s 12 Funds and property of Council
12.—(1) The funds and property of the Council include —(a) all moneys and property transferred to the Council under section 15; (b) all gifts, donations and contributions to the Council; (c) contributions from moneys provided by Parliament; and (d) all fees, commissions, rents, interests, dividends and other income accruing to the Council. (2) The Council may open and maintain an account or accounts with any bank or banks as the Council thinks fit. (3) The Council may invest its funds in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act 1965. (4) Subject to the terms of any trust or endowment, the funds and property of the Council must be applied solely for the purposes of or in connection with the performance of the functions, powers and duties of the Council under this Act, and no portion thereof may be paid or transferred, directly or indirectly, by way of dividend, bonus or otherwise by way of profit to its members. (5) Nothing in this section prevents the payment in good faith of remuneration to any employees of the Council.