The FCO Services Trading Fund Order 2008
| Jurisdiction | UK Non-devolved |
| Citation | SI 2008/590 |
| Year | 2008 |
2008 No. 590
Government Trading Funds
The FCO Services Trading Fund Order 2008
Made 3rd March 2008
Coming into force 1st April 2008
Whereas:
It appears to the Secretary of State for Foreign and Commonwealth Affairs (“Secretary of State”) that—
(a) the operations of the Foreign and Commonwealth Office that are referred to in article 2 of, and Schedule 1 to this Order, being operations for which he 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 would consist principally of receipts in respect of goods or services provided in the course of the operations; and
(b) the financing of these operations by means of a trading fund would be in the interests of the improved efficiency and effectiveness of the management of the operations;
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;
The Secretary of State has, in accordance with section 2 of the 1973 Act, with the concurrence of the Treasury, determined what Crown assets and liabilities are properly attributable to the operations and are suitable to be appropriated to the fund; and
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.
Accordingly, the Secretary of State in exercise of the powers conferred by sections 1, 2, 2AA(1) and (2), 2A(1) and 2C(1) of the 1973 Act, with the concurrence of the Treasury, makes the following Order:
Citation and commencement
1. This Order may be cited as the FCO Services Trading Fund Order 2008 and shall come into force on 1st April 2008.
Establishment of the Fund
2.—(1) A trading fund, to be known as the FCO Services Trading Fund (“the fund”), shall be established from 1st April 2008 for the operations of the Foreign and Commonwealth Office undertaken by FCO Services from that date.
(2) The operations of FCO Services described in Schedule 1 shall be financed by means of the fund.
Source of loans
3. The Secretary of State for Foreign and Commonwealth Affairs is designated as the source of issues to the fund by way of loan.
Assets, liabilities, reserves and public dividend capital
4.—(1) The Crown assets and liabilities set out in Schedule 2 shall be appropriated as assets and liabilities of the fund.
(2) The sum of £39,000, being part of the amount by which the values of those assets exceeds...
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