The Local Authorities (Recognised Bodies for Heritable Securities Indemnities) (Scotland) Order 1994

Statutory Instruments

1994 No. 2030 (S.92)

HOUSING, SCOTLAND

The Local Authorities (Recognised Bodies for Heritable Securities Indemnities) (Scotland) Order 1994

Made

27th July 1994

Coming into force

4th August 1994

The Secretary of State, in exercise of the powers conferred on him by section 229(6) of the Housing (Scotland) Act 1987(1), and of all other powers enabling him in that behalf, and with the consent of Treasury, hereby makes the following Order:

1.  This Order may be cited as the Local Authorities (Recognised Bodies for Heritable Securities Indemnities) (Scotland) Order 1994 and shall come into force on 4th August 1994.

2.  The following bodies are hereby designated for the purposes of section 229 of the Housing (Scotland) Act 1987:–

• Albion Home Loans Limited

• CIS Home Loans Limited

• CIS Mortgage Finance Limited

• CIS Mortgage Maker Limited

• CIS Residential Mortgages Limited

• Household Mortgage Corporation plc

• Household Mortgage Corporation Group plc

• Leeds and Holbeck Mortgage Corporation Limited

• Secured Residential Funding plc.

James Douglas-Hamilton

Parliamentary Under Secretary of State, Scottish Office

St Andrew’s House,

Edinburgh

21st July 1994

We consent,

Kenneth Clarke

T J R Wood

Two of the Lords Commissioners of Her Majesty’s Treasury

27th July 1994

Explanatory Note

(This note is not part of the Order)

This Order designates 9 bodies as recognised bodies for the purposes of section 229 of the Housing (Scotland) Act 1987.

Under that section a local authority may, with the approval of the Secretary of State, agree with a building society or recognised body that the authority will indemnify the building society or recognised body in respect of–

(a) the whole or any part of any outstanding indebtedness of a borrower; and

(b) loss or expense to the building society or recognised body resulting from the failure of the borrower duly to perform any obligation imposed on him by a heritable security.

A previous designation order has been made (S.I. 1987/1388).

(1)

1987 c. 26.