Vehicle and Operator Services Agency Trading Fund Order 2003
| Jurisdiction | UK Non-devolved |
2003 No. 942
GOVERNMENT TRADING FUNDS
The Vehicle and Operator Services Agency Trading Fund Order 2003
Made 27th March 2003
Coming into force 1st April 2003
Whereas:
a trading fund (“the fund”) was established under the Government Trading Funds Act 19731(“the 1973 Act”) by the Vehicle Inspectorate Trading Fund Order 19912(“the 1991 order”) with effect from 1st April 1991;
the Crown assets and liabilities appropriated as assets and liabilities of the fund are described in general terms in Schedule 2 to the 1991 order, as substituted by the Vehicle Inspectorate Trading Fund (Variation) Order 19923, and in the Schedule to the Vehicle Inspectorate Trading Fund (Appropriation of Additional Assets) Order 19974;
it appears to the Secretary of State for Transport that—
(a) additional operations of the Department for Transport, being the operations of the part of the Department known as the Traffic Area Network, are suitable to be financed by means of 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;
(b) the financing of those operations by means of a trading fund would be in the interest of the improved efficiency an effectiveness of the management of those operations;
(c) the operations of the fund should be extended to include 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 a report before Parliament about the representations received and his conclusions;
the Secretary of State for Transport has, with Treasury concurrence, determined that the additional Crown assets and liabilities, described in Schedule 1 to this Order, are properly attributable to the operations of the fund as extended by those operations and are suitable to be appropriated to the fund;
in accordance with section 6(2) of the 1973 Act, a draft of this Order extending the funded operations had been laid before the House of Commons and has been approved by a resolution of that House.
Now, therefore, the Secretary of State for Transport, in exercise of the powers conferred by sections 1, 2(1), (2) and (7), 2A(1) and 6(1) of the 1973 Act, and of all other powers enabling him in that behalf, with the concurrence of the Treasury, hereby makes the following Order:—
Citation and commencement
1. This Order may be cited as the Vehicle and Operator Services Agency Trading Fund Order 2003 and shall come into force on 1st April 2003.
Interpretation
2. In this Order—
“additional assets and liabilities” means the Crown assets and liabilities which are described in Schedule 1 to this Order and are properly attributable to the part of the Department for Transport known as the Traffic Area Network;
“the fund” means the trading fund established by the principal order; and
“the principal order” means the Vehicle Inspectorate Trading Fund Order 1991 as amended by the Vehicle Inspectorate Trading Fund (Variation) Order 1992 and the Vehicle Inspectorate Trading Fund (Appropriation of Additional Assets) Order 1997.
Variation of Principal Order
3. The principal order shall be varied in accordance with articles 4 to 7.
Extension of Funded Operations
4. For paragraphs 1 to 5 of Schedule 1 to the principal order there shall be substituted paragraphs 1 to 8 of Schedule 2 to this Order.
Appropriation of assets and liabilities to the fund
5. The additional assets and liabilities shall be appropriated as assets and liabilities of the fund.
Public dividend capital
6. 50% of the amount by which the value of the additional assets exceeds the amount of the...
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