(1)The court or the Commission may by order make and bring into effect schemes for the establishment of common investment funds under trusts which provide—
(a)for property transferred to the fund by or on behalf of a charity participating in the scheme to be invested under the control of trustees appointed to manage the fund, and
(b)for the participating charities to be entitled (subject to the provisions of the scheme) to the capital and income of the fund in shares determined by reference to the amount or value of the property transferred to it by or on behalf of each of them and to the value of the fund at the time of the transfers.
(2)In this section and sections 97 to 99 “common investment scheme” means a scheme under subsection (1).
(3)The court or the Commission may make a common investment scheme on the application of any two or more charities.