[235A Contractual schemes]

[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 s

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