The following powers and duties of the UCL Council are laid down by Statute (Statute 6):
1. The Council shall conduct the general business of the College consistently with the provisions of the Charter and these Statutes and of the Statutes and Ordinances of the University insofar as these are relevant.
2. Subject to the Charter and these Statutes, the Council, in addition to all other powers vested in it, shall have the following powers: Provided that the Council shall not make any decision on any question of educational policy or make Regulations on any matter having academic implications until the Academic Board has had an opportunity of expressing an opinion on such question or matter and until the Council has considered any opinion so expressed.
A. To govern, manage and regulate the finances, accounts, investments, property, business and all affairs whatsoever of the College and for these purposes to appoint Bankers and any other officers or agents whom it deems expedient to appoint.
B. To prescribe by Regulation the conditions for the admission of Students to the College.
C. To prescribe by Regulation the conditions as to the discharge of any liabilities of Students to the College under which Students shall be permitted to pursue their studies in College.
D. To suspend the College registration of Students for failure to comply with any conditions prescribed by Regulations under sub-paragraph (C) of this paragraph, and, in the case of Students of the University, to inform the University accordingly.
E. To determine fees, subscriptions and deposits.
F. To provide courses of instruction for Students and facilities for research and such other educational services as the Council shall deem to be desirable or expedient.
G. To prescribe the conditions governing the award of exhibitions, scholarships, bursaries, studentships, medals and prizes.
H. To promote and maintain a Students' Union for the benefit of Students of the College.
I. To prescribe by Regulation the conditions for the use and custody of the Seal.
J. From time to time at any Meeting of the Council to make, alter or revoke Regulations for the conduct of the business or affairs of the College: Provided that notice of an intention to propose any amendment to or revocation of the existing Regulations or the making of any new Regulations shall have been given in the notice calling such a Meeting.
K. To appoint the Provost and other Officers of the College, the Dean of Students, all Members of the Academic Staff and the Staff of the College upon such conditions as the Council may think fit.
L. To do all such acts and things as are necessary for the transaction of the business of the College or the furtherance of its objects.
3. Subject to the conditions or provisions, if any, attached by the donor to any gift from which the same are derived moneys and funds of the College may be invested in such stocks, funds, shares or securities and investments as the Council shall from time to time think fit, whether within the United Kingdom of Great Britain and Northern Ireland or not, including the purchase of land of any tenure or any interest therein in the said United Kingdom: Provided that in the case of moneys and funds held by the College as trustees the powers conferred by this Statute shall be exercised subject to the provisions of the law relating to investment by trustees.
4. A. Subject to the proviso of sub-paragraph (B) below, to enter into any interest rate swap, any option to enter into an interest rate swap or any cap, collar, ceiling or floor in relation thereto, any forward rate agreement or any other hedging agreement similar in form or effect to the foregoing (each such agreement referred to hereinafter as a 'Hedging Agreement')
B. To determine from time to time the terms and conditions upon which a Hedging Agreement is entered into and to vary such terms and conditions, provided always that:
- i. entry into a Hedging Agreement is either:
- (a) a term or condition upon which money is borrowed or loan stock issued or subscribed for, or
- (b) otherwise entered into at the time of entering into borrowing or issue of or subscription for loan stock, and the sum of the notional principal amount of that Hedging Agreement shall not exceed the amount of monies required from time to time to repay such borrowing or to redeem or purchase such loan stock; or
- ii. the purpose and effect of entering into a Hedging Agreement is to hedge, vary or otherwise modify any financial arrangement which the College has entered into or is to enter into or the rights and obligations of the College under any such financial arrangement and the sum of the notional principal amount of the Hedging Agreement entered into pursuant to this sub-paragraph 4 (B) (ii) shall not exceed the notional principal amount of the financial arrangement or Hedging Agreement originally entered into and provided further that, at the time the terms of the Hedging Agreement are agreed, the effective rate of interest when the borrowing or issue of or subscription for loan stock and such Hedging Agreement are considered together will not exceed, in the opinion of the Council of the College, the market rate of interest for borrowing of similar amount and on similar terms prevailing at that time.
5. A. Where there is any delegation, according to provisions of the Charter, the Council shall:
- i. Inform the delegate in writing of the limits of the Council's powers.
- ii. Lay down a detailed policy in writing for the performance of the function, duty or responsibility and inform the delegate in writing of any changes thereto as soon as reasonably practical.
- iii. Ensure that the terms of the delegated authority are clearly set out in writing to the delegate.
- iv. Ensure that they are kept informed and review on a regular basis the exercise by the delegate of his or her delegated authority.
B. Where any delegation is made it shall be on terms that:
- i. The delegate shall comply with the terms of his or her delegated authority.
- ii. The delegate shall not do anything that the Council does not have power to do.
- iii. The Council may wish with reasonable notice to revoke the delegation or vary any of its terms in a way which is consistent with this part.
- iv. The Council may give directions to the delegate as to the manner in which he or she is to report to it the exercise of his or her delegated authority.
C. The Council shall not delegate their power either to make Regulations in accordance with the foregoing sub-paragraph (2)(J) or to reach a decision under paragraph 10(2) of Statute 18.