(1) The High Court or the Board may by order make and bring into effect schemes for the establishment of common investment funds (in this section referred to as schemes) upon terms which provide -
(a) for property transferred to the fund by or on behalf of a charity participating in the scheme to be invested under the control of trustees appointed to manage the fund; and
(b) for the participating charities to be entitled (subject to the provisions of the scheme) to the capital and income of the fund in shares determined by reference to the amount or value of the property transferred to it by or on behalf of each of them and to the value of the fund at the time of the transfers.
(2) The High Court or the Board may make a scheme on the application of any two or more charities: provided that, in the case of any two or more charities of which the Board are trustees, the Board may make a scheme of their own motion.
(3) A scheme may be made in terms admitting any charity to participate, or r
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