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Explanatory note

Original text. Later amendments are not shown.

(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).