Buying Agency Trading Fund Order 1991 Approved by the House of Commons
| Jurisdiction | UK Non-devolved |
| Citation | SI 1991/875 |
1991 No. 875
GOVERNMENT TRADING FUNDS
The Buying Agency Trading Fund Order 1991
Made 1st April 1991
Coming into force 1st April 1991
Whereas:
It appears to the Secretary of State that the operations of theBuying Agency referred to in article 3 of this Order are suitable to befinanced by means of a trading fund, and that the financing of thoseoperations by means of a trading fund would be in the interests of theimproved effectiveness of the management of those operations;
The Secretary of State has, in accordance with section 2(1) of theGovernment Trading Funds Act 1973 determined:—
(a) with Treasury concurrence that the assets and liabilities setout in Schedule 2 are properly attributable to those operations and aresuitable to be appropriated to the fund to be established by thefollowing Order, and
(b) in accordance with Treasury directions the values and amounts soset out.
The Secretary of State, in exercise of the powers conferred on himby sections 1(1), 1(4), 2(1), 2A(1), and 2B(6) of the Government TradingFunds Act 19731and of all other powers enabling him in that behalf,with the concurrence of the Treasury, hereby makes the following Order,a draft of which has been laid before the House of Commons and has beenapproved by a resolution of that House in accordance with section 6(2)of the said Act:—
Citation and commencement
1. This Order may be cited as the Buying Agency Trading Fund Order1991, and shall come into force on 1st April 1991.
Interpretation
2. In this Order—
“the Act” means the Government Trading Funds Act 1973; and
“the fund” means the trading fund established by this order.
Establishment of the fund
3. As from 1st April 1991 for the operations of the department of thegovernment known as the Buying Agency which are described in Schedule 1to this Order there shall be established a trading fund to be known asthe Buying Agency Trading Fund.
Designation of the authorised lender
4. The Secretary of State is hereby designated the authorised lender tothe fund for the purposes of the Act.
Maximum amount to be issued to the fund by way of loan
5. The maximum amount that may be issued to the fund by way of loanunder section 2B of the Act shall be £10 million.
Appropriation of assets and...
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