The General Assembly, noting the omission in the text of Act XXXVII, 2005, repeal that Act and substitute therefore the following:
The General Assembly repeal Act XXVII, 2000 (Act anent College Endowment Fund) and declare the College Endowment Fund a separate fund from the College Fund. They authorise the College Board to administer the Endowment Fund subject to the following terms and conditions:
(1) All donations to the College Endowment Fund shall be added to the capital of the Endowment Fund.
(2) At the end of each financial year the College Board will, at its discretion, decide on the amount of the Endowment Fund which is to be invested in the Share Pool.
(3) The College Board may, at its discretion, allocate sums from the College Endowment Fund to cover College Board approved Special Projects or any unforeseen items of College related expenditure not provided for in the annual budget of the College Fund Account.
(4) At the discretion of the Board, annual interest on the College Endowment Fund shall either be credited to the Ordinary Revenue of the College Fund or be added to the capital held on behalf of the Endowment Fund in the Share Pool.
(5) The College Board shall engage in appropriate activities to solicit contributions to the College Endowment Fund.
(6) These terms and conditions shall come into effect from 1st January 2006.