Charities Act 2011

97 Bodies which may participate in common investment schemes E+W+N.I.

(1) A common investment scheme—

(a) may be made in terms admitting any charity to participate, or

(b) may restrict the right to participate in any manner.

(2) A common investment scheme may provide for appropriate bodies to be admitted to participate in the scheme (in addition to the participating charities) to such extent as the trustees appointed to manage the fund may determine.

(3) In this section “appropriate body” means—

(a) a Scottish recognised body, F1 ...

(b) a Northern Ireland charity [F2 ; or

(c) any body of persons or trust that—

(i) is established in an EEA state other than the United Kingdom, and

(ii) is a charity as defined by paragraph 1 of Schedule 6 to the Finance Act 2010.]

and, in the application of the relevant provisions in relation to a scheme which contains provisions authorised by subsection (2), “charity” includes an appropriate body.

(4) The relevant provisions are—

(a) section 96(1) (power to make common investment schemes),

(b) section 98 (provisions which may be included in common investment schemes),

(c) section 99(1) (provisions relating to rights of participating charity etc.), and

(d) (in relation only to a Northern Ireland charity) section 99(2) (power to participate in common investment schemes).

Textual Amendments

F1 Word in s. 97(3)(a) omitted (22.7.2013) by virtue of The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 44(a)

F2 S. 97(3)(c) and preceding word inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 44(b)