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Change 1
As published
104B Total return investment: regulations
(1) The Commission may by regulations make provision about—
(a) resolutions under section sections 104A(2) and 104AA,
(b) the investment of a relevant fund without the need to maintain a balance between capital and income returns, and expenditure from such a fund, ...
(ba) the use of a relevant social investment fund to make social investments (within the meaning of section 292A),
(c) the steps that must be taken by charity trustees in respect of a fund, or portion of a fund, in the event of a resolution under section 104A(2) ceasing to have effect in respect of the fund or portion , and
(d) any steps that must be taken by charity trustees in respect of a relevant social investment fund in the event of a resolution under section 104AA(2) ceasing to have effect.
(2) Regulations under subsection (1)(a) may, in particular—
(a) specify steps that must be taken by charity trustees before passing a resolution under section 104A(2) or 104AA(2)(2),
(b) make provision about the variation and revocation of such a resolution,
(c) require charity trustees to notify the Commission of the passing, variation or revocation of such a resolution, and
(d) specify circumstances in which such a resolution is to cease to have effect.
(3) Regulations under subsection (1)(b) may, in particular—
(a) make provision requiring a relevant fund to be invested, and the returns from that investment to be allocated, in such a way as to maintain (so far as practicable) the long-term capital value of the fund,
(b) make provision about the taking of advice by charity trustees in connection with the investment of, and expenditure from, a relevant fund,
(c) confer on the charity trustees of a relevant fund a power (subject to such restrictions as may be specified in the regulations) to accumulate income,
(d) make provision about expenditure from a relevant fund (including by imposing limits on expenditure and specifying circumstances in which expenditure requires the Commission's consent), and
(e) require charity trustees to report to the Commission on the investment of, and expenditure from, a relevant fund.
(4) A power to accumulate income conferred by regulations under subsection (1)(b) or (c) is not subject to section 14(3) of the Perpetuities and Accumulations Act 2009 (which provides for certain powers to accumulate income to cease to have effect after 21 years).
(5) Any regulations made by the Commission under this section must be published by the Commission in such manner as it thinks fit.
(6) In this section—
“relevant” fund means a fund, or portion of a fund, in respect of which a resolution under section 104A(2) has effect, and includes the returns from the investment of the fund or portion.
“relevant social investment fund” means a fund, or a portion of a fund, and any returns from the investment of the fund, or portion, in respect of which a resolution under section 104AA(2) has effect.
Your change, as a redline
104B Total return investment: regulations
(1) The Commission may by regulations make provision about—
(a) resolutions under section sections 104A(2) and 104AA,
(b) the investment of a relevant fund without the need to maintain a balance between capital and income returns, and expenditure from such a fund, ...
(ba) the use of a relevant social investment fund to make social investments (within the meaning of section 292A),
(c) the steps that must be taken by charity trustees in respect of a fund, or portion of a fund, in the event of a resolution under section 104A(2) ceasing to have effect in respect of the fund or portion , and
(d) any steps that must be taken by charity trustees in respect of a relevant social investment fund in the event of a resolution under section 104AA(2) ceasing to have effect.
(2) Regulations under subsection (1)(a) may, in particular—
(a) specify steps that must be taken by charity trustees before passing a resolution under section 104A(2) or 104AA(2)(2),
(b) make provision about the variation and revocation of such a resolution,
(c) require charity trustees to notify the Commission of the passing, variation or revocation of such a resolution, and
(d) specify circumstances in which such a resolution is to cease to have effect.
(3) Regulations under subsection (1)(b) may, in particular—
(a) make provision requiring a relevant fund to be invested, and the returns from that investment to be allocated, in such a way as to maintain (so far as practicable) the long-term capital value of the fund,
(b) make provision about the taking of advice by charity trustees in connection with the investment of, and expenditure from, a relevant fund,
(c) confer on the charity trustees of a relevant fund a power (subject to such restrictions as may be specified in the regulations) to accumulate income,
(d) make provision about expenditure from a relevant fund (including by imposing limits on expenditure and specifying circumstances in which expenditure requires the Commission's consent), and
(e) require charity trustees to report to the Commission on the investment of, and expenditure from, a relevant fund.
(4) A power to accumulate income conferred by regulations under subsection (1)(b) or (c) is not subject to section 14(3) of the Perpetuities and Accumulations Act 2009 (which provides for certain powers to accumulate income to cease to have effect after 21 years).
(5) Any regulations made by the Commission under this section must be published by the Commission in such manner as it thinks fit.
(6) In this section—
“relevant” fund means a fund, or portion of a fund, in respect of which a resolution under section 104A(2) has effect, and includes the returns from the investment of the fund or portion.
“relevant social investment fund” means a fund, or a portion of a fund, and any returns from the investment of the fund, or portion, in respect of which a resolution under section 104AA(2) has effect.
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