C1Part III The Housing Corporation
F1Relevant Authority’s powers with respect to grants and loans
Words in Pt. III (ss. 74-102) substituted (1.11.1998) by 1998 c. 38, s. 140, Sch. 16 para. 28(a) (with ss. 139(2), 143(2)); S.I. 1998/2244, art. 5
86 Agreements to indemnify building societies: Scotland.
1
F2Scottish Homes may, with the approval of the Secretary of State, enter into an agreement with a building society F3or recognised body under which F2Scottish Homes binds itself to indemnify the building society F3or recognised body in respect of—
a
the whole or part of any outstanding indebtedness of a borrower; and
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3
Approval of the Secretary of State under subsection (1) may be given generally in relation to agreements which satisfy specified requirements, or in relation to individual agreements, and with or without conditions, as he thinks fit, and such approval may be withdrawn at any time on one month’s notice.
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Section 16(3) and (5) of the M1Restrictive Trade Practices Act 1976 (recommendations by services supply associations to members) does not apply to recommendations made to building societies F7or recognised bodies about the making of agreements under this section provided that the recommendations are made with the approval of the Secretary of State.
F86
In this section, “recognised body” means a body designated, or of a class or description designated, in an order made under this subsection by statutory instrument by the Secretary of State with the consent of the Treasury.
7
Before making an order under subsection (6) above varying or revoking an order previously so made, the Secretary of State shall give an opportunity for representations to be made on behalf of a recognised body which, if the order were made, would cease to be such a body.
Pt. III (ss. 74-102) excluded (E.W.) (1.10.1996) by 1996 c. 52, s. 7, Sch. 1 para. 15(6); S.I. 1996/2402, art. 3 (subject to transitional provisions and savings in Sch.)