Common Investment Funds Scheme 1965
| Jurisdiction | UK Non-devolved |
1965 No. 1467 (L. 14)
SUPREME COURT OF JUDICATURE, ENGLAND
COUNTY COURTS
The Common Investment Funds Scheme 196526thJuly 1965
30thJuly 1965
1stOctober 1965
I, Gerald, Baron Gardiner, Lord High Chancellor of Great Britain, by virtue of the powers conferred on me by section 1 of the Administration of Justice Act 1965(a), hereby make the following scheme:—
1. This scheme may be cited as the Common Investment Funds Scheme 1965 and shall come into operation on 1st October 1965.
2.—(1) The Interpretation Act 1889(b) shall apply for the interpretation of this scheme as it applies for the interpretation of an Act of Parliament.
(2) In this scheme, unless the context otherwise requires:—
"accounting date" and "dividend date" mean the dates respectively specified in Schedule 2 in relation to each fund;
"fund" means a common investment fund;
"Funds Rules" includes rules made under section 7 of the Administration of Justice Act 1965 or section 168 or 169 of the County Courts Act 1959(c), and statutory deposit regulations;
"unit" means a share in a fund;
"valuation day" means a day appointed by the Public Trustee in accordance with paragraph 3(2) of Schedule 1 for the valuation of a fund.
3. There shall be established under the management and control of the Public Trustee with effect from 1st October 1965 three funds, to be known respectively as the "Capital Fund", the "High Yield Fund" and the "Gross Income Fund", for the purpose of the investment of money transferred to the Public Trustee in pursuance of Funds Rules.
4. In administering the funds referred to in the last foregoing paragraph, the Public Trustee shall have particular regard to the desirability—
(a) in the case of the Capital Fund, of increasing the capital employed as opposed to securing a high annual return thereon, and
(b) in the case of the High Yield and Gross Income Funds, of securing a high annual return on the capital employed.
(a) 1965 c. 2.
(b) 52 & 53 Vict. c. 63.
(c) 7 & 8 Eliz. 2. c. 22.
5. Dividends payable on the Gross Income Fund shall, in so far as arrangements in that behalf made between the Public Trustee and the Commissioners of Inland Revenue may permit, be paid without deduction of income tax.
6. The provisions of Schedule 1 shall apply to each Fund.
Gardiner, C.
Dated 26th July 1965.
SCHEDULE 1
PROVISIONS APPLICABLE TO EACH FUND
1.—(1) The fund shall be treated as being divided into units, each of which shall represent an equal undivided part of the fund.
(2) The number of units into which the fund is to be treated as being divided on the day on which it is established shall be such as to result in the initial value of a unit being £5.
(3) If at any time after the establishment of the fund the value of a unit appears to the Public Trustee to be too high to admit of moneys being conveniently invested in the fund, he may direct that each unit shall be divided in such manner as he may think fit.
2—(1) The Accountant-General shall alone be entitled to have units allotted to him and all units into which the fund is for the time being treated as being divided shall be deemed to be allotted to the Accountant-General.
(2) No document of title shall be issued in respect of any unit.
3.—(1)...
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