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Part 7 U.K.Regulation of parties

Regulation of loans etc.U.K.

62Regulation of loans: power to make provision for candidates, third parties and referendumsU.K.

(1)The Secretary of State may by order make in relation to a relevant matter such provision as he thinks appropriate which corresponds to or is similar to any provision of Part 4A of or Schedule 7A to the 2000 Act (the relevant transaction provisions).

(2)A relevant matter is a loan, credit facility or any form of security (whether real or personal) which benefits—

(a)a candidate at an election;

(b)a recognised third party;

(c)a permitted participant in a referendum.

(3)An order under this section may—

(a)amend or repeal any enactment (whenever passed);

(b)create an offence corresponding or similar to any offence created by the relevant transaction provisions;

(c)confer power on the Secretary of State to make provision by order corresponding to any such power in the relevant transaction provisions;

(d)make different provision for different purposes;

(e)make such supplemental, incidental, consequential, transitional or savings provision as the Secretary of State thinks necessary or expedient in connection with the order.

[F1(3A)The provision that may be made by virtue of subsection (3)(e) includes, in particular, provision amending paragraph 1 of Schedule 19A to the 2000 Act (requirement for unincorporated associations to notify Commission of political contributions over £25,000) so that, in the case of a recognised third party or a permitted participant in a referendum, a “political contribution” includes a relevant matter.]

(4)An order under this section which confers power to make an order by virtue of subsection (3)(c) must require the order—

(a)to be made by statutory instrument;

(b)not to be made unless a draft of the instrument containing the order has been laid before and approved by resolution of each House of Parliament.

(5)Subsection (4) does not apply to any power to make provision determining a rate of interest.

(6)The power to make an order under this section is exercisable by statutory instrument.

(7)No such order may be made unless a draft of the instrument containing the order has been laid before and approved by resolution of each House of Parliament.

(8)In this section—

(9)An order under this section must not make provision which is within the legislative competence of the Scottish Parliament.

(10)Subsection (9) does not apply to provision made by virtue of subsection (3)(e).

Textual Amendments

Commencement Information

I1S. 62 wholly in force at 1.7.2008; s. 62 not in force at Royal Assent see s. 77; s. 62 in force for E.W.S. at 11.9.2006 by S.I. 2006/1972, art. 3, Sch. 1 para. 20 (as substituted by S.I. 2006/2268, art. 3) (subject to S.I. 2006/1972, art. 4, Sch. 2); s. 62 in force for N.I. at 1.7.2008 by S.I. 2008/1656, art. 2(1)(2)(b) (subject to art. 3, Sch.)