National Wealth (Scotland) Act 2019 1

MODEL
SCOTTISH PARLIAMENT

National Wealth (Scotland) Bill

SP Bill 71

(as introduced)

An Act of the Scottish Parliament to establish a National Wealth Fund; to establish and provide for
the functions of a National Wealth Commission; and for connected purposes.

PART 1
THE NATIONAL WEALTH COMMISSION

Establishment and structure

1 National Wealth Commission

(1) A National Wealth Commission (“the Commission”) is established.
(2) The Commission is a body corporate.
(3) The Commission is to consist of at least three and not more than seven members.
(4) It is for the Scottish Ministers to—
(a) appoint the members of the Commission,
(b) determine the terms and conditions of a member of the Commission’s appointment,
(c) appoint a member to chair the Commission, and
(d) pay to each member such salary as they may determine.
(5) The Commission may appoint staff on such terms and conditions as it determines.
(6) The Commission is not a servant or agent of the Crown and does not enjoy any status,
immunity, or privilege of the Crown.
(7) The Commission’s members and staff are not to be regarded as civil servants.

2 Committees
(1) The Commission may establish committees.
(2) The membership of a committee may include persons who are not members of the
Commission, but those persons are not entitled to vote at meetings.
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3 Delegation of functions
(1) The Commission may authorise—
(a) any of its members,
(b) any committee established by it, or
(c) any person appointed by the Scottish Ministers,
to perform such of its functions (and to such extent) as it may determine.
(2) The giving of authority under this section to perform a function does not affect the
Commission’s responsibility for the performance of the function or prevent the Commission
from performing the function itself.

Functions

4 General powers
(1) The Commission may do anything, whether or not in Scotland, which appears to it—
(a) to be necessary or expedient for the purposes of, or in connection with, the performance
of its functions,
(b) to be otherwise conducive to the exercise of those functions.
(2) In exercising its functions, the Commission must seek to promote and further—
(a) innovation and competition in the Scottish economy,
(b) the growth and success of private enterprise in Scotland,
(c) the reduction and elimination of the use and reliance on techniques and technologies
which are unsustainable or damaging to the environment or to public health,
(d) domestic and foreign investment in the Scottish economy,
(e) transparency and public accountability of the Commission, and
(f) efficient and effective use of public money.
(3) The Scottish Ministers may issue guidance to the Commission on the exercise of its
functions in the manner described in subsection (2).
(4) The Scottish Ministers must lay a copy of such guidance before the Scottish Parliament.

5 Management of the National Wealth Fund

It is a function of the Commission to keep, manage, and maintain the National Wealth
Fund in accordance with Part 2.

6 Establishment and participation in bodies corporate

The Commission may—
(a) establish or participate in the establishment of bodies corporate,
(b) acquire, hold, and exercise any rights conferred by shares in a body corporate.

7 Acquisition of land, property, and gifts

(1) The Commission may acquire, hold, and maintain land or other property.
(2) The Commission may accept, hold, and administer gifts of any kind.
(3) The Scottish Ministers may, on the application of the Commission and if they are satisfied
it is in the public interest, direct that a term or condition of a gift is to cease to apply.
(4) The Scottish Ministers must publicise such a direction in the Edinburgh Gazette.
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Finances

8 Grants and loans to the Commission

(1) The Scottish Ministers may make grants and loans to the Commission.
(2) A grant or loan under this section is subject to such conditions (including conditions as to
repayment) as the Scottish Ministers may determine.

9 Status of land and property

(1) Subject as follows, the land and property of the Commission is deemed to form a part of
the National Wealth Fund and Part 2 of this Act applies accordingly.
(2) The Commission must submit to the Scottish Ministers a report detailing—
(a) the land and property of the Commission which is required for the administration
and operation of the Commission or for connected purposes,
(b) the purpose for which the land or property is required, and
(c) the value of the land or property.
(3) If the Scottish Ministers approve such a report, subsection (1) does not apply in relation
to such of the Commission’s land and property as is specified in the report.
(4) The Scottish Ministers must not approve a report unless they are satisfied that the report
specifies only land and property which the Commission requires for its administration and
operation or for connected purposes.
(5) The Commission may submit further reports supplementing, amending, or replacing the
report prepared under subsection (2), and this section applies to such a report as it applies
to the report prepared under that subsection.
(6) The Scottish Ministers must lay a copy of each report they approve under this section
before the Scottish Parliament.

PART 2
THE NATIONAL WEALTH FUND

The Fund

10 The National Wealth Fund

The Commission must keep and maintain a National Wealth Fund (“the Fund”).

Contributions

11 Payments of income and excesses

The Commission must place in the Fund—
(a) any income or resources it receives, other than income paid to it under section 8,
(b) where sums paid to the Commission under section 8 in a particular year exceed the
Commission’s expenditure in that year, sums equal to that excess.

12 Payments by the Scottish Ministers

(1) The Scottish Ministers may pay grants into the Fund.
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(2) In any year where payments into the Scottish Consolidated Fund exceed payments out of
the Scottish Consolidated Fund, the Scottish Ministers must pay into the Fund sums equal
to 25 percent of that excess.

Use of funds

13 General restriction on use

The Commission may only apply resources in the Fund—
(a) with a view to increasing the value of the Fund, and
(b) in accordance with this Part.

14 Powers to invest funds

(1) The Commission may out of the Fund, as it considers appropriate—
(a) invest sums,
(b) make grants or loans to any person, and
(c) finance the exercise of any of its functions.
(2) An investment, grant, or loan under this section may be subject to such conditions as the
Commission may determine (including conditions as to repayment).

15 Power to dispose of resources

The Commission may, if it considers it is appropriate and in the public interest, dispose of
such resources from the Fund as it may determine.

16 Power to provide and charge for services

The Commission may use resources from the Fund to provide any service which it
considers appropriate, and may provide such services for a fee, reward, or otherwise.

17 Power to carry out works

The Commission may use resources from the Fund carry out, maintain, or assist in the
carrying out or maintaining of such works (whether on land, buildings, or other property)
as it considers appropriate.

18 Resources not to be used for certain purposes

The Commission must not use any resources from the Fund for any purpose which is
inconsistent with—
(a) the maintaining of human and civil rights,
(b) the reduction in and elimination from use of coal, petroleum, or natural gas,
(c) the elimination of whale hunting,
(d) the reduction or elimination of the use, consumption, or smoking of tobacco,
(e) the promotion of global peace and the non-proliferation of nuclear weapons,
(f) the reduction and elimination of pollution and environmental contamination,
degradation, or damage,
(g) the elimination of corruption and bribery.
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Statements

19 Financial statements
(1) The Scottish Ministers must, where they prepare a draft Scottish budget for a financial
year, lay before the Scottish Parliament a statement as to the status of the Fund.
(2) The Commission must provide such assistance and information as the Scottish Ministers
may require in preparing such a statement.

PART 3
GENERAL

20 Initial payments into the Fund

(1) The Scottish Parliament may by resolution, on or before 1 June 2019, specify an amount
for the purposes of this section (the “initial grant amount”).
(2) The Scottish Ministers must, before 1 January 2020, pay into the National Wealth Fund
under section 13 sums totalling or exceeding the initial grant amount.

21 Ancillary provision
(1) The Scottish Ministers may by regulations make any incidental, supplementary,
consequential, transitional, transitory, or saving provision they consider appropriate for
the purposes of, in connection with, or for giving full effect to this Act.
(2) Regulations under this section may modify any enactment (including this Act).
(3) Regulations under this section are subject to—
(a) where they modify an enactment, the affirmative procedure;
(b) otherwise, the negative procedure.

22 Consequential repeal
The Cleaner Fuel (Scotland) Act 2018 (asp 12) is repealed.

23 Commencement
(1) This Part comes into force on the day after Royal Assent.
(2) The Scottish Ministers may by regulations bring Parts 1 and 2 into force.
(3) If a resolution is passed under section 20, the Scottish Ministers must bring Parts 1 and 2
into force within 14 days of the resolution being passed.

24 Short title
The short title of this Act is the National Wealth (Scotland) Act 2019.