[(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 such pooling as is mentioned in section 235(3)(a) in relation to separate parts of the property, each part is beneficially owned by the participants in that part as tenants in common (or, in Scotland, is the common property of the participants in that part).
(4) The deed—
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