ABRO Trading Fund (Amendment) Order 2003
| Jurisdiction | UK Non-devolved |
| Citation | SI 2003/105 |
| Year | 2003 |
2003 No. 105
GOVERNMENT TRADING FUNDS
The ABRO Trading Fund (Amendment) Order 2003
Made 23th January 2003
Laid before Parliament 24th January 2003
Coming into force 14th February 2003
The Secretary of State in exercise of the powers conferred on him by sections 1, 2AA(1), 2A(1), and 6(1) of the Government Trading Funds Act 19731, with the concurrence of the Treasury, hereby makes the following Order:
Citation and commencement
1. This Order which amends the ABRO Trading Fund Order 20022(“the Principal Order”) may be cited as the ABRO Trading Fund (Amendment) Order 2003 and shall come into force on 14th February 2003.
Amendment to the Principal Order
2. In article 4 (assets, liabilities, reserves and public dividend capital) of the Principal Order for paragraphs (2) and (3) substitute the following paragraphs:—
“2 £12,900,000 of the amount by which the values of the assets of the fund exceed the amounts of the liabilities shall be treated as the revaluation reserve and a revaluation reserve shall be maintained.
3 Fifty per cent of the amount by which the values of the assets exceeds the amounts of the liabilities, less the amount to be treated as the revaluation reserve, shall be treated as the public dividend capital of the fund.”
Geoffrey Hoon
Secretary of State for Defence
22nd January 2003
Philip Woolas
Nick Ainger
Two of the Lords Commissioners of Her Majesty’s Treasury
23rd January 2003
(This note is not part of the Order)
This Order amends the ABRO Trading Fund Order 2002 (S.I. 2002/719). Capital assets additional to those estimated in that order were allocated to the Fund when it commenced. A revaluation of stock and work in progress was also required. These changes altered the revaluation reserve and the computation of the public dividend capital. Consequent amendments have therefore been made by this Order.
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