This is the original version (as it was originally enacted).
(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, or
(b)a Northern Ireland charity,
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).
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