The British Railways Board (Pension Funds Investment Provisions) Order 1977
This Order confers additional powers on the British Railways Board as the trustees of certain of the Board's old pension fund to which new members are not now admitted. These funds are specified in Article 2. The power for the Board to act by their proper officers or to delegate functions to a Committee is conferred by Article 3. Article 4 enables the Board to use a nominee Company (which is a wholly-owned subsidiary of the Board) to hold and manage the investments in accordance with the Board's requirements and also to appoint a competent and responsible person to advise on investment. The Board are made responsible to the members and beneficiaries of the fund concerned for the acts and omissions of the Board's officers and of any Committee, nominee company or adviser to whom functions are delegated (Articles 3(3) and 4(7)).