Charities Act 2011 (c. 25)

Part 6 E+W+N.I. Cy-près powers and assistance and supervision of charities by court and Commission

Establishment of common investment or deposit funds E+W+N.I.

103 Further provisions relating to common deposit schemes and funds E+W+N.I.

(1) Except in so far as a common deposit scheme provides to the contrary—

(a) the rights under it of a participating charity are not capable of being assigned or charged;

(b) a trustee or other person concerned in the management of the common deposit fund is not required or entitled to take account of any trust or other equity affecting a participating charity or its property or rights.

(2) The powers of investment of every charity include power to participate in common deposit schemes unless the power is excluded by a provision specifically referring to common deposit schemes in the trusts of the charity.

(3) A common deposit fund is to be treated for all purposes as being a charity.

(4) Subsection (3) applies not only to common deposit funds established under section 100, but also to any similar fund established for the exclusive benefit of charities by or under any enactment relating to any particular charities or class of charities.