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Qualifying accounts and arrangements104Qualifying accounts

(1)    Subsection (2) applies if a provision contained in or made under an enactment requires an account to qualify under this section (or to qualify under it at a particular time).

(2)    The provision is to be taken to require the account to satisfy conditions specified by the Secretary of State in regulations made under this section (or to satisfy them at the time concerned).

(3)    These conditions may be included—

(a)    conditions as to the description of individual who may hold an account;

(b)    conditions as to the description of institution with which an account may be held;

(c)    conditions requiring an account not to be a joint one, or not to be held on behalf of a person other than the holder, or not to be held with another account of a specified description, or not to be connected with another account;

(d)    conditions requiring an account to be identified by a specified name.

(4)    Conditions as to the description of institution with which an account may be held may themselves specify the description or may allow the Secretary of State to specify it in a way he thinks fit.

(5)    The regulations may provide that a specification of a description of institution with which an account may be held may include a requirement for institutions to have the benefit of approvals which have been given by the Secretary of State and not withdrawn.

(6)    The regulations may contain provision securing that an individual may not simultaneously hold more than one account which qualifies under this section.

(7)    The power to make regulations under this section is to be exercised by the Scottish Ministers so far as those regulations are to have effect for the purposes of any provision of, or made under, an Act of the Scottish Parliament authorising grants to be paid to, or in respect of, individuals in connection with their education or training; and for this purpose references in this section to the Secretary of State are to be treated as references to the Scottish Ministers.

(8)    For the purposes of this section an enactment includes an Act of the Scottish Parliament.

NOTES
Initial Commencement
To be appointed

To be appointed: see s 154(1)(b).

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