(1) The general power of investment is-

(a) in addition to powers conferred on trustees otherwise than by this Act, but

(b) subject to any restriction or exclusion imposed by the trust instrument or by any enactment or any provision of subordinate legislation.

(2) For the purposes of this Act, an enactment or a provision of subordinate legislation is not to be regarded as being, or as being part of, a trust instrument.

(3) In this Act "subordinate legislation" has the same meaning as in the Interpretation Act 1978 [1978 c. 30.].