College Statutes - Downing College - University of Cambridge

STATUTE XLVII
Of Investment and Application of Assets
1. The powers conferred by this Statute shall apply to the following
funds, namely:
(a) all funds and endowments of the College which are not
held on trust; and
(b) any endowment, benefaction or trust for purposes
connected with the College of which the College or an
Officer of the College in his or her capacity as such is
Trustee and in relation to which the College has consented
to the application of this section.
2. The Governing Body shall have power to authorise the
purchase, sale, transfer, management, investment (including
the variation of investment) or application of property, real or
personal, and securities (which term includes stocks, funds and
shares) of any description on behalf of the College, and also the
application of monies to any purpose to which capital monies
arising under the Universities and College Estates Act, 1925
and 1964, may be applied.
3. The Governing Body may appropriate for expenditure for the
purposes of such a fund as is mentioned in section 1 of this
Statute so much of the fair value of the particular fund as is
prudent in all the circumstances, having regard to the total
return achieved and reasonably to be expected in the long term
of that fund.
4. In section 3 of this Statute:
(a)
(b)
‘fair value’ means the amount at which an asset could be
exchanged in an arm’s length transaction between
informed and willing parties, other than in a forced or
liquidation sale; and
‘total return’ means return in terms of both income,
whether received or accrued, and capital appreciation,
whether realised or unrealised.
5. Any reference in these Statutes to the income of the College
shall include the total sums appropriated in accordance with
section 3 of this Statute.
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