14Endowment

14 Endowment

14 Endowment

(1) For the purpose of providing a statutory fund to be applied by the Trust towards—

(a) the purchase and acquisition of works of art,

(b) the remuneration, if any, to be paid under clause 5 of Schedule 1 to trustees, deputies of trustees and members of committees established under section 8 (7) who are not trustees, and

(c) subject to subsection (2), other expenditure incurred by the Trust,

there shall be paid by the Treasurer to the Trust an annual endowment of such amount as Parliament approves.

(2) The statutory fund referred to in subsection (1) may not be applied towards—

(a) the remuneration of members of staff of the Trust, or

(b) general operating expenses, including those related to the maintenance of any property of the Trust.

(3) The annual endowment referred to in subsection (1) shall be paid by such instalments as the Treasurer thinks fit.

(4) Any money payable by the Treasurer under this section shall be paid out of money provided by Parliament.

s 14: Am 2006 No 2, Sch 4.2 [6]; 2015 No 15, Sch 3.1 [5].