Memorandum of Association

82 The Council may by Regulations impose reasonable restrictions as to the time and manner at and in which the accounting records of the Company may be inspected by the Members and subject to these restrictions the accounting records shall be open to inspection by the Members during usual business hours.

AUDIT

83 Any appointment of Auditors required by the Companies Act and the duties of such auditors (if required) shall be regulated in accordance with Sections 236, 237, 241 and 384 of the Companies Act or succeeding sections or Acts, the members of the Council being treated as the directors mentioned in those sections.

BANK ACCOUNT

84 Any bank account in which any part of the assets of the Society is deposited shall be operated by the Council and shall indicate the name of the Society. All cheques, negotiable instruments, and orders for the payment of money from such account shall be signed in such manner as the Council shall from time to time determine.

INVESTMENTS

85 The Council shall have the power to employ as a professional investment manager for the Society any person who is entitled to carry [out an investment business under the provisions of the Financial Services Act 1986] OR [on a regulated activity under the provisions of the Financial

Services and Markets Act 2000] (or any statutory modification or re-enactment thereof) and to delegate to any such manager (“the Manager”) the exercise of all or any of the power of investments on such terms and at such reasonable remuneration as the Council may see fit but always subject to the following:-

85.1 Delegated powers shall be exercisable only within the clear policy guidelines drawn up in advance by the Council;

85.2 Every transaction carried out by the Manager under delegated powers shall be reported to the next meeting of the Council or any committee designated by the Council for such purpose;