Part 6

Cy-près powers and assistance and supervision of charities by court and Commission

Establishment of common investment or deposit funds

Power to make common deposit schemes
100
1
The court or the Commission may by order make and bring into effect schemes for the establishment of common deposit funds under trusts which provide—
a
for sums to be deposited by or on behalf of a charity participating in the scheme and invested under the control of trustees appointed to manage the fund, and
b
for any such charity to be entitled (subject to the provisions of the scheme) to repayment of any sums so deposited and to interest on them at a rate determined under the scheme.
2
In this section and sections 101 to 103 “common deposit scheme” means a scheme under subsection (1).
3
The court or the Commission may make a common deposit scheme on the application of any two or more charities.