Government Trading Funds Act 1973 (Version in vigour from 2003-06-24 to )
Currency | No known outstanding effects |
Coming into Force | 24 June 2003 |
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,(2) 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,(5) 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,(7) 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.
To continue reading
Request your trial