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The Scottish Milk Marketing Board (Residual Functions) Regulations 1994

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24.—(1) The functions mentioned in regulation 4(1)(b) are–

(a)collecting sums owed in payment for milk supplied by the Board in the final trading period and sums owed in respect of other debts to the Board as they fall due;

(b)making payments in accordance with section 26 of the marketing scheme, as modified by regulation 20, to registered end year producers and discharging other liabilities as they fall due;

(c)disposing of assets by sale or other realisation of values;

(d)collecting from registered end year producers sums owed by way of contributions in respect of the final trading period which become payable pursuant to section 27(2) of the marketing scheme, as modified by regulation 21;

(e)where in the judgement of the Board it seems financially prudent so to do, making to each registered eligible producer an interim distribution of assets, in the manner specified in relation to the final distribution of assets in regulation 30(2)(a); and

(f)collecting sums due from registered eligible producers in the exercise of any power conferred on the Board by order made under section 17(2) of the Act.

(2) In discharging their liabilities as they fall due the Board shall have the power if they deem it necessary or expedient to remit the whole or any part of their liabilities by way of composition or arrangement with their creditors.

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