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The National Health Service (Borrowing and Loans from Endowments) (Scotland) (No. 2) Regulations 2004

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Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the National Health Service (Borrowing and Loans from Endowments) (Scotland) (No. 2) Regulations 2004 and shall come into force on 2nd July 2004.

(2) In these Regulations “the Act” means the Public Appointments and Public Bodies etc. (Scotland) Act 2003.

Terms and conditions applying to borrowing under section 7(3) of the Act

2.  The terms and conditions upon which a Health Board may, under section 7(3) of the Act, borrow from any endowment held by it are–

(a)that the total amount or amounts borrowed under that section shall not, when aggregated together, exceed £100,000 in any period of 12 months;

(b)that the Health Board can only use the amount borrowed for purposes consistent with the purposes of the endowment from which the borrowing is made;

(c)that the Health Board pays interest on the amount borrowed, quarterly in arrears to the endowment from which the borrowing is made, at the Bank of England base lending rate plus 2% calculated at the date on which the borrowing is made;

(d)that the Health Board repays to the endowment from which the borrowing is made the amount borrowed within a period not exceeding 18 months from the date on which it is made;

(e)that the Health Board shall inform the Scottish Ministers, not later than 28 days after the date on which any amount borrowed is due to be repaid, whether or not the amount borrowed has been repaid on the due date.

Terms and conditions applying to loans under section 7(4) of the Act

3.  The terms and conditions upon which a Health Board (“the lender”) may, under section 7(4) of the Act, make a loan to another Health Board (“the borrower”) from any endowment held by the Board are–

(a)that the lender may only make the loan for purposes consistent with the purposes of the endowment from which the loan is made;

(b)the lender may only make the loan on condition that the borrower pays interest on the loan quarterly in arrears to the endowment from which the loan is made at the Bank of England base lending rate plus 2% calculated at the date on which the loan is made;

(c)the lender may only make a loan on condition that the borrower repays the amount of the loan within a period not exceeding 18 months from the date on which it is made; and

(d)the lender shall inform the Scottish Ministers, not later than 28 days after the date on which the loan is due to be repaid, whether or not the loan has been repaid on the due date.

Revocation

4.  The National Health Service (Borrowing and Loans from Endowments) (Scotland) Regulations 2004(1) are revoked.

TOM McCABE

Authorised to sign by the Scottish Ministers

St Andrew’s House, Edinburgh

10th June 2004

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