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The Defence Aviation Repair Agency Trading Fund (Amendment) Order 2008

As Enacted Cited in Amendments 8 Related
Vincent
JurisdictionUK Non-devolved
CitationSI 2008/628

2008 No. 628

Government Trading Funds

The Defence Aviation Repair Agency Trading Fund (Amendment) Order 2008

Made 5th March 2008

Laid before the House of Commons 10th March 2008

Coming into force 1st April 2008

The Secretary of State, in exercise of the powers conferred by sections 1, 2(7), 2AA(1), 2A(1), and 6(1) of the Government Trading Funds Act 19731, with the concurrence of the Treasury, makes the following Order:—

S-1 Citation and commencement

Citation and commencement

1. This Order, which amends The Defence Aviation Repair Agency Trading Fund Order 20012(“the Principal Order”), may be cited as the Defence Aviation Repair Agency Trading Fund (Amendment) Order 2008 and shall come into force on 1st April 2008.

S-2 Amendment of the Principal Order

Amendment of the Principal Order

2.—(1) For article 4 (assets, liabilities and public dividend capital) of the Principal Order substitute the following:—

S-4

“Assets, liabilities, reserves 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) 22 per cent of the balance of the amount by which the values of the assets exceed the amounts of the liabilities shall be treated as revaluation reserves in the accounts of the fund and shall be maintained as reserves.

(3) 50 per cent of the balance of—

(a)

(a) the amount by which the value of the assets exceed the amounts of the liabilities, less

(b)

(b) the amount to be treated as revaluation reserves in accordance with paragraph (2) above, shall be treated as public dividend capital of the fund.”

(2) For Schedule 2 (assets and liabilities appropriated to the fund) to the Principal Order substitute the following:—

“SCHEDULE 2

Article 4

ASSETS AND LIABILITIES APPROPRIATED TO THE FUND

ASSETS

Land and buildings, as at 1st April 2008, which relate to Rotary Wing and Components business units and which are used or allocated for use in the funded operations.

Plant, facilities, machinery, fixtures, fittings, vehicles, equipment and computer hardware and software, as at 1st April 2008, and which relate to Rotary Wing and Components business units and which are used or allocated for use in the funded operations.

Intangible assets, as at 1st April 2008, which relate to Rotary Wing and Components business units and which are used or allocated for use in the funded operations.

Current assets, as at 1st April 2008, which...

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