# The Common Investment Scheme 1991, Paragraph 1


(1) Each fund shall be treated as being divided into units, each of which shall represent an equal undivided part of the fund.
(2) The number of units into which each fund is to be treated as being divided at the commencement of this scheme shall be the same as the number of units in the fund of the same name established under the Common Investment Funds Scheme 1965 immediately before its revocation.
(3) If at any time the value of a unit appears to the Accountant General to be too high to admit of monies being conveniently invested in the fund, he may direct that each unit shall be divided in such manner as he may think fit.

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Source: https://www.legislation.gov.uk/uksi/1991/1209/schedule/1/paragraph/1 (the official version)
Page: https://openlegislation.uk/common-investment-scheme-1991/schedule-1/paragraph-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.