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Version date: 6 April 2017 - onwards
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235A. Contractual schemes

(1) In this Part  "contractual scheme" means - (a) a co-ownership scheme; or (b) a partnership scheme.

(2) In this Part  "co-ownership scheme" means a collective investment scheme which satisfies the conditions in subsection (3).

(3) The conditions are -

(a) that the arrangements constituting the scheme are contractual;

(b) that they are set out in a deed that is entered into between the operator and a depositary and meets the requirements of subsection (4);

(c) that the scheme does not constitute a body corporate, a partnership or a limited partnership;

(d) that the property subject to the scheme is held by, or to the order of, a depositary; and

(e) that either -

(i) the property is beneficially owned by the participants as tenants in common (or, in Scotland, is the common property of the participants); or

(ii) where the arrangements constituting the scheme provide for such pooling as is mentioned in section 235(3)(a) in relation to separate parts of the property, each part is

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