The Housing Corporation (Recognised Bodies for Heritable Securities Indemnities) (Scotland) Order 1987

Statutory Instruments

1987 No. 1389 (S.105)

HOUSING, SCOTLAND

The Housing Corporation (Recognised Bodies for Heritable Securities Indemnities) (Scotland) Order 1987

Made

30th July 1987

Coming into force

13th August 1987

The Secretary of State, in exercise of the powers conferred on him by section 86(6) of the Housing Associations Act 1985(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 Housing Corporation (Recognised Bodies for Heritable Securities Indemnities) (Scotland) Order 1987 and shall come into force on 13th August 1987.

2.  The bodies set out in Schedule 1 to this Order are hereby designated for the purposes of section 86 of the Housing Associations Act 1985.

3.  The classes or descriptions of bodies set out in Schedule 2 to this Order are hereby designated for the purposes of section 86 of the Housing Associations Act 1985.

James Douglas-Hamilton

Parliamentary Under Secretary of State,Scottish Office

New St. Andrew’s House,

Edinburgh

23rd July 1987

Article 2

SCHEDULE 1 BODIES DESIGNATED FOR THE PURPOSES OF SECTION 86 OF THE HOUSING ASSOCIATIONS ACT 1985

1.  The Bank of England.

2.  The Post Office.

Article 3

SCHEDULE 2 CLASSES OR DESCRIPTIONS OF BODIES DESIGNATED FOR THE PURPOSES OF SECTION 86 OF THE HOUSING ASSOCIATIONS ACT 1985

1.  Insurance companies to which Part II of the Insurance Companies Act 1982(2) applies.

2.  Recognised banks and licensed institutions within the meaning of the Banking Act 1979(3) or authorised institutions under the Banking Act 1987(4).

3.  Friendly societies and branches thereof which are registered within the meaning of the Friendly Societies Act 1974(5).

Explanatory Note

(This note is not part of the Order)

This Order designates 2 bodies and 3 classes or descriptions of bodies for the purposes of section 86 of The Housing Associations Act 1985. The bodies designated and any bodies belonging to the classes or descriptions designated become recognised bodies for the purposes of that section. Section 86, as amended by paragraph 4(6) of Schedule 2 to the Housing (Scotland) Act 1986, provides that the Housing Corporation may, with the approval of the Secretary of State, enter into agreements with building societies and recognised bodies providing for indemnities where such societies and bodies grant loans secured by way of heritable securities.

(1)

1985 c. 69; section 86 was amended by the Housing (Scotland) Act 1986 (c. 65), Schedule 2, paragraph 4(6).

(2)

1982 c. 50.

(3)

1979 c. 37; the majority of this Act will be repealed when section 108 of, and Schedule 7 to, the Banking Act 1987 are brought into force.

(4)

1987 c. 22; this Act (with the exception of section 91) is not yet in force - see section 110.

(5)

1974 c. 46.