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This is the original version (as it was originally enacted).
(1)Secured creditors to whom proposals are submitted under section 81 may—
(a)agree to the proposals (with or without modification), or
(b)reject the proposals.
(2)Proposals agreed with modifications have effect only if the Regulator agrees to the modifications.
(3)The Regulator must give notice of agreed proposals to—
(a)the registered social landlord and its officers,
(b)all of the registered social landlord’s secured creditors whom the Regulator can locate after making reasonable enquiries,
(c)any liquidator, administrative receiver, receiver or administrator appointed in respect of the registered social landlord or its land,
(d)where the registered social landlord is a registered society, the Financial Services Authority, and
(e)where the registered social landlord is a charity, the Office of the Scottish Charity Regulator.
(4)The Regulator must also make arrangements for bringing agreed proposals to the attention of the registered social landlord’s members, tenants and unsecured creditors.
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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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