diff --git a/v2/build-system.jam b/v2/build-system.jam
index 71a3b0e3a..fd57c1536 100644
--- a/v2/build-system.jam
+++ b/v2/build-system.jam
@@ -414,6 +414,8 @@ local rule load-configuration-files
         initialize-config-module project-config : $(file:D) ;
         load-config project-config : project-config.jam : $(file:D) ;
     }
+
+    project.end-load ;
 }
 
 
diff --git a/v2/build/project.jam b/v2/build/project.jam
index 48a61d1a3..4a8db2155 100644
--- a/v2/build/project.jam
+++ b/v2/build/project.jam
@@ -280,6 +280,8 @@ local rule load-jamfile ( dir : jamfile-module )
     # second attempt from messing things up.
     if ! $(jamfile-module) in $(.jamfile-modules)
     {
+        local previous-project = $(.current-project) ;
+
         # Initialize the Jamfile module before loading.
         initialize $(jamfile-module) : [ path.parent $(jamfile-to-load) ] :
             $(jamfile-to-load:BS) ;
@@ -315,6 +317,8 @@ local rule load-jamfile ( dir : jamfile-module )
                     : actual value $(.current-project) ;
             }
 
+            end-load $(previous-project) ;
+
             if $(.global-build-dir)
             {
                 if [ attribute $(jamfile-module) location ] && ! [ attribute
@@ -336,6 +340,31 @@ local rule load-jamfile ( dir : jamfile-module )
 }
 
 
+# Called when done loading a project module. Restores the current project to its
+# previous value and does some additional checking to make sure our 'currently
+# loaded project' identifier does not get left with an invalid value.
+#
+rule end-load ( previous-project ? )
+{
+    if ! $(.current-project)
+    {
+        import errors ;
+        errors.error Ending project loading requested when there was no project
+            currently being loaded. ;
+    }
+
+    if ! $(previous-project) && $(.saved-current-project)
+    {
+        import errors ;
+        errors.error Ending project loading requested with no 'previous project'
+            when there were other projects still marked as being loaded
+            recursively. ;
+    }
+
+    .current-project = $(previous-project) ;
+}
+
+
 rule mark-as-user ( module-name )
 {
     if USER_MODULE in [ RULENAMES ]
@@ -702,6 +731,12 @@ class project-attributes
 #
 rule current ( )
 {
+    if ! $(.current-project)
+    {
+        import errors ;
+        errors.error Reference to the project currently being loaded requested
+            when there was no project module being loaded. ;
+    }
     return $(.current-project) ;
 }
 
@@ -757,7 +792,6 @@ rule target ( project-module )
 #
 rule use ( id : location )
 {
-    local saved-project = $(.current-project) ;
     local project-module = [ project.load $(location) ] ;
     local declared-id = [ project.attribute $(project-module) id ] ;
 
@@ -774,7 +808,6 @@ rule use ( id : location )
         }
         $(id).jamfile-module = $(project-module) ;
     }
-    .current-project = $(saved-project) ;
 }
 
 
diff --git a/v2/test/indirect_conditional.py b/v2/test/indirect_conditional.py
index 7011e662a..52e3bf67d 100644
--- a/v2/test/indirect_conditional.py
+++ b/v2/test/indirect_conditional.py
@@ -64,8 +64,10 @@ rule a3-rule-2 ( properties * )
 
 def test_glob_in_indirect_conditional():
     """
-      Regression test: glob run inside an indirect conditional should work in
-    the correct project context, i.e. in the correct folder.
+      Regression test: project-rules.glob rule run from inside an indirect
+    conditional should report an error as it depends on the 'currently loaded
+    project' concept and indirect conditional rules get called only after all
+    the project modules have already finished loading.
 
     """
     t = BoostBuild.Tester()
@@ -91,8 +93,10 @@ rule print-my-sources ( properties * )
 lib bar : bar.cpp : <conditional>@print-my-sources ;
 """)
 
-    t.run_build_system()
-    t.expect_output_lines("My sources:\nbar.cpp")
+    t.run_build_system(status=1)
+    t.expect_output_lines(["My sources:", "bar.cpp"], False)
+    t.expect_output_lines("error: Reference to the project currently being "
+        "loaded requested when there was no project module being loaded.")
 
     t.cleanup()