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The Financial Services Act 1986 (Single Property Schemes) (Exemption) Regulations 1989
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- UK Statutory Instruments
- 1989 No. 28
- Regulation 20
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Requirements as to borrowing: trust based schemes
20.—(1) The terms of a trust based scheme must provide that no sum may be borrowed which is repayable out of the property subject to the scheme unless that sum is reasonably required for the purposes of paying for the refurbishment, repair, extension or redevelopment of the property or any part of it or otherwise in connection with the efficient management of the property.
(2) Subject to the provisions of regulation 21, the terms of a trust based scheme must limit the amount of all sums borrowed and not repaid to the amount specified in regulation 19(2)(b) except where sums are borrowed in order to finance work of the kind described in that provision.
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