[(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 s
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