The Local Authorities (Contracting Out of Investment Functions) Order 1996
This Order makes provision to enable certain bodies to authorise another person, or that person’s employees, (a “contractor”) to exercise any functions consisting of, or relating to, the investment of sums of money. The sums in question do not include sums forming (or forming part of) a trust fund or pension fund, but do include, in the case of a local authority in England which is a billing authority for the purposes of the council tax and non-domestic rates, sums paid into the authority’s collection fund which are not immediately required for making payments or transfers from that fund, and sums transferred from their collection fund to their general fund.