100.Section 38 provides that the Scottish Ministers may make payments direct to the Public Works Loans Board or any other person to reduce or extinguish a loan previously made to a local authority for the purposes of capital expenditure.
101.Subsection (2)provides that after making any such payment under this section the Scottish Ministers must lay a report before the Scottish Parliament outlining their reasons for doing so.
The Act – Section by Section Part 7 – Finance Section 38 – Scottish Ministers’ power to pay off loans made by local authorities