Explanatory note
(This note is not part of the Order)
These Rules make amendments to the Court Funds Rules 1987:—
to delete the definitions of“Capital Fund” and“Central Investment Branch” and insert a definition of“Gross Income Fund”. These changes are consequential upon the coming into force of theCommon Investment Scheme 1991;
to refer to the Common Investment Scheme 1991 instead of the CommonInvestment Funds Scheme 1965 (S.I. 1965/1467) (which the 1991 schemereplaces);
to allow money held in Court to be invested in investment trustordinary shares;
to clarify who may give investment instructions for money held incourt;
to require that money shall normally only be invested in any CommonInvestment Fund if it is likely to remain invested for at least fiveyears. Hitherto, this restriction applied only to Capital Fund Units;and
to limit individual investment in the Gross Income Fund to caseswhere the investment manager is able to pay dividends without deductionof income tax.