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The Local Authorities (Recognised Bodies for Heritable Securities Indemnities) (Scotland) Order 1994
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- 1994 No. 2030 (S. 92)
- Explanatory Note
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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).
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