Scheme to transfer assets of certain Church funds
1
1
The trustee of a CBF Church of England Fund may make a scheme for the transfer of the assets of that fund to a charity authorised investment fund established for that purpose.
2
A “CBF Church of England Fund” is a fund to which the Church Funds Investment Measure 1958 applies known by one of the following names—
a
the CBF Church of England Investment Fund;
b
the CBF Church of England Short Duration Bond Fund;
c
the CBF Church of England Deposit Fund;
d
the CBF Church of England Property Fund;
e
the CBF Church of England UK Equity Fund;
f
the CBF Church of England Global Equity Fund.
3
A scheme under this section may include supplementary, incidental, consequential, transitional or saving provision and may in particular make provision for—
a
the dissolution of the fund the assets of which are being transferred;
b
the retention of assets of the fund to meet its liabilities;
c
the payment of fees and expenses.
4
“Charity authorised investment fund” means a fund which is—
a
an authorised fund, and
b
established under a common investment scheme under section 96 of the Charities Act 2011.
5
In subsection (4)(a), “authorised fund” means a fund the property of which is—
a
held under a unit trust scheme authorised by an order under section 243 of the Financial Services and Markets Act 2000,
b
held under a contractual scheme authorised by an order under section 261D(1) of that Act, or
c
subject to a collective investment scheme constituted by an open-ended investment company in respect of which an authorisation order is in force under regulations made under section 262 of that Act.
S. 1 in force at Royal Assent, see s. 2(2)