A registered society may invest any part of its funds in or upon any security authorised by its registered rules, and also, unless those rules direct otherwise—
(a) in or upon any mortgage, bond, debenture, debenture stock, corporation stock, annuity, rentcharge, rent or other security (not being securities payable to bearer) authorised by or under any Act of ;
(i) a billing authority or a precepting authority, as defined in section 69 of the Local Government Finance Act 1992;
(ia) a fire and rescue authority in Wales constituted by a scheme under section 2 of the Fire and Rescue Services Act 2004 or a scheme to which section 4 of that Act applies;
(ii) a levying body within the meaning of section 74 of the Local Government Finance Act 1988; and
(iii) a body as regards which section 75 of that Act applies
(b) in the shares or on the security of any other registered society, of any building society within the meaning of the Building Societies Act 1986, or of any 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, being a 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 shall apply as if the society were a trustee and its funds were trust property.