Regulation 3 Procedures in preparing a scheme

(1)

Before specifying a transferee body in a scheme, the Lord Advocate—

(a)

shall have regard to the spirit of the trust deed or other document constituting, or the intentions as represented or held out by, the transferor body; and

(b)

shall obtain a written statement from the trustees of the transferee body that they are willing to accept the transfer of the assets of the transferor body and, if necessary, to meet any liabilities of the transferor body in accordance with the terms of the scheme.

(2)

Before presenting a scheme to the Court of Session for approval, the Lord Advocate—

(a)

shall notify the trustees of the transferor body of his intention to do so by posting to such of them as are known to him at their last known address in the United Kingdom—

(i)

a draft of the scheme which he proposes to present to the Court of Session for their approval; and

(ii)

a notice of his intention to present the scheme for such approval,

(b)

shall invite them to make representations about the proposed scheme by sending them to him in writing within 4 weeks from the date on which he posted the draft scheme to them; and

(c)

shall consider any representations so made.

(3)

Before presenting a scheme to the Court of Session for approval, the Lord Advocate shall publish, in at least one newspaper a notice—

(a)

which intimates his intention to present to the Court of Session for approval a scheme for the transfer of the assets of the transferor body to the transferee body; and

(b)

which shall invite any person to make representations concerning the proposed scheme by sending them to him in writing within 4 weeks from the date of the publication of the notice in the newspaper,

and shall consider any representations so made.