Part 4Miscellaneous
I137Restriction of right to redeem heritable securities after 20 years
1
Section 11 of the Land Tenure Reform (Scotland) Act 1974 (c. 38) (right to redeem heritable security after 20 years where security subjects used as a private dwelling) is amended as follows.
2
In subsection (3A)(b)—
a
the word “or” immediately following sub-paragraph (ii) is repealed, and
b
after sub-paragraph (iii), add
; or
iv
a body prescribed, or of a type prescribed, by the Scottish Ministers by order made by statutory instrument.
3
After subsection (3A), insert—
3B
An order under subsection (3A)(b)(iv) may—
a
prescribe a body or type of body subject to conditions or restrictions,
b
prescribe conditions which a body or type of body must meet for the purposes of subsection (3A),
c
restrict the application of subsection (3A) to specified heritable securities, or heritable securities of specified descriptions,
d
prescribe circumstances in which subsection (3A) is to apply or cease to apply in relation to a body or type of body or any heritable security.
3C
A statutory instrument containing an order under subsection (3A)(b)(iv) is subject to annulment in pursuance of a resolution of the Scottish Parliament.