(2) In appointing members of the Funding Council the Secretary of State—
4. Subject to paragraphs 5 and 6 below, the Funding Council shall have the power—
5. The Funding Council shall not borrow money from any source, give any guarantee or indemnity or create any trust or security over or in respect of any of their property which was acquired, improved or maintained wholly or partly, directly or indirectly out of funds provided by the Secretary of State under section [Payment of grants. etc. to Funding Council] of this Act or from the proceeds of or any consideration for the disposal of any property so acquired, improved or maintained.
6.—(1) The Funding Council shall not dispose of any property acquired, improved or maintained wholly or partly, directly or indirectly, out of funds provided by the Secretary of State under the said section [Payment of grants, etc. to Funding Council] or from the proceeds of or any consideration for the disposal of any property so acquired, improved or maintained without the prior consent, given in writing, of the Secretary of State.
(3) The consent of the Secretary of State is not required for the disposal of land which is or forms part of property mentioned in sub-paragraph (I) above where the disposal is in consequence of the compulsory acquisition of such land by any authority in pursuance of any power of compulsory acquisition under any enactment; but the Funding Council shall inform the Secretary of State of any such compulsory acquisition.
(4) Where any such property is disposed of, the Funding Council shall pay to the Secretary of State such portion of the proceeds or value of the consideration for the disposal, after deduction of such expenses as appear to the Secretary of State to have been reasonably incurred in the disposal, as the Secretary of State may, after consultation with the Funding Council, determine.
7.—(l) For any purpose other than those mentioned in sub-paragraph (2) below, a document is validly executed by the Funding Council if it is signed on their behalf by a member of the Funding Council or by their secretary (or any person performing the duties of secretary to the Funding Council) or by any person authorised to sign the document on their behalf.
9.—(1) It shall be the duty of the Funding Council—
(2) The statement of accounts shall comply with any directions given by the Secretary of State with the approval of the Treasury as to—
10. An order made under section [Scottish Further Education Funding Council] of this Act may contain such additional provisions—
11. Employment with the Council shall be included among the kinds of employment to which a scheme under section 1 of the Superannuation Act 1972 can apply, and accordingly in Schedule 1 to that Act (in which those kinds of employment are listed) , at the end of the list of "Other Bodies" there is inserted—