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Article 4 Assets, liabilities, reserves and public dividend capital

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(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)

Eleven per cent of the amount by which the values of the assets exceed the amounts of the liabilities shall be treated as reserves in the accounts of the fund and shall be maintained as revaluation reserves.

(3)

Fifty per cent of the balance of—

(a)

the amount by which the values of the assets exceed the amounts of the liabilities, less

(b)

the amount to be treated as a revaluation reserve in accordance with paragraph (2) above,

shall be treated as public dividend capital of the fund.