295. Regimental charitable funds.

Regimental charitable funds which at one time were invested in the names of officers of regiments were transferred by statute1 to the Bank of England2. The Secretary of State may at any time, with Treasury approval, pay to a holding trustee, that is a nominated corporation, a sum equal to the amount standing to the credit of any such fund3. The trustee must then invest the sum in a manner authorised under the general power of investment4 and pay the income from the investment to the commanding officer