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3.—(1) A host shall, after paying the necessary expenses of management and the taxes affecting any endowment or endowments held by them on behalf of a Health Board or NHS trust, distribute to the Health Board or NHS trust on whose behalf the endowment or endowments are held, the income from the endowment or endowments in each year, calculated in accordance with sub-paragraph (2) as follows–
(a)income from 1st April to 30th September, within one month of 30th September;
(b)income from 1st October to 28/29th February, within one month of 28/29th February; and
(c)income from 1st March to 31st March, within one month of completion of the annual audit.
(2) The income from an endowment or endowments to be distributed to a Health Board or NHS trust on whose behalf the endowment or endowments are held, shall be the proportion of the total income in percentage terms which the total capital value of the endowment or endowments held by the host on behalf of that Health Board or NHS trust bears to the total capital value of all endowments held by the host, calculated to 5 decimal places.
(3) For the purposes of sub-paragraph (2), the capital value of any endowment shall be the market value of that endowment as at the date of the most recent transfer by which any endowment was transferred to the host calculated as follows:–
(a)investments quoted on a stock exchange – in accordance with the stated valuation method for investments of each host;
(b)short term loans, bank and cash balances – at amounts outstanding or at credit; or
(c)other property and rights of, or held by, a host at market valuation by a valuer appointed by the host.
(4) In the event that there is a dispute between the host and the Health Board or NHS trust on the income to be distributed, the Scottish Ministers shall, applying the criteria in sub-paragraphs (1) to (3) above, determine the income to be distributed by the host under sub-paragraph (1).
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