Housing (Scotland) Act 1988

Finance and administration S

5 Determination of financial duties of Scottish Homes. S

(1) The Secretary of State may F1 . . .determine the financial duties of Scottish Homes, and different determinations may be made in relation to different general functions, powers and activities of Scottish Homes.

(2) The Secretary of State shall give Scottish Homes notice of every determination, and a determination may—

(a) relate to a period beginning before the date on which it is made;

(b) contain incidental or supplemental provisions; and

(c) be varied by a subsequent determination.

Textual Amendments

F1 Words in s. 5(1) repealed (1.7.1999) by S.I. 1999/1820, arts. 1(2), 4, Sch. 2 Pt. I para. 92(1)(3), Pt. IV (with art. 5)

6 Government grants to Scottish Homes. S

(1) The Secretary of State may F2 . . .make such grants to Scottish Homes as appear to him to be required to enable Scottish Homes to meet the expenses it incurs in the exercise of its general functions and powers.

(2) A grant under subsection (1) above may be subject to such conditions as the Secretary of State may determine.

Textual Amendments

F2 Words in s. 6(1) repealed (1.7.1999) by S.I. 1999/1820, arts. 1(2), 4, Sch. 2 Pt. I para. 92(1)(4), Pt. IV (with art. 5)

7 Borrowing by and government loans to Scottish Homes. S

(1) For the purpose of the exercise of any of its general functions or powers Scottish Homes may borrow money from the Secretary of State and may, with the consent of the Secretary of State F3 . . ., borrow money, whether in sterling or otherwise, from any other person or body, whether in the United Kingdom or elsewhere.

(2) Scottish Homes may borrow money from any of its wholly owned subsidiaries without obtaining the consent of the Secretary of State.

(3) It shall be the duty of Scottish Homes to secure that none of its wholly owned subsidiaries borrows money otherwise than from Scottish Homes or from another wholly owned subsidiary of Scottish Homes, except with the consent of the Secretary of State F4 . . ..

[F5 (3A) In any financial year the net aggregate amount of sums borrowed under this section as general external borrowing shall not exceed the amount specified for that year for the purposes of this section in a Budget Act.

(3B) In subsection (3A) above—

• “general external borrowing” means—

  (a)

  in relation to Scottish Homes, sums borrowed under subsection (1) above,

  (b)

  in relation to a wholly owned subsidiary of Scottish Homes, sums borrowed by the subsidiary (whether or not a subsidiary of Scottish Homes at the time of the loan) other than sums borrowed from Scottish Homes, or another wholly owned subsidiary of Scottish Homes,

• “net aggregate amount” means the aggregate amount of sums borrowed in the financial year less any repayments made during that year (otherwise than by way of interest) in respect of sums borrowed in that or any other year.]

(4) The Secretary of State may lend to Scottish Homes any sums which Scottish Homes has power to borrow from him under subsection (1) above, for such purposes as the Secretary of State may specify F6 . . .

(5) Any loans made in pursuance of subsection (4) above shall be repaid to the Secretary of State at such times and by such methods, and interest on the loans shall be paid to him at such times and at such rates, as he may from time to time direct; F7 . . .

F8 (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F9 (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(8) F10 . . .In sections 8, 10 and 11 below, “financial year” means the period beginning with the commencement of this section and ending with 31st March of the calendar year next following such commencement and each subsequent period of 12 months ending with 31st March.

Textual Amendments

F3 Words in s. 7(1) repealed (1.7.1999) by S.I. 1999/1820, arts. 1(2), 4, Sch. 2 Pt. I para. 92(1)(5)(a), Pt. IV (with art. 5)

F4 Words in s. 7(3) repealed (1.7.1999) by S.I. 1999/1820, arts. 1(2), 4, Sch. 2 Pt. I para. 92(1)(5)(b), Pt. IV (with art. 5)

F5 S. 7(3A)-(3B) inserted (1.4.2000) by 2000 asp 1, s. 8, Sch. 1 para. 3(2)(a); S.S.I. 2000/10, art. 2

F6 Words in s. 7(4) repealed (1.4.2000) by 2000 asp 1, s. 8, Sch. 1 para. 3(2)(b); S.S.I. 2000/10, art. 2(3)

F7 Words in s. 7(5) repealed (1.4.2000) by 2000 asp 1, s. 8, Sch. 1 para. 3(2)(c); S.S.I. 2000/10, art. 2(3)

F8 S. 7(6) repealed (1.4.2000) by 2000 asp 1, s. 8, Sch. 1 para. 3(2)(d); S.S.I. 2000/10, art. 2(3)

F9 S. 7(7) repealed (1.7.1999) by S.I. 1999/1820, arts. 1(2)(3), 4, Sch. 2 Pt. I para. 92(1)(5)(c), Pt. IV (with art. 5)

F10 Words in s. 7(8) repealed (1.4.2000) by 2000 asp 1, s. 8, Sch. 1 para. 3(2)(e); S.S.I. 2000/10, art. 2(3)

8 Guarantees. S

(1) The Treasury may guarantee, in such manner and on such conditions as they think fit, the repayment of the principal of and the payment of interest on any sums which Scottish Homes borrows from a person other than the Secretary of State.

(2) Immediately after a guarantee is given under this section, the Treasury shall lay a statement of the guarantee before each House of Parliament; and where any sum is issued for fulfilling a guarantee so given, the Treasury shall lay before each House of Parliament a statement relating to that sum, as soon as possible after the end of each financial year, beginning with that in which the sum is issued and ending with that in which all liability in respect of the principal of the sum and in respect of interest on it is finally discharged.

(3) Any sums required by the Treasury for fulfilling a guarantee under this section shall be charged on and issued out of the Consolidated Fund.

(4) If any sums are issued in fulfilment of a guarantee given under this section, Scottish Homes shall make to the Treasury, at such time and in such manner as the Treasury from time to time direct, payments of such amounts as the Treasury so direct in or towards repayment of the sums so issued and payments of interest, at such rate as the Treasury so direct, on what is outstanding for the time being in respect of sums so issued.

(5) Any sums received by the Treasury in pursuance of subsection (4) above shall be paid into the Consolidated Fund.

F11 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S

Textual Amendments

F11 S. 9 repealed (1.4.2000) by 2000 asp 1, s. 8, Sch. 1 para. 3(3); S.S.I. 2000/10, art. 2

10 Miscellaneous financial directions. S

(1) If for a financial year the revenues of Scottish Homes exceed the total sums properly chargeable to revenue account, it shall apply the excess in such manner as the Secretary of State may, after consultation with Scottish Homes direct; and the Secretary of State may direct that the whole or part of the excess be paid to him.

(2) The Secretary of State may give directions to Scottish Homes as to matters relating to—

(a) the establishment or management of reserves;

(b) the carrying of sums to the credit of reserves; or

(c) the application of reserves for the purposes of the functions of Scottish Homes.

(3) The Secretary of State may direct Scottish Homes to pay to him the whole or part of any sums for the time being standing to the credit of its reserves or being of a capital nature and not required for the exercise of its functions.

F12 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) It shall be the duty of Scottish Homes to comply with directions under this section.

Textual Amendments

F12 S. 10(4) repealed (1.7.1999) by S.I. 1999/1820, arts. 1(2), 4, Sch. 2 Pt. I para. 92(1)(7), Pt. IV (with art. 5)

11 Accounts, annual report of Scottish Homes, etc. S

(1) Scottish Homes shall keep proper accounts and other records in relation to the accounts and shall prepare in respect of each of its financial years a statement of account in such form as the Secretary of State may F13 . . .determine.

(2) The statement of account prepared by Scottish Homes for each financial year shall be submitted to the Secretary of State at such time as he may direct.

(3) The Secretary of State shall, F14 . . ., transmit to the [F15 Auditor General for Scotland for auditing] the statement of account prepared by Scottish Homes under this section for the financial year last ended.

F16 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) Scottish Homes shall provide the Secretary of State with such information relating to its general functions, powers, activities and proposed activities as he may from time to time require, and for that purpose shall permit any person authorised in that behalf by the Secretary of State F17 . . . to inspect and make copies of its accounts, books, documents or papers, and shall afford to that person such explanation thereof as he may reasonably require.

(6) It shall be the duty of Scottish Homes to make to the Secretary of State, as soon as possible after the end of each financial year, a report dealing with the activities of Scottish Homes during that year.

(7) It shall be the duty of the Secretary of State to lay before each House of Parliament a copy of each report received by him under subsection (6) above.

Textual Amendments

F13 Words in s. 11(1) repealed (1.7.1999) by S.I. 1999/1820, arts. 1(2), 4, Sch. 2 Pt. I para. 92(1)(8), Pt. IV (with art. 5)

F14 Words in s. 11(3) repealed (1.4.2000) by 2000 asp 1, s. 26, Sch. 4 para. 7(a); S.S.I. 2000/10, art. 2(3)

F15 Words in s. 11(3) substituted (1.4.2000) by 2000 asp 1, s. 26, Sch. 4 para. 7(a); S.S.I. 2000/10, art. 2(3)

F16 S. 11(4) repealed (1.4.2000) by 2000 asp 1, s. 26, Sch. 4 para. 7(b); S.S.I. 2000/10, art. 2(3)

F17 Words in s. 11(5) repealed (1.4.2000) by 2000 asp 1, s. 26, Sch. 4 para. 7(c); S.S.I. 2000/10, art. 2(3)