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- Original (As enacted)
This is the original version (as it was originally enacted).
(1)This section applies if the Regulator, when making or having made inquiries, considers—
(a)that there has been misconduct or mismanagement in a registered social landlord’s financial or other affairs,
(b)that the interests of a registered social landlord’s tenants need protection,
(c)that a registered social landlord’s assets need protection, or
(d)that a registered social landlord’s financial viability is in jeopardy.
(2)The Regulator may—
(a)direct the registered social landlord not to—
(i)undertake particular transactions, or
(ii)make payments of a particular nature or amount,
without the Regulator’s consent, or
(b)direct a bank or other person not to dispose of any money, securities or other assets it holds for the registered social landlord without the Regulator’s consent.
(3)It is an offence for a person to fail to comply with a direction.
(4)A person guilty of such an offence is liable on summary conviction to—
(a)imprisonment for a term not exceeding 3 months,
(b)a fine not exceeding level 5 on the standard scale, or
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Text created by the Scottish Executive department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Acts of the Scottish Parliament except those which result from Budget Bills
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