128.Section 38 provides that trustees managing common investment and common deposit schemes under the Charities Act 1993 do not have the powers conferred by Parts II-IV of the Act with the exception of trustees managing pooling schemes made under section 24 of that Act. Common investment and common deposit funds enable different charities to pool resources for investment purposes.  The funds may only be established by order of the court or the Charity Commissioners under sections 24 and 25 of the Charities Act 1993 respectively.  Such schemes may make specific detailed provision for all matters connected with the fund.  The powers conferred by Parts II-IV are therefore unnecessary, with the exception noted above.
Commentary on Sections PART VI: Miscellaneous and Supplementary Section 38: Common investment schemes for charities etc