- Statutory Instrument 1997 No. 1428
The Hydrographic Office Trading Fund (Variation) Order 1997
© Crown Copyright 1997
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| Made | 4th June 1997 | ||
| Laid before Parliament | 9th June 1997 | ||
| Coming into Force | 1st July 1997 |
Whereas:
(1) the Hydrographic Office Trading Fund was established under the Government Trading Funds Act 1973[1] ("the 1973 Act") by the Hydrographic Office Trading Fund Order 1996[2] ("the principal Order") with effect from 1st April 1996;
(2) the Crown assets and liabilities described in general terms in Schedule 2 to the principal Order were appropriated as assets and liabilities of the fund;
(3) the principal Order further provided for 5.1 per cent of the amounts by which the values of those assets exceeded the amounts of those liabilities to be treated as a revaluation reserve in the accounts of the fund and for 47.3 per cent of the balance of the amount by which the values of the assets exceeded the amounts of the liabilities less the revaluation reserve to be treated as public dividend capital of the fund;
(4) a valuation of those assets and liabilities as at 1st April 1996 which was carried out subsequently to that date necessitates a variation of the value of the revaluation reserve and of the public dividend capital;
Now, therefore, the Secretary of State, in exercise of the powers conferred on him by sections 1, 2AA(1), 2A(1) and 6(1) of the 1973 Act and of all other powers enabling him in that behalf, with the concurrence of the Treasury, hereby makes the following Order: -
1. This Order may be cited as the Hydrographic Office Trading Fund (Variation) Order 1997 and shall come into force on 1st July[a] 1997.
2. The Hydrographic Office Trading Fund Order 1996 shall be varied -
-
(a) in article 4(2) by substituting "£264,807 representing 0.97 per cent" for "5.1 per cent";
(b) in article 4(3) by substituting "£13,266,833 representing 49.5 per cent" for "47.3 per cent".
George Robertson
Secretary of State for Defence
1st June 1997
We concur
Jon Owen Jones
John McFall
Two of the Lords Commissioners of Her Majesty's Treasury
4th June 1997
(This note is not part of the Order)
The Hydrographic Office Trading Fund was established by the Hydrographic Office Trading Fund Order 1996 (S.I. 1996/773) with effect from 1st April 1996. At the time of the establishment of the fund a final valuation of the assets and liabilities as at 1st April 1996 appropriated to the Fund by the Order had not been carried out and the amount of the revaluation reserve and the public dividend capital were based on an estimated valuation. As a consequence of the subsequent final valuation this Order varies the 1996 Order by substituting an amount of £264,807 for the revaluation reserve and £13,266,833 for the public dividend capital. These amounts represent 0.97 per cent and 49.5 per cent respectively of the amounts by which the value of the assets exceed the amounts of the liabilities and replace amounts of 5.1 per cent and 47.3 per cent respectively.
Notes:
[1] 1973 c.63; the 1973 Act was amended by the Government Trading Act 1990 (c.30) and the 1973 Act as so amended is set out in Schedule 1 to the 1990 Act; the 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
[a] This Statutory Instrument was amended by correction slip. "1st July" was inserted after "1997 and shall come into force on". back
ISBN 0 11 063748 8