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Housing (Scotland) Act 1988, Section 7 is up to date with all changes known to be in force on or before 10 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(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 F1. . ., 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 F2. . ..
[F3(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—
in relation to Scottish Homes, sums borrowed under subsection (1) above,
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 F4. . .
(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; F5. . .
F6(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F7(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(8)F8. . .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
F1Words 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)
F2Words 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)
F3S. 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
F4Words 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)
F5Words 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)
F6S. 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)
F7S. 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)
F8Words 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)
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