powers under the recited enactments and of all other powers enabling them in that behalf, hereby make the following Regulations : ARTICLE I.-These Regulations may be cited as the Public Utility Societies (Financial Assistance) Regulations (Scotland), 1920. ARTICLE II.—(1) In these Regulations, unless the contrary intention appears (a) (b) "The Board" means the Scottish Board of Health; "The Act of 1919 means the Housing, Town Planning, &c. (Scotland) Act, 1919; (c) "Society" means a public utility society; (d) "Local Authority means the Local Authority within the meaning of Part III. of the Housing of the Working Classes Act, 1890,2 for the district in which the houses are provided or to be provided by the Society. (2) The Interpretation Act, 1889,3 applies to the interpretation of these Regulations as it applies to the interpretation of an Act of Parliament. ARTICLE III.-Subject to the provisions of these Regulations and provided that these Regulations__are_complied with, the annual contribution which may be made by the Board out of moneys provided by Parliament (hereinafter referred to as "the Exchequer subsidy ") towards the cost of carrying out a scheme submitted by a Society and approved by the Board shall be as follows: (1) The Exchequer subsidy shall be an amount equivalent during the period ending on the 31st day of March, 1927, to fifty per centum, and thereafter to thirty per centum, of the annual charges, in respect of interest and repayment of principal, on the total capital expenditure incurred by the Society for the purposes of the approved scheme; Provided that the Board may reduce the amount of the Exchequer subsidy in any case in which they are satisfied that the capital expenditure incurred by the Society has been excessive. (2) The Exchequer subsidy shall be payable in two half-yearly instal (3) The Exchequer subsidy shall be reduced by the Board, so far ARTICLE IV.-(1) The Exchequer subsidy shall cease to be payable- the scheme within twelve months from the passing of the Act of 1919 or such further period as the Board may allow; and (b) in respect of any scheme or part of a scheme not carried into effect within three years from the passing of the Act of 1919 or such further period as the Board may allow. (2) In determining whether a further period may be allowed, as hereinbefore provided, the Board shall have regard to the supplies of labour and material available from time to time and all other local or general circumstances affecting the carrying into effect of the scheme. (3) A scheme or part of a scheme shall be deemed to have been carried into effect when all the houses to be provided thereunder are let or available for letting. ARTICLE V.-(1) The scheme as submitted for approval shall be accompanied by detailed plans, specifications and estimates of the cost of the works, by a statement showing the estimated annual income and expenditure under the scheme and by a copy of the rules or proposed rules of the Society. (2) The carrying out of the works shall be subject to the supervision of the Board, exercised either through their own officers or through the Local Authority. ARTICLE VI.-For the purposes of Article III. (1) of these Regulations, the sum to be included in the total capital expenditure incurred by the Society under the approved scheme in respect of the professional charges paid or to be paid by the Society in connection with the building of the houses, the lay-out of the land and otherwise under the scheme shall not exceed five per centum of the gross capital expenditure approved by the Board. ARTICLE VII.-The rents to be charged for houses included in the scheme shall be subject to the approval of the Board and shall not be altered without the consent of the Board. ARTICLE VIII.-The Society shall not sell any land or houses included in the approved scheme except with the consent of the Board and subject to Regulations to be made by the Board with the concurrence of the Public Works Loan Commissioners. ARTICLE IX.-Where a house included in a scheme submitted to and approved by the Board is sold by the Society, the Board may, at the request of the Society, pay to any creditor holding a heritable security over that house a sum equal to the capitalised value, as at the date of sale, of the Exchequer subsidy apportioned in respect of that house towards the discharge of the liability of the Society to such creditor. ARTICLE X.-(1) The Society shall keep separate accounts relating to the approved scheme, and those accounts shall be made up and shall be audited by an auditor appointed by the Board in like manner and subject to the same provisions as the accounts of a Local Authority, and for this purpose enactments relating to the audit of those accounts and to all matters incidental thereto and consequential thereon shall, so far as may be, apply to the said accounts of the Society. (2) So far as necessary for the purpose of his duties under subdivision (1) of this Article, the auditor shall at all times have access to all the books, deeds, documents and accounts of the Society. (3) A balance-sheet and summary of the accounts relating to the approved scheme for each financial year shall, during the ensuing financial year, be open to inspection by any person at the office of the Society on payment of a fee of one shilling, and the Society shall send to the Board and to the Local Authority at the conclusion of each financial year copies of the balance-sheet and summary of the accounts relating to the approved scheme for the year and, as soon as the same is available, copies of the report of the auditor on the accounts for the year. ARTICLE XI.-As a condition of receiving payment of the Exchequer subsidy, the Society shall be bound, in the event of the dissolution of the Society before the Exchequer subsidy has ceased to be payable, to realise the whole assets of the Society, and after paying the outstanding charges (if any) in respect of the moneys borrowed by them, and after paying off all shares at par, to devote the remainder of the proceeds of the sale, or such part thereof as the Board may determine, towards the repayment of the Exchequer subsidies without prejudice to the foregoing obligation, and the Society, acting through the Board of Management thereof, shall, if so required by the Board, give an undertaking to the aforesaid effect in a form approved by the Board. ARTICLE XII.-(1) The rules of the Society shall be subject to the approval of the Board, and no amendment thereof shall have effect unless approved by the Board. (2) The rules of the Society shall, unless the Board otherwise allow, be so framed as to give effect to the following provisions : (i) The objects of the Society shall include the provision, improvement and management of houses for the working classes. (ii) Every member of the Society shall hold at least one share (of the value at the least of £1) in the Society, and the Board of Management of the Society shall not refuse to admit to membership of the Society any person who has been for three months a tenant of the Society. (iii) Tenants, or if the Society so determine tenant members, may elect annually from among themselves a Tenants' or Tenant Members' Committee, and such Committee shall have such rights, powers and duties (in addition to those which are expressly conferred on or vested in them by the Rules of the Society) as the Board of Management of the Society, with the concurrence of such Committee, may determine. Each tenant or tenant member, as the case may be, shall be entitled to one vote at the election of the members of the said Committee. (iv) The management of the business of the Society shall be vested in a Board of Management, of whose members (as from the date of the first annual general meeting of the Society after the approval of the scheme) at least one quarter shall be tenant members appointed by the Tenants' or Tenant Members' Committee. (v) At all general meetings of the Society each fully paid-up share against which there is no set-off in the books of the Society shall carry one vote, and not less than five times that amount of loan stock held by a member shall carry one vote : Provided that (a) a person (not being a member of the Society) holding loan stock shall not be entitled either to vote or to attend at meetings of the Society; and (b) a limitation may be imposed on the number of votes which may be recorded at any meeting by any one member. (vi) Each tenant shall have undisturbed occupancy of his house and garden so long as (a) he fulfils the tenancy regulations made by the Board of Management; and (b) he pays any rent or debts due from him to the Society; and (c) he and the occupants of his house avoid any conduct detrimental to good neighbourship; Provided that the tenant shall not be given notice to quit by the Board of Management on the ground of conduct detrimental to good neighbourship except with the concurrence of the Tenants' or Tenant Members' Committee. (vii) Any profits remaining to the Society after providing for (a) the annual charges, in respect of interest and repayment of principal, on the loans and loan stock raised by the Society; (b) the taxes, rates, rents, insurance premiums, or other charges payable by the Society in respect of any land or houses belonging to them; (c) the costs of administration and management and of repairs of property; (d) such allocations to a Reserve Fund as may be determined by the Board of Management; (e) any other necessary expenses incurred by the Board of Management; and (f) a dividend, not exceeding the rate authorised by the statutes in force, on the share capital of the Society, shall be applied, in such manner as may be determined by the Board of Management, for the benefit of the tenants generally. ARTICLE XIII.-Where in any case a difficulty arises with regard to the application of these Regulations, the Board may, by Order, make such minor modification of these Regulations as may be necessary, in regard to any particular scheme, for the purpose of giving effect to the intention of these Regulations. Regulations No. 540 S. 25 HOUSING, SCOTLAND. The Housing (Local Bonds) Regulations (Scotland), 1926, dated April 21, The Scottish Board of Health in pursuance of the powers conferred upon them by subsection (2) of Section 71 of, and paragraph (6) of the Fourth Schedule to, the Housing (Scotland) Act, 1925, and of all other powers enabling them in that behalf, do hereby, with the approval of the Treasury, make the following Regulations : TITLE AND INTERPRETATION. 1. These Regulations may be cited as the Housing (Local Bonds) Regulations (Scotland), 1926. 2. (1) In these Regulations, unless the context otherwise requires, 66 holder " means registered holder. "Local Authority includes a County Council. (2) The Interpretation Act, 1889,1 applies to the interpretation of these Regulations as it applies to the interpretation of an Act of Parliament. 3. The Housing (Local Bonds) Regulations (Scotland), 1920,2 are hereby revoked, but without prejudice to anything done or to any right, privilege, obligation or liability acquired, accrued or incurred thereunder. ISSUE OF LOCAL BONDS. 4.-(1) Local bonds shall be issued at par and interest thereon shall be payable half-yearly on the fifteenth day of May and the eleventh day of November in each year; Provided that in the case of any person who holds on the eleventh day of November bonds to a nominal value not exceeding £50, the local authority may pay interest yearly on the fifteenth day of May, paying in addition interest at the rate applicable to the bonds on any interest which has accrued in respect of the period up to the eleventh day of November. (2) Applications for local bonds shall be for amounts of five, ten, twenty, fifty or one hundred pounds or multiples of one hundred pounds. (3) Local bonds shall, subject to the provisions of this Article, be repayable at par at the office of the Local Authority not less than five years after the date of issue according to the terms of issue, and no interest shall be payable thereon in respect of any period after the date upon which the bond is repayable. (4) Where a Local Authority accepts a local bond issued by another Local Authority in payment or part payment of the purchase price of a house erected in pursuance of any scheme under the Act, or any Act repealed by the Act, the Local Authority by whom the bond was issued shall, if so requested by the other Local Authority, redeem the bond, by paying the nominal amount thereof to that Local Authority. (5) The first payment of interest on any local bond shall be adjusted in accordance with the date of issue of the bond and any sum paid by way of repayment or redemption shall include interest accrued to the date of repayment or redemption. (6) All local bonds issued by a Local Authority and outstanding from time to time shall rank equally without any priority or preference by reason of any precedence in the date of issue of any such local bonds or on any other ground whatsoever. (7) Nothing in this Article shall be construed as prohibiting a Local Authority from redeeming a local bond at any time by agreement with the holder of the bond, if they shall think fit to do so. (8) A local bond repaid or redeemed by a Local Authority shall be cancelled. REGISTRATION AND CERTIFICATES. 5. A Local Authority issuing local bonds shall appoint and keep appointed an officer of the Local Authority or other person to act as Registrar for the purposes of these Regulations, and may direct him to act on their behalf for the purposes of all or any of the things which they are authorised to do under these Regulations. 6.—(1) The Local Authority shall keep a Register (hereinafter called the "Local Bonds Register ") of all persons who are holders for the time being of local bonds. (2) The Local Bonds Register shall contain the following particulars :— (a) the name, address and description of each holder, a statement of the denomination of the bonds held by him and the periods for which they are issued and the numbers and dates of the certificates issued to him as hereinafter provided; (b) the date of registration of each holder and the date on which he ceased to be so registered. (3) The Local Bonds Register shall be prima facie evidence of any matter entered therein in accordance with these Regulations and of the title of the persons entered therein as holders of local bonds. 7. (1) The Local Authority shall issue to each holder of a local bond a certificate in respect thereof, duly numbered and dated, and specifying the denomination of the bond and the period for which it is issued. (2) The certificate shall be prima facie evidence of the title of the person therein named, his executors, administrators or assigns, to the bond therein specified, but the want of a certificate if accounted for to the satisfaction of the Local Authority, shall not prevent the holder of a bond from disposing of and transferring the bond. (3) If a certificate is worn out or damaged, the Local Authority, on the production thereof, may cancel it and issue a new certificate in lieu thereof. (4) If a certificate is lost or destroyed, the Local Authority on proof thereof to their satisfaction, and, if they so require, on receiving an indemnity against any claims in respect thereof, may give a new certificate in lieu of the certificate lost or destroyed. (5) An entry of the issue of a substituted certificate shall be made in the Local Bonds Register. |