Commentary on Sections Part 5 – General Section 147 – Further modification
288.Section 147 allows the Scottish Ministers by regulations to vary the percentage specified in section 49(1) (majority ownership), or to repeal the section. In exercising this function, the Scottish Ministers must believe that the amendment or repeal is compatible with the regulatory objectives and otherwise appropriate. Before making regulations, they must consult, amongst others, the Lord President and the Society. Furthermore, the regulations are subject to the affirmative resolution procedure.