SCHEDULE 5DEPOSIT SCHEMES: FURTHER PROVISION

1Deposit schemes

1

The Welsh Ministers must make arrangements for securing that one or more deposit schemes are available.

2

“Deposit scheme” means a scheme for the purpose of—

a

safeguarding deposits paid in connection with occupation contracts, and

b

facilitating the resolution of disputes arising in connection with such deposits.

3

“Arrangements” means arrangements with any person (“the scheme administrator”) under which the scheme administrator undertakes to establish and maintain a deposit scheme of a description specified in the arrangements.

4

The arrangements must require the scheme administrator to give the Welsh Ministers such information, and such facilities for obtaining information, as the Welsh Ministers may require.

5

The Welsh Ministers may—

a

give financial assistance to the scheme administrator;

b

make other payments to the scheme administrator in pursuance of the arrangements;

c

guarantee the discharge of any financial obligation incurred by the scheme administrator in connection with the arrangements.

6

The Welsh Ministers may make regulations conferring powers and imposing duties on scheme administrators.