(1) The Board may, on the application of the trustees of any charity, frame under their seal a scheme establishing, upon such terms and conditions as the Board may specify in the scheme, the trustees as a body corporate and vesting the property of the charity in that body in accordance with section 3.

(2) A scheme under this section may -

(a) contain provisions with respect to the choice of persons for appointment to and the appointment of persons to the body incorporated thereunder and provisions for the management by or on behalf of such body of the trusts which apply to the charity;

(b) contain provisions requiring or entitling any person to produce, execute or hand over any document or to do any other act or thing necessary to secure the vesting of the property belonging to the charity in accordance with the scheme;

(c) contain such transitional, incidental and supplemental provisions as appear to the Board to be necessary for the purposes of the scheme; and

(d) be amended by a subsequent scheme framed by the Board upon an application being made by the body corporate established by the scheme or by any person having an interest.

(3) A body corporate established by a scheme under this section shall have a common seal and power to do any act or thing (including holding land) necessary for the administration of the trusts applying to the relevant charity and may sue or be sued in its corporate name.