1Scheme to transfer assets of certain Church fundsE

(1)The trustee of a CBF Church of England Fund may make a scheme for the transfer of the assets of that fund to a charity authorised investment fund established for that purpose.

(2)A “CBF Church of England Fund” is a fund to which the Church Funds Investment Measure 1958 applies known by one of the following names—

(a)the CBF Church of England Investment Fund;

(b)the CBF Church of England Short Duration Bond Fund;

(c)the CBF Church of England Deposit Fund;

(d)the CBF Church of England Property Fund;

(e)the CBF Church of England UK Equity Fund;

(f)the CBF Church of England Global Equity Fund.

(3)A scheme under this section may include supplementary, incidental, consequential, transitional or saving provision and may in particular make provision for—

(a)the dissolution of the fund the assets of which are being transferred;

(b)the retention of assets of the fund to meet its liabilities;

(c)the payment of fees and expenses.

(4)“Charity authorised investment fund” means a fund which is—

(a)an authorised fund, and

(b)established under a common investment scheme under section 96 of the Charities Act 2011.

(5)In subsection (4)(a), “authorised fund” means a fund the property of which is—

(a)held under a unit trust scheme authorised by an order under section 243 of the Financial Services and Markets Act 2000,

(b)held under a contractual scheme authorised by an order under section 261D(1) of that Act, or

(c)subject to a collective investment scheme constituted by an open-ended investment company in respect of which an authorisation order is in force under regulations made under section 262 of that Act.