly as may conveniently be proportionate to their respective capital values upon the first constitution of the amalgamated fund; such shares shall be fixed by resolution of the Council on the recommendation of the Finance Committee of the Council.
3. (c)The Council, on the recommendation of the Finance Committee of the Council, may at any time increase any amalgamated fund by adding thereto new constituent funds and upon any such increase shall fix the share of such new constituent funds in the resulting amalgamated fund.
4. (d)The Council may at any time wind up any amalgamated fund and divide the investments thereof between the constituent funds in proportion to their respective shares therein or may bring all or any of the shares into a new or other amalgamated fund in accordance with the provisions of this section.
5. (e)The Council may appropriate and distribute for expenditure as much of the fair value of any amalgamated fund as prescribed by Ordinance as it considers in its absolute discretion is prudent having regard to the total return achieved and reasonably to be expected in the long term of the amalgamated fund and distribute in proportion to the constituent funds at the time of the distribution.

7. Except as may be provided otherwise by Statute regarding the finance and property of the University Press, the University may authorize the Council or a duly authorized Committee of the Council to exercise the powers granted in sections 1–3 of this Chapter, subject to any restrictions that may be imposed by Ordinance.