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240 | Registration of charges: Scotland |
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(1) | The Bankruptcy and Diligence etc. (Scotland) Act 2007 is amended as follows. |
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(2) | In section 38 (creation of floating charges)— |
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(a) | in subsection (3), after “to” insert “subsection (3A) and”, and |
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(b) | after that subsection insert— |
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“(3A) | If a floating charge is granted in favour of a central institution, |
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it is created only when the document granting the floating |
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charge is executed by the company granting the charge.” |
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(3) | In section 39 (advance notice of floating charges), after subsection (3) add— |
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“(4) | This section does not apply where a company proposes to grant a |
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floating charge in favour of a central institution.” |
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(4) | In section 42 (assignation of floating charges), after subsection (3) add— |
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“(4) | This section does not apply where a floating charge is assigned |
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(whether in whole or to a specified extent) to or by a central institution.” |
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(5) | In section 43 (alteration of floating charges)— |
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(a) | in subsection (4), for “But paragraph” substitute “Paragraph”, and |
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(b) | after that subsection insert— |
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“(4A) | Paragraph (b) of subsection (3) above does not apply in respect |
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(a) | the holder of the floating charge is a central institution, |
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(b) | the holder of the floating charge is not a central |
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institution but the alteration is to be made in connection |
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with a floating charge which is held (or which has been |
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or is to be held) by a central institution.” |
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(6) | In section 44 (discharge of floating charges), after subsection (3) add— |
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“(4) | This section does not apply where the floating charge to be discharged |
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(whether in whole or to a specified extent) is or has been held by a |
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(7) | In section 47 (interpretation), after “Part—” insert— |
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| ““central institution” means— |
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(b) | the central bank of a country or territory outside the United |
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(c) | the European Central Bank;” |
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Funds attached rule (Scotland) |
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241 | Abolition for cheques |
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(1) | A reference to the “funds attached” rule is a reference to the rule of law in |
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Scotland by virtue of which a bill of exchange, when presented to the drawee |
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for payment, operates as an assignation of the sum for which it is drawn (or, if |
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the drawee holds insufficient funds, of those funds) in favour of the holder of |
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(2) | The “funds attached” rule is abolished for cheques presented for payment after |
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the commencement of this section. |
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(3) | Expressions used in this section have the same meaning as in the Bills of |
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(a) | in section 53(2) (funds in hands of drawee: Scotland)— |
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(i) | the words “Subject to section 75A of this Act,” cease to have |
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(ii) | after “drawee of a bill” insert “other than a cheque”, and |
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(b) | section 75A(countermanded cheques) ceases to have effect. |
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(5) | Section 11 of the Law Reform (Miscellaneous Provisions) (Scotland) Act 1985 |
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(countermanded cheques) ceases to have effect. |
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Financial collateral arrangements |
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(1) | The Treasury may make regulations about financial collateral arrangements. |
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(2) | “Financial collateral arrangements” are arrangements under which financial |
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collateral is used as security in respect of a loan or other liability; and for that |
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(a) | collateral may be in cash, securities or any other form, |
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(b) | use as security may involve transfer of the collateral or the creation or |
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transfer of any kind of right, interest or charge (fixed or floating) in |
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(c) | in particular, use as security can include use under arrangements of a |
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kind described commercially as “title transfer financial collateral |
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(a) | may make any provision that the Treasury think necessary or desirable |
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for the purpose of, or in connection with, implementation of the |
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Financial Collateral Arrangements Directive (2002/47/EC) (or any |
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(b) | are not restricted to provision required in connection with the |
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Directive, and may make any provision that the Treasury think |
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necessary or desirable for the purpose of enabling financial collateral |
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arrangements, whether or not with an international element, to be |
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commercially useful and effective. |
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(4) | The regulations may, in particular— |
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(a) | disapply or modify an enactment or rule of law about formalities or |
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(b) | disapply or modify an enactment about insolvency, administration, |
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receivership or any similar procedure, |
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(c) | disapply or modify an enactment about property law, |
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(d) | disapply or modify an enactment about companies or other commercial |
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(e) | provide for provisions of financial collateral arrangements to have |
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effect despite a reorganisation, winding-up or other process affecting a |
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party to the arrangements, |
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(f) | make provision for the enforcement of financial collateral |
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arrangements (which may include, in particular, provision— |
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(i) | about sale, appropriation and set-off, |
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(ii) | about the use of collateral while subject to the arrangements, |
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(iii) | about “close out netting arrangements”, under which |
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obligations under a number of contracts may be set off against |
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each other in the event of default under a specified contract, |
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(iv) | permitting a person to foreclose or exercise another right under |
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the arrangements with or without an order of a court, |
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(v) | permitting or requiring the disclosure of information, and |
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(vi) | for enforcement after the commencement of, and despite, |
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reorganisation, winding-up or another process), |
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(g) | make provision for the choice of law according to which, or under |
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which, matters arising under financial collateral arrangements are to be |
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(h) | apply to persons whether or not provisions of the Directive apply to |
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(5) | The regulations may, in particular— |
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(a) | do anything done or purported to be done by the Financial Collateral |
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Arrangements (No. 2) Regulations 2003, |
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(b) | provide for those regulations, or a specified provision, to be treated as |
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having had effect despite any lack of vires, |
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(c) | provide for anything done under or in reliance on those regulations to |
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be treated as having had effect despite any lack of vires, and |
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(d) | make any provision which the Treasury think necessary or desirable to |
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achieve or restore certainty and stability in connection with the matters |
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to which those regulations relate. |
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(1) | Regulations under section 242— |
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(a) | shall be made by statutory instrument, and |
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(b) | shall lapse unless approved by resolution of each House of Parliament |
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during the period of 28 days (ignoring periods of dissolution, |
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prorogation or adjournment of either House for more than 4 days) |
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beginning with the day on which the regulations are made. |
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(2) | The lapse of regulations under subsection (1)(b)— |
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(a) | does not invalidate anything done under or in reliance on the |
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regulations before the lapse and at a time when neither House has |
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declined to approve the regulations, and |
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(b) | does not prevent the making of new regulations. |
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244 | “Financial assistance” |
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(1) | In this Act “financial assistance” includes giving guarantees or indemnities and |
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any other kind of financial assistance (actual or contingent). |
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(2) | The Treasury may by order provide that a specified activity or transaction, or |
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class of activity or transaction, is to be or not to be treated as financial assistance |
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for a specified purpose of this Act; and subsection (1) is subject to this |
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(a) | shall be made by statutory instrument, and |
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(b) | shall be subject to annulment in pursuance of a resolution of either |
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In this Act “enactment” includes— |
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(a) | subordinate legislation, |
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(b) | an Act of the Scottish Parliament and an instrument under an Act of the |
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(c) | Northern Ireland legislation. |
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246 | Statutory instruments |
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(1) | A statutory instrument under this Act— |
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(a) | may make provision that applies generally or only for specified |
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purposes, cases or circumstances, |
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(b) | may make different provision for different purposes, cases or |
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(c) | may include incidental, consequential or transitional provision. |
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(2) | No statutory instrument under this Act shall be treated as a hybrid instrument |
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under Standing Orders of either House of Parliament. |
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(3) | The Table lists the powers to make statutory instruments under this Act and |
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the arrangements for Parliamentary scrutiny in each case. |
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| | | | | | | | | PART 1 - Special resolution regime |
| | | | | | | Draft affirmative resolution |
| | | | | | | | | | | | | | Draft affirmative resolution |
| | 35 | | | | | Draft affirmative resolution |
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