(1) A registered society may invest any part of its funds in or upon any security authorised by its registered rules.

(2) A registered society may, unless its registered rules provide otherwise, invest any part of its funds -

(a) in or upon any relevant security of a relevant authority (see subsection (3));

(b) in the shares or on the security of -

(i) any other registered society,

(ii) a building society, or

(iii) a company registered under the Companies Acts or incorporated by Act of Parliament or by charter,

being a society or company with limited liability;

(c) in or upon any other security in which trustees are for the time being authorised by law to invest (for which purpose sections 1 to 6 of the Trustee Investments Act 1961 apply as if the society were a trustee and its funds were trust property).

(3) In this section -

"building society" has the same meaning as in the Building Societies Act 1986;