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The National Health Service (Borrowing and Loans from Endowments) (Scotland) Regulations 2004
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- 2004 No. 16
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations)
These Regulations make provision for the terms and conditions which are to apply to any loans or borrowing by Health Boards from endowments which they hold.
Regulation 2 provides that the maximum amount which a Health Board may borrow from an endowment under section 7(3) of the Act in any 12 month period shall not exceed £100,000.
Regulation 3(a) provides that loans shall only be made for purposes consistent with those of the endowment from which the loan is made.
Regulation 3(b) provides for either the payment of interest to the endowment from which the loan is taken or, at the instance of the Health Board taking the loan, for an amount equivalent to interest to be retained in the endowment from income, which would otherwise have been distributed, in lieu of interest.
Regulation 3(c) provides for the maximum period of loan.
Regulation 4(d) provides that a Health Board which either made a loan or borrowed from an endowment held by it must tell the Scottish Ministers if the loan was, or was not, repaid on time.
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