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

Statutory Instruments

1994 No. 3253 (S.181)

HOUSING, SCOTLAND

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

Made

13th December 1994

Coming into force

20th December 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 the Treasury, hereby makes the following Order:

Citation and commencement

1.  This Order may be cited as the Local Authorities (Recognised Bodies for Heritable Securities Indemnities) (Scotland) Amendment Order 1994 and shall come into force on 20th December 1994.

Amendment of a previous designation Order

2.  In article 2 of the Local Authorities (Recognised Bodies for Heritable Securities Indemnities) (Scotland) Order 1994(2) for the name “Household Mortgage Corporation Group Limited” there shall be substituted “HMC Group plc” and at the appropriate place there shall be inserted the name of the body “Leeds and Holbeck Mortgage Funding Limited”.

James Douglas-Hamilton

Parliamentary Under Secretary of State, Scottish Office

St Andrew’s House,

Edinburgh

12th December 1994

We consent,

Andrew Mackay

T J R Wood

Two of the Lords Commissioners of Her Majesty’s Treasury

13th December 1994

Explanatory Note

(This note is not part of the Order)

This Order adds another designated body as a recognised body to one of the 2 lists of designated bodies prescribed for the purposes of section 229 of the Housing (Scotland) Act 1987 and amends the name of a body on that list.

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.

The other list of designated bodies is in S.I. 1987/1388.

(1)

1987 c. 26.

(2)

S.I. 1994/2030.