Registers of Scotland Executive Agency Trading Fund Order 1996
| Jurisdiction | UK Non-devolved |
| Citation | SI 1996/1004 |
| Year | 1996 |
1996 No. 1004 (S.107)
GOVERNMENT TRADING FUNDS
The Registers of Scotland Executive Agency Trading Fund Order 1996
Made 28th March 1996
Coming into force 1st April 1996
Whereas:
It appears to the Secretary of State for Scotland (“the Secretary of State”) that—
(a) those operations described in Schedule 1 to this Order (being operations of the Department of the Registers of Scotland for which the Secretary of State is responsible) are suitable to be financed by means of a fund established under the Government Trading Funds Act 19731(“the 1973 Act”) and, in particular, to be so managed that the revenue of such a fund would consist principally of receipts in respect of goods or services provided in the course of the operations in question; and
(b) the financing of operations in question by means of such a fund would be in the interests of improved efficiency and effectiveness of the management of those operations;
in accordance with sections 1(3) and 6(4) of the 1973 Act, the Secretary of State has taken such steps as appear to him to be appropriate to give an opportunity to such persons as appear to him to be appropriate to make representations to him and has laid before Parliament a report about the representations received and his conclusions;
in accordance with section 2 of the 1973 Act, the Secretary of State has determined with Treasury concurrence that the assets and liabilities set out in Schedule 2 to this Order are properly attributable to the operations for which a fund is to be established by this Order and are suitable to be appropriated to that fund;
in accordance with section 6(2) of the 1973 Act, a draft of this Order has been laid before the House of Commons and has been approved by a resolution of that House;
Now, therefore, the Secretary of State in exercise of the powers conferred on him by sections 1, 2(1) and (7), 2A(1)2and 2C(1)3of the 1973 Act, and of all other powers enabling him in that behalf, with Treasury concurrence, hereby makes the following Order:
Citation and commencement
1. This Order may be cited as the Registers of Scotland Executive Agency Trading Fund Order 1996 and shall come into force on 1st April 1996.
Establishment of the Fund
2.—(1) As from 1st April 1996, for all the operations of the Department of the Registers of Scotland, now known as the Registers of Scotland Executive Agency, which operations are more particularly described in Schedule 1 to this Order, (“the funded operations”), there shall be established a trading fund to be known as the Registers of Scotland Executive Agency Trading Fund (“the fund”).
(2) The fund shall be under the control and management of the Keeper of the Registers of Scotland.
Source of loans
3. The National Loans Fund is hereby designated as the source of issues to the fund by way of loan.
Assets, liabilities and public dividend capital
4.—(1) The Crown assets and liabilities set out in Schedule 2 to this Order shall be appropriated as assets and liabilities of the fund.
(2) 40% of the amount by which the values of the said assets exceed the values of the said liabilities shall be treated as public dividend capital of the fund.
Limitation of indebtedness
5. The aggregate of—
(a) the total outstanding at any given time in respect of amounts issued to the fund under section 2B4of the 1973 Act (other than as...
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