# The Local Authorities (Recognised Bodies for Heritable Securities Indemnities) (Scotland) Amendment Order 1994, Note: 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.

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Source: https://www.legislation.gov.uk/uksi/1994/3253/note (the official version)
Page: https://openlegislation.uk/local-authorities-recognised-bodies-for-heritable-securities-indemnities-scotland-amendment-order-1994/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.