# The Common Investment Scheme 2004, Note: Explanatory note


(This note is not part of the Scheme)
This Scheme replaces the Common Investment Scheme 1991. The 1991 Scheme had maintained three common investment funds (known as the “Capital”, “High Yield” and “Gross Income” funds); the Gross Income Fund was merged into the High Yield Fund by the Common Investment (Amendment) Scheme 1999, and the High Yield fund was in turn merged into the Capital Fund by the Common Investment (Closure of High Yield Fund) Scheme 2003. The new Scheme consolidates these alterations, continues the general framework of its predecessor and maintains the single Capital Fund. The common investment funds continue as before as a means of providing for the investment of certain funds held in court and other funds. The main changes reflect the first authorisation under section 42(5)(b) of the Administration of Justice Act 1982 of persons other than the Accountant General and the Accountant General of Northern Ireland to hold unit shares in the common investment fund.
Schedule 1 updates the powers and duties of the investment manager. Schedule 2 makes more extensive provision as to the methods by which the fund is to be operated.

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Source: https://www.legislation.gov.uk/uksi/2004/266/note (the official version)
Page: https://openlegislation.uk/common-investment-scheme-2004/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.