Statutory Instrument 1996 No. 1004 (S.107)

The Registers of Scotland Executive Agency Trading Fund Order 1996

---

© Crown Copyright 1996

Statutory Instruments printed from this website are printed under the superintendence and authority of the Controller of HMSO being the Queen's Printer of Acts of Parliament.

The legislation contained on this web site is subject to Crown Copyright protection. It may be reproduced free of charge provided that it is reproduced accurately and that the source and copyright status of the material is made evident to users.

It should be noted that the right to reproduce the text of Statutory Instruments does not extend to the Queen's Printer imprints which should be removed from any copies of the Statutory Instrument which are issued or made available to the public. This includes reproduction of the Statutory Instrument on the Internet and on intranet sites. The Royal Arms may be reproduced only where they are an integral part of the original document.

The text of this Internet version of the Statutory Instrument which is published by the Queen's Printer of Acts of Parliament has been prepared to reflect the text as it was Made. A print version is also available and is published by The Stationery Office Limited as the The Registers of Scotland Executive Agency Trading Fund Order 1996, ISBN 0110553543. The print version may be purchased by clicking here. Braille copies of this Statutory Instrument can also be purchased at the same price as the print edition by contacting TSO Customer Services on 0870 600 5522 or e-mail:customer.services@tso.co.uk.

Further information about the publication of legislation on this website can be found by referring to the Frequently Asked Questions.

To ensure fast access over slow connections, large documents have been segmented into "chunks". Where you see a "continue" button at the bottom of the page of text, this indicates that there is another chunk of text available.

1996 No. 1004 (S.107)

GOVERNMENT TRADING FUNDS

The Registers of Scotland Executive Agency Trading Fund Order 1996

Whereas:
    (1)  It appears to the Secretary of State for Scotland ("the Secretary of State") that—
(a) those operations described in Schedule 1 to this Order (being operations of the Department of the Registers of Scotland for which the Secretary of State is responsible) are suitable to be financed by means of a fund established under the Government Trading Funds Act 1973^[1] ("the 1973 Act") 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 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 Secretary of State 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 received and his conclusions;

    (3)  in accordance with section 2 of the 1973 Act, the Secretary of State 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 Secretary of State in exercise of the powers conferred on him by sections 1, 2(1) and (7), 2A(1)^[2] and 2C(1)^[3] of the 1973 Act, and of 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 Registers of Scotland Executive Agency Trading Fund Order 1996 and shall come into force on 1st April 1996.

Establishment of the Fund
    2.—(1)  As from 1st April 1996, for all the operations of the Department of the Registers of Scotland, now known as the Registers of Scotland Executive Agency, which operations are more particularly described in Schedule 1 to this Order, ("the funded operations"), there shall be established a trading fund to be known as the Registers of Scotland Executive Agency Trading Fund ("the fund").

    (2)  The fund shall be under the control and management of the Keeper of the Registers of Scotland.

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

Assets, liabilities and public dividend capital
    4.—(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)  40% 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
    5.    The aggregate of—
 (a) the total outstanding at any given time in respect of amounts issued to the fund under section 2B^[4] of the 1973 Act (other than as originating debt^[5]), and
 (b) the total at that time constituting public dividend capital issued to the fund under section 2A(2A)^[6] of the 1973 Act,
shall not exceed the sum of £40,000,000.

Michael B Forsyth

Secretary of State for Scotland

25th March 1996
We concur,

Simon Burns

Michael Bates

Two of the Lords Commissioners of Her Majesty's Treasury

28th March 1996

[1] 1973 c. 63, as amended by the Government Trading Act 1990 (c. 30). The 1973 Act, as so amended, is set out in Schedule 1 to the 1990 Act. The 1973 Act was further amended by section 119 of the Finance Act 1991 (c. 31), and Schedule 22 to the Finance Act 1993 (c. 34). back

[2] Section 2A of the 1973 Act was inserted by section 1 of the Government Trading Act 1990 (c. 30). back

[3] Section 2C of the 1973 Act was inserted by paragraph 4 of Schedule 22 to the Finance Act 1993 (c. 34). back

[4] Section 2B was inserted by section 1 of the Government Trading Act 1990 (c. 30). back

[5] The definition of originating debt is contained in section 1(7) of the 1973 Act. back

[6] Subsection (2A) was inserted by paragraph 3 of Schedule 22 to the Finance Act 1993 (c. 34). back

Explanatory Note