Section 27Part 4 — Financial Provisions
Power of Authority regarding funds, gifts, land, etc.
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27. (1) Subject to section 21, the Authority shall have power —
to receive all funds or gifts in kind given or bequeathed to the Authority, or to the Government for the purposes of the Authority, or given or bequeathed by words showing an intention that the funds or gifts should inure to or for the benefit of the Authority; and
to acquire by purchase, gift or demise, and hold in their corporate capacity, with the previous sanction in each case of the Cabinet but not otherwise, any land in the Islands required to further the purposes of the Authority.
Subject to this Act, the Authority shall apply all such funds or gifts specified in subsection (1)(a) or, if such funds are invested, the income derived therefrom, National Roads Authority Act (2024 Revision) Section 28 c Revised as at 31st December, 2023 Page 21 to furthering the purposes of the Authority in such manner as the Authority thinks fit.
The powers conferred by subsection (1) shall not be exercised in any manner inconsistent with any condition or action imposed or given by the donor or testator with respect to such fund or gift.
The following shall have effect with respect to funds received by the Authority by way of gift or bequest for the purposes of the Authority —
the Authority may invest liquid funds in such bank deposits or similar financial instruments as the Authority may determine, and shall so invest any such funds that are given or bequeathed for the endowment of the Authority;
the Authority may realise any funds that are in a state of investment, and any funds so realised which are given or bequeathed for the endowment of the Authority shall, as soon as may be practicable or expedient, be reinvested by the Authority; and
funds which, when received by the Authority, are in any investment, may be retained by the Authority in that investment.