42 Common investment schemes
Administration of Justice Act 1982 (1982 c 53) | Legislation

42  Common investment schemes

(1)     The Lord Chancellor may continue to make schemes (“common investment schemes”) establishing common investment funds for the purpose of investing funds in court and money held by any person who in accordance with subsection (5)(b) below may hold shares in common investment funds.

(2)     A common investment scheme shall provide for the fund thereby established to be under the management and control of an investment manager appointed by the Lord Chancellor.

(3)     A common investment scheme shall make provision for the investment by its investment manager in accordance with the provisions of this section of funds in court transferred to the fund under rules made by virtue of section 38(7) above and of any sums of money transferred to the fund by persons who in accordance with subsection (5)(b) below may hold shares in the fund.

(4)     A common investment scheme shall make provision—

(a)     for treating the fund established by it as being divided into

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