# The Common Investment (Closure of High Yield Fund) Scheme 2003, Section 7: Consequential amendments to the Principal Scheme


(1) The Principal Scheme shall be amended in accordance with the following sub-paragraphs of this paragraph.
(2) In paragraph 2—
(a) in the definition of “accounting date” and “dividend date”, for “each” there shall be substituted “the”;
(b) after the definition of “authorised unitholder” there shall be inserted—
““the Board” means the Lord Chancellor’s Strategic Investment Board;”;
(c) the definition of “the Committee” shall be omitted;
(d) in the definition of “fund”, for “a common investment fund” there shall be substituted “the Capital Fund referred to in paragraph 3”;
(e) in the definitions of “unit” and “valuation day”, for “a fund” there shall be substituted “the fund”.
(3) In paragraph 3, for the words from “There shall continue” to “High Yield Fund”, there shall be substituted “There shall be one fund, known as the Capital Fund,”.
(4) In paragraph 4, for “funds” there shall be substituted “fund”.
(5) For paragraph 5(1) there shall be substituted—
“5. (1) The investment manager shall administer the Capital Fund with a view to securing high long-term capital growth with some growth in annual income and the investment manager shall frame an investment strategy (which may be revised as and when the investment manager thinks fit) designed to achieve this objective.”.
(6) In paragraph 5(2) and (3), for “Committee”, wherever it occurs, there shall be substituted “Board”.
(7) In paragraph 5(3), for “funds” there shall be substituted “fund”.
(8) In paragraphs 7, 8 and 9, for “each fund”, wherever it occurs, there shall be substituted “the fund”.
(9) In Schedule 1—
(a) in the heading, for “each” there shall be substituted “the”;
(b) in paragraph 1(1), for “Each fund” there shall be substituted “The fund”;
(c) paragraph 1(2) shall be omitted;
(d) in paragraph 6, for “manaer” there shall be substituted “manager”.
(10) In Schedule 2, the words “High Yield Fund” in the column headed “Title of Fund”, and the entries in the other columns opposite them, shall be deleted.
(11) In Schedule 3—
(a) in the heading and in paragraph 2(d), for “each fund” there shall be substituted “the fund”;
(b) in paragraph 1(e), for “a fund” there shall be substituted “the fund”;
(c) for paragraph 2(1) there shall be substituted—
“(1) pay out of the fund such fees as he is required to collect under section 42(12) of the Act”.

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Source: https://www.legislation.gov.uk/uksi/2003/778/section/7 (the official version)
Page: https://openlegislation.uk/common-investment-closure-of-high-yield-fund-scheme-2003/section-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.