(2) The Board may decline to accept any donation or bequest of
money or any devise or gift of land or chattels if in its opinion any
conditions upon which such donation, bequest, devise, or gift is made
are such as to preclude such money, land, or chattels from being used
or disposed of to the best advantage by the Board for the purposes
of the National Fund or if, in its opinion, any such land or chattels
cannot be so used or disposed of to such advantage.

(3) In making any grant, gift, or loan under paragraphs (e) and (f)
of clause (1) of this regulation the Board may in its discretion impose
such conditions as it thinks fit for the purpose of ensuring that the
grant, gift, or loan is expended or used or disposed of only for the
purposes for which it is made and to the best advantage, but the Board
shall not be obliged to see to the application or be responsible for the
misapplication or non-application of any such grant, gift, or loan or
of any other moneys or land or chattels expended or disposed of under
these regulations except by the Board itself.

(4) Any person wilfully committing a breach of any condition
imposed by the Board under the last preceding clause commits an
offence and is liable on summary conviction to a fine of £100 and, if
the offence is a continuing one, to a further fine of £10 for each day
or part of a day during which such offence continues.

REGULATION 19.—COMMITTEES OF THE BOARD.

(1) The Board may from time to time appoint such committees as
it thinks fit to assist it in the discharge of its functions under these
regulations, and may appoint as members of any such committee, or
authorize any such committee to co-opt as members thereof, persons
who are not members of the Board.

(2) The Board may at any time and from time to time discharge,
alter, continue, or reconstitute any committee or discharge any member
of a committee, and, if it thinks fit, appoint another member in his
stead.

(3) The Board may refer to any such committee any matters for
consideration or inquiry or regulation and may within limits defined
by the Board delegate to any such committee any of the powers, duties,
and functions of the Board.

REGULATION 20.—VESTING CONTROL AND INVESTMENT OF PROPERTY.

(1) All land, interest in land, and chattels purchased with money
belonging to the National Fund or acquired in any manner by the
Board shall be vested in the Board.

(2) The Board for the purpose of managing any property vested
in it or carrying on and maintaining any institution established by it
may appoint such persons as it thinks fit or may appoint any body
corporate which the Board is satisfied is specially qualified for that
purpose to manage, carry on, or maintain any such property or institution
on behalf of the Board on such terms and conditions as may be
agreed on by the Board and such persons or body corporate.

(3) Any moneys belonging to the National Fund and not immediately
required for expenditure by the Board may from time to time
be invested in such securities (being securities in which, for the time
being, trust-moneys may lawfully be invested under the provisions of
the Trustee Act, 1908) in such manner and for such periods as the
Minister of Finance may approve, either generally with respect to all
investments or with respect to any particular investment.