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[^f00001], 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.

Signed

James Douglas-Hamilton — Parliamentary Under Secretary of State, Scottish Office — 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).

Footnotes

[^f00001]: 1987 c. 26.