Statutory Instrument 1993 No. 938

The Land Registry Trading Fund Order 1993

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© Crown Copyright 1993

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1993 No. 938

GOVERNMENT TRADING FUNDS

The Land Registry Trading Fund Order 1993

Whereas:
    (1)  It appears to the Lord Chancellor that—
(a) those operations described in Schedule 1 to this Order (being operations of a Department of the Government for which the Lord Chancellor is responsible) are suitable to be financed by means of a fund established under the Government Trading Funds Act 1973^[1] and, in particular, to be so managed that the revenue of such a fund would consist principally of receipts in respect of goods or services provided in the course of the operations in question; and

(b) the financing of the operations in question by means of such a fund would be in the interests of improved efficiency and effectiveness of the management of those operations;


    (2)  In accordance with sections 1(3) and 6(4) of the 1973 Act, the Lord Chancellor has taken such steps as appear to him to be appropriate to give an opportunity to such persons as appear to him to be appropriate to make representations to him and has laid before Parliament a report about the representations and his conclusions;

    (3)  In accordance with section 2 of the 1973 Act, the Lord Chancellor has determined with Treasury concurrence that the assets and liabilities set out in Schedule 2 to this Order are properly attributable to the operations for which a fund is to be established by this Order and are suitable to be appropriated to that fund;

    (4)  In accordance with section 6(2) of the 1973 Act, a draft of this Order has been laid before the House of Commons and has been approved by a resolution of that House.
Now, therefore, the Lord Chancellor in exercise of the powers conferred upon him by sections 1, 2(1) and (7), 2A(1) and 2B(6) of the 1973 Act, and all other powers enabling him in that behalf, with Treasury concurrence hereby makes the following Order:

Citation and commencement
    1.    This Order may be cited as the Land Registry Trading Fund Order 1993 and shall come into force on 1st April 1993.

Interpretation
    2.    In this Order:
"the 1973 Act" means the Government Trading Funds Act 1973 as amended by the Government Trading Act 1990 and the Finance Act 1991;


"the Land Registry" means that Department of Government known as Her Majesty's Land Registry;


"the fund" means the fund established by article 3 of this Order;


"the funded operations" means the operations of the Land Registry as described in Schedule 1 to this Order;


"the Chief Land Registrar" has the same meaning as in the Land Registration Act 1925^[2].

Establishment of the fund

    3.—(1)  There shall be established as from 1st April 1993 a fund for the funded operations.

    (2)  The fund shall be under the control and management of the Chief Land Registrar.

    (3)  The 1973 Act shall have effect as if the following references in the Act to the responsible Minister were references to the Chief Land Registrar, namely:
 (a) the references in subsections (1) and (2)(b) of section 3;
 (b) the first reference in subsection (1) of section 4; and
 (c) the references in subsections (2), (3) and (5) of section 4.

Source of loans
    4.    The National Loans Fund is designated as the source of issues to the fund by way of loan.

Assets, liabilities and public dividend capital

    5.—(1)  The Crown assets and liabilities set out in Schedule 2 to this Order shall be appropriated as assets and liabilities of the fund.

    (2)  50% of the amount by which the values of the said assets exceed the values of the said liabilities shall be treated as public dividend capital of the fund.

Limitation of indebtedness
    6.    The maximum amount that may be issued to the fund by way of loan under section 2B of the 1973 Act shall be £130,000,000.

Mackay of Clashfern, C.

Dated 31st March 1993
We concur

Nicholas Baker

Tim Kirkhope

Two of the Lords Commissioners of Her Majesty's Treasury

Dated 31st March 1993

[1] 1973 c. 63, as amended by the Government Trading Act 1990 (c. 30). That Act, as so amended, is set out in Schedule 1 to the 1990 Act. Section 2 of the Act, as so amended, was further amended by section 119 of the Finance Act 1991 (c. 31). back

[2] 1925 c. 21. back

Explanatory Note