SCHEDULE 7S REGULATION OF REGISTERED SOCIAL LANDLORDS

Commencement Information

I1Sch. 7 wholly in force at 1.11.2001, see s. 113 and S.S.I. 2001/336, art. 2(3), Sch. Pt. II (subject to transitional provisions in art. 3) (as amended by S.S.I. 2001/397, art. 7(b))

PART 2 S CONSTITUTION, CHANGE OF RULES, AMALGAMATION AND DISSOLUTION

Transfer of net assets on dissolution or winding upS

12(1)This paragraph applies—

(a)where a registered social landlord which is an industrial and provident society is dissolved as mentioned in [F1section 55(1)(a) or (b)] of the Industrial and Provident Societies Act 1965 (c.12) (winding up under the Insolvency Act 1986 or by instrument of dissolution), and

(b)where a registered social landlord which is a company [F2registered under the Companies Act 2006] is wound up under the Insolvency Act 1986 (c.45).

(2)On such a dissolution or winding up, so much of the property of the society or company as remains after meeting the claims of its creditors and any other liabilities arising on or before the dissolution or winding up are to be transferred to such registered social landlord as the Scottish Ministers may direct.

(3)Sub-paragraphs (1) and (2) have effect despite anything in the Industrial and Provident Societies Act 1965 (c.12), [F3the Companies Act 2006] or the Insolvency Act 1986 (c.45) or in the rules of the society or, as the case may be, in the [F3articles of association] of the company.

(4)In order to avoid the necessity for the sale of land belonging to the registered social landlord and thereby secure the transfer of the land under this paragraph, the Scottish Ministers may, if it appears to them appropriate to do so, make payments to discharge such claims or liabilities as are referred to in sub-paragraph (2).

(5)The Scottish Ministers must, before making a direction under sub-paragraph (2), consult the tenants of the houses included in the proposed transfer; and, in making a direction, they must have regard to the views expressed by those consulted.

Textual Amendments