(1)In this Act, “graduate endowment liability” is liability, existing by virtue of section 1 of the 2001 Act and the principal regulations, of a person to—
(a)pay to the Scottish Ministers the amount of the graduate endowment, or
(b)repay to the Scottish Ministers any loan (including interest) made by them under those provisions for the purposes of discharging the person's liability to pay the graduate endowment.
(2)In this Act—
the “2001 Act” is the Education (Graduate Endowment and Student Support) (Scotland) Act 2001 (asp 6),
the “principal regulations” are the Graduate Endowment (Scotland) Regulations 2007 (S.S.I. 2007/155),
“the graduate endowment” is to be construed in accordance with the 2001 Act,
“due date” is to be construed in accordance with the principal regulations.