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Scottish National Investment Bank Act 2020

Ethical Standards in Public Life etc. (Scotland) Act 2000

42.Paragraph 1(3) of the schedule adds the Bank to the list of devolved public bodies in schedule 3 of the Ethical Standards in Public Life etc. (Scotland) Act 2000. This means that the Bank will need to:

  • have a code of conduct for its members, whose compliance with the code will be policed by the Standards Commission for Scotland, and

  • maintain a public register of its members’ interests.

43.The Ethical Standards in Public Life etc. (Scotland) Act 2000 imposes requirements in respect of a body’s members, by which that Act means the body’s office holders. Unlike most of the other bodies that the 2000 Act applies to, the Bank will be a public limited company. In company law the members of a limited company are its shareholders, rather than its office holders. Paragraph 1(2) of the schedule therefore amends the 2000 Act to make clear that where that Act’s provisions refer to the Bank’s members they are to be understood as referring to the Bank’s directors (i.e. its office holders) rather than its shareholders.

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Text created by the Scottish Government to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Acts of the Scottish Parliament except those which result from Budget Bills.


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