Tom's correct - if you find/purchase a pair of magic boots then any soldier can have it (and you can swap around post-game unless you gave it to a captain) but if you found a magic sword (hand weapon) you couldn't give it to an archer or a thief as they don't have access to hand weapons. Same with armour - you couldn't give magic leather armour to a thief or knight, as they don't have access to it, but you could an archer.
These were the optional rule changes bought in with Maze of Malcor, which I'm 99.9% are going to be in 2nd ed (though don't ask me to find the post where I think I remember the author saying as such!):
1. Treasure placement: (Unless a scenario specifies differently) 1 in the centre, then 2 placed per player (down from 3 placed each)
2. Holding treasure: At end of game, any treasure carried by a warband member is counted as secured. If any are left on the table, and only one warband has figures left, they get unclaimed ones on a 15+.
3. Simplified XP table:
+5XP For each spell that fails and damages the spellcaster (the "ouch, that hurt! I won't do that again!" rule)
+10XP for each spell cast successfully (but not for spells with casting number of 6 or less)
+40XP for each game the Wizard plays in
+50XP for each treasure the warband secures
+5XP for each wandering monster the warband kills (limited to 50XP)
Maximum of 300XP per game, so at most a wizard can gain 3 levels.
4. Uncontrolled creature actions clarified
5. Spells now take the casting roll (e.g. for opposed Will tests) as the dice roll or 14, whichever is higher.
6. Scroll use clarified
7. Based on level differences (6+), the lower wizard gains a wander monster that is classed as part of their warband for that game (cannot pick up treasure and some other restrictions).
Now, as I said, these are optional in Malcor, and I can't 100% remember if they were going to be added as core or optional in 2nd ed, but if not, we can use them (and if we did I'd do a proper 'cheat sheet').