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Government Trading Act 1990 (Version in vigour from 1991-02-11 to )

Consolidated Text As Enacted Cited authorities 29 Cited in Related
CurrencyNo known outstanding effects
Coming into Force11 February 1991
(1) For sections 1 and 2 of the that any operations of a department of the government for which he is responsible are suitable to be financed by means of a fund established under this Act (referred to in this Act as a “trading fund”) and, in particular, to be so managed that the revenue of the fund would consist principally of receipts in respect of goods or services provided in the course of the operations in question, andthat the financing of the operations in question by means of a trading fund would be in the interests of the improved efficiency and effectiveness of the management of those operations,The power to make an order under this section is exercisable only with Treasury concurrence.the operations in question consist substantially in the provision of goods or services in the United Kingdom otherwise than to departments of the government, andan opportunity to make representations to him should be given,the National Loans Fund, orthe responsible Minister,Issues to the fund by way of loan by the responsible Minister shall be made out of money provided by Parliament, and the right to repayment of such issues ranks as an asset of the Consolidated Fund.for the fund to be under the control and management of that person instead of the responsible Minister and, accordingly,the reference to the responsible Minister in section 3(1) of this Act and the first reference to him in section 4(1) , andsuch other references in this Act to the responsible Minister as may be specified in the order, where they are references to him in the exercise of his function of controlling or managing the fund,In this Act—
  • “the funded operations”, in relation to a trading fund, means the operations for which the fund is established,
  • “liabilities”, in relation to a trading fund, does not include liabilities in respect of any amount issued to the fund under section 2B of this Act,
  • “Minister of the Crown” means the holder of an office in Her Majesty’s Government in the United Kingdom, and includes the Treasury,
  • “order” except in section 2B(8) of this Act means an order under this section,
  • “originating debt”, in relation to a trading fund, means any amount remaining after any repayment or reduction of the amount which, by virtue of section 2(3) and (4) of this Act, is the originating debt of the fund, and
  • “the responsible Minister”, in relation to any operations of a department of the government, means the Minister of the Crown responsible for that department.
the provision of any authority required for carrying on any activity or exercising any right, andthe performance of any other functions in connection with the regulation of any activity or right.References in this Act to a Minister of the Crown include Ministers acting jointly, but an order may not designate more than one Minister as the authorised lender.he shall with Treasury concurrence determine what Crown assets and liabilities are properly attributable to the operations for which the fund is to be established or, as the case may be, the additional operations and are suitable to be appropriated to the fund, andthe order shall provide for the assets and liabilities so determined to be appropriated as assets and liabilities of the fund at values or amounts determined by him in accordance with Treasury directions.The responsible Minister may from time to time, in the case of any trading fund, with Treasury concurrence determine what additional Crown assets and liabilities are properly attributable to the funded operations and suitable to be appropriated to the fund and provide by order for the assets and liabilities in question to be appropriated as assets and liabilities of the fund at values or amounts determined by him in accordance with Treasury directions.the amount by which the values of those assets exceed the amounts of those liabilities, lessany amount treated by virtue of the order as public dividend capital,the amount by which the values of those additional assets exceed the amounts of those additional liabilities, lessany amount treated by virtue of the order as public dividend capital,The responsible Minister may with Treasury concurrence from time to time by order provide, in the case of any trading fund, for any assets and liabilities to cease to be assets and liabilities of the fund; but the power conferred by this subsection is not exercisable where section 4A of this Act applies.out of money provided by Parliament, repay the whole or part of the debt or make a payment into the Consolidated Fund in reduction or extinguishment of the capital, andby order made with Treasury concurrence provide for the reduction or extinguishment of any debt or capital remaining after the application of paragraph (a) above.An order providing for any assets and liabilities to be appropriated as, or to cease to be, assets and liabilities of a trading fund may describe the assets and liabilities in general terms.An order providing for any assets and liabilities to be appropriated as assets and liabilities of a trading fund may provide for any part of the amount by which the values of the assets exceed the amounts of the liabilities to be treated as public dividend capital of the fund.repays out of a trading fund before the due date any amount outstanding in respect of the principal of any sums issued to the fund by the authorised lender by way of loan, orpays any amount standing in the reserves of a trading fund into the Consolidated Fund,Where any sum is issued to a trading fund under section 2B of this Act, the responsible Minister may with Treasury concurrence pay out of the fund into the Consolidated Fund a corresponding sum in reduction or extinguishment of

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