Section 239(3)

The characteristics are— that the property subject to the scheme (apart from cash or other assets held for management purposes) consists of— with or without ancillary land and with or without furniture, fittings or other contents of the building or buildings in question; and a single building (or a single building with ancillary buildings) managed by or on behalf of the operator of the scheme, or a group of adjacent or contiguous buildings managed by him or on his behalf as a single enterprise, that the units of the participants in the scheme are either dealt in on a recognised investment exchange or offered on terms such that any agreement for their acquisition is conditional on their admission to dealings on such an exchange.

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Source: legislation.gov.uk · retrieved 2026-09-04