Scottish National Investment Bank Act 2020
| Jurisdiction | Scotland |
| Citation | 2020 asp 3 |
(a) is named the Scottish National Investment Bank p.l.c.,(b) has its registered office in Scotland,(c) has the Scottish Ministers as its only member, and(d) has articles of association framed in accordance with Chapter 2.The articles of association must state that the Bank's vision is to provide finance and act to catalyse private investment to achieve a step change in growth for the Scottish economy by powering innovation and accelerating the move to a net-zero emissions, high-tech, connected, globally-competitive and inclusive economy. (1) The articles of association must state that the Bank's main object is giving financial assistance to commercial activities for the purpose of promoting or sustaining economic development or employment in Scotland.investing in inclusive and sustainable economic growth,investing to promote social wellbeing,support the transitions required to meet the net-zero emissions target (as defined in section A1 of the Climate Change (Scotland) Act 2009) ,support the proposals and policies regarding circular economy initiatives set out in the latest climate change action plan to be laid before the Scottish Parliament under section 35 of that Act,promote biodiversity,promoting the just transition principles (as defined in section 35C of the Climate Change (Scotland) Act 2009) ,promoting and developing the activities of enterprises, where lack of financial investment is holding back economically viable commercial activity,promoting and developing the activities of small and medium-sized enterprises,promote fair work (construed in accordance with section 23) , andpay their employees a living wage (construed in accordance with section 15(7) of the Procurement Reform (Scotland) Act 2014) ,creating and shaping markets through the provision of patient capital,contributing to the achievement of the Scottish Government's economic, social and environmental policy objectives,advancing equality and non-discrimination.(a) having ethical investment standards which align with the Bank's main object and ancillary objects as set out in its articles of association and its strategic missions, and(b) having in place processes to ensure that the Bank's investment decisions are taken in accordance with those standards.(1) The articles of association must provide that the Bank must prepare and update a document (“the balanced scorecard”) to assist its preparation of reports under this Act.the economic impact of the performance of its investments over time,the social impact of the performance of its investments over time,the environmental impact of the performance of its investments over time,any other impact (financial or non-financial) of the performance of its investments over time as the articles may provide.on any terms and conditions, andby any description of investment, lending or guarantee, andforming and acting through subsidiaries.investment by the Bank (alone or with others) through the acquisition of loan or share capital in any company,undertaking, orassets,a loan (secured or unsecured, and with or without interest) ,insurance or a guarantee to meet any contingency (including default on payment of a loan or any other failure to fulfil a contractual obligation) .(3) For the avoidance of doubt, the articles of association may provide that the Bank may give financial assistance to a third sector body (as defined in section 37 of the Community Justice (Scotland) Act 2016) .The articles of association must include a prohibition on the Bank borrowing from anyone other than the Scottish Ministers. (a) shares in the Bank from being allotted to anyone other than the Scottish Ministers,(b) the Scottish Ministers from transferring their shares in the Bank.
To continue reading
Request your trial