Statutory Instrument 1991 No. 1209

The Common Investment Scheme 1991

---

© Crown Copyright 1991

Statutory Instruments printed from this website are printed under the superintendence and authority of the Controller of HMSO being the Queen's Printer of Acts of Parliament.

The legislation contained on this web site is subject to Crown Copyright protection. It may be reproduced free of charge provided that it is reproduced accurately and that the source and copyright status of the material is made evident to users.

It should be noted that the right to reproduce the text of Statutory Instruments does not extend to the Queen's Printer imprints which should be removed from any copies of the Statutory Instrument which are issued or made available to the public. This includes reproduction of the Statutory Instrument on the Internet and on intranet sites. The Royal Arms may be reproduced only where they are an integral part of the original document.

The text of this Internet version of the Statutory Instrument has been prepared to reflect the text as it was Made. A print version is also available and is published by The Stationery Office Limited as the The Common Investment Scheme 1991, ISBN 0110142098. The print version may be purchased by clicking here. Braille copies of this Statutory Instrument can also be purchased at the same price as the print edition by contacting TSO Customer Services on 0870 600 5522 or e-mail:customer.services@tso.co.uk.

Further information about the publication of legislation on this website can be found by referring to the Frequently Asked Questions.

To ensure fast access over slow connections, large documents have been segmented into "chunks". Where you see a "continue" button at the bottom of the page of text, this indicates that there is another chunk of text available.

1991 No. 1209

SUPREME COURT OF ENGLAND AND WALES

COUNTY COURTS

The Common Investment Scheme 1991

The Lord Chancellor in exercise of the powers conferred on him by section 42(1) of the Administration of Justice Act 1982^[1], hereby makes the following Scheme:

    1.    This Scheme may be cited as the Common Investment Scheme 1991 and shall come into force on 13th June 1991.

    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;


"the Act" means the Administration of Justice Act 1982;


"the Committee" means the Lord Chancellor's Investment Advisory Committee;


"fund" means a common investment fund;


"Funds Rules" means rules made under section 38(7) of the Act;


"unit" means a share in a fund;


"valuation day" means a day appointed by the investment manager in accordance with paragraph 3(2) of Schedule 1 for the valuation of a fund.

    3.    There shall continue to be three funds, known respectively as the"Capital Fund" , the "High Yield Fund" and the "Gross Income Fund", for the purpose of the investment of money to be invested in common investment funds in accordance with Funds Rules.

    4.    An investment manager appointed by the Lord Chancellor shall manage and control the funds to which this Scheme applies.

    5.—(1)  The investment manager shall administer the funds referred to in paragraph 4 in accordance with the following objectives—
 (a) in the case of the Capital Fund, with a view to securing high long-term capital growth with some growth in annual income but with less emphasis on the level of annual income; and
 (b) in the case of the High Yield and Gross Income Funds, with a view to securing a high annual income with some long-term capital growth;
and the investment manager shall frame an investment strategy (which may be revised as and when the investment manager thinks fit) designed to achieve these objectives.

    (2)  The investment manager shall consult the Committee and the Accountant General before framing or amending the investment strategy referred to above.

    (3)  The investment manager shall ensure that the person responsible for the management of the funds or his deputy attends all meetings of the Committee and supplies to the Committee all information it reasonably requires.

    6.    Dividends payable on the Gross Income Fund shall, in so far as arrangements in that behalf made between the investment manager and the Commissioners of Inland Revenue may permit, be paid without deduction of income tax.

    7.    The provisions of Schedule 1 shall apply to each fund.

    8.    Schedule 2 shall have effect in relation to each fund.

    9.    It shall be the duty of the investment manager to manage and control each fund and, without prejudice to the generality of the said duty, the investment manager shall have the powers and be subject to the duties set out in Schedule 3 in respect of each fund.

    10.    The Common Investment Funds Scheme 1965^[2] and the Common Investment Funds (Amendment) Scheme 1972^[3] are hereby revoked.

Mackay of Clashfern, C.

Dated 17th May 1991

[1] 1982 c. 53. back

[2] S.I. 1965/1467. back

[3] S.I. 1972/528. back

Explanatory Note