Explanatory note

This Order prescribes the day on which all property, rights, liabilities and obligations of the Crown Agents Holding and Realisation Board (‘the Board’) are to transfer to the Secretary of State for International Development.

Paragraph 23 of Schedule 5 to the Crown Agents Act 1979 provides that the Secretary of State may make an order with the approval of the Treasury to prescribe a day for these purposes if it appears to him that the Board has substantially discharged its duties under section 25(3)(a) and (c) of that Act.

Article 3 sets 1 April 2008 as the prescribed day.

Article 4 provides that any property, rights, liabilities or obligations of the Board are to transfer to the Secretary of State on that day to be disposed of by the Secretary of State.

Article 5 provides that any sums transferred by, or accruing under, the Order will be paid into the Consolidated Fund. It also provides that sums provided for the purposes of the Order will be paid out of money provided by Parliament.

A full regulatory impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.