1(1)This Schedule has effect for controlling loans and certain other transactions where one of the parties to the transaction is—
(a)a member of a registered party,
(b)a members association, or
(c)the holder of a relevant elective office.
(2)The following provisions have effect for the purposes of this Schedule.
(3)References to a controlled transaction must be construed in accordance with paragraph 2.
(4)A reference to a connected transaction is a reference to a controlled transaction falling within paragraph 2(3)(b).
(5)A regulated participant is—
(a)a member of a registered party;
(b)a members association;
(c)the holder of a relevant elective office, whether or not he is a member of a registered party.
(6)A credit facility is an agreement whereby a regulated participant is enabled to receive from time to time from another party to the agreement a loan of money not exceeding such amount (taking account of any repayments made by the regulated participant) as is specified in or determined in accordance with the agreement.
(7)References to each of the following must be construed in accordance with Schedule 7—
(a)the political activities of a party member or a members association;
(b)members association;
(c)relevant elective office;
(d)the responsible person (in relation to a members association), as if for the reference in paragraph 1(9)(b) of that Schedule to donations there were a reference to receipts from controlled transactions.
(8)This Schedule does not have effect in relation to—
(a)a member of the Scottish Parliament, or
(b)a member of a local authority in Scotland,
if he is not also a member of a registered party.