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The Olympic Lottery Distribution Fund (Winding Up) Order 2014

Draft. This instrument was laid in draft and may differ from the one made. Look for the made version under its title.

Draft 2014, ISBN 9780111123324

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Draft Order laid before Parliament under section 36(4) of the Horserace Betting and Olympic Lottery Act 2004, for approval by resolution of each House of Parliament.

Betting, Gaming And Lotteries

Made 2014

Coming into force in accordance with article 1

The Secretary of State makes the following Order, in exercise of the powers conferred by section 28(1) to (3) of the Horserace Betting and Olympic Lottery Act 2004f1.

In accordance with section 36(4) of that Act, the draft of this Order was laid before Parliament and approved by a resolution of each House of Parliament.

Annotations to the whole text

Footnotes

f1

2004 c. 25; section 28(1) and (3) has been amended, but not in a way relevant to this Order. Section 28(3)(a) is to be amended by paragraph 16 of Schedule 1 to the National Lottery Act 2006 (c. 23), but an order under section 6 of that Act bringing that amendment into force has not yet been made.

Contents

  1. 1Citation and commencement
  2. 2Interpretation
  3. 3Winding up of the OLDF
  4. 4Money due to the OLDF
  5. 5Treatment of payments
  6. Signature
  7. Explanatory note

1Citation and commencement

This Order may be cited as the Olympic Lottery Distribution Fund (Winding Up) Order 2014 and comes into force on the day after the day on which it is made.

2Interpretation

In this Order—

  • “NLDF” means the National Lottery Distribution Fundf1;

  • “OLDF” means the Olympic Lottery Distribution Fundf2;

  • “winding-up date” means the first working day after the day this Order is made;

  • “working day” means a day which is not a Saturday, a Sunday or a bank holiday under the Banking and Financial Dealings Act 1971f3 in any part of the United Kingdom.

3Winding up of the OLDF

On the winding-up date—

(a)

the Secretary of State must pay any money in the OLDF into the NLDF, and

(b)

immediately after any such payment is made, the OLDF is wound up.

4Money due to the OLDF

Any money due to the OLDF must, after the winding up of the OLDF, be paid into the NLDF.

5Treatment of payments

Any payment made under articles 3(a) or 4 is to be treated as having been paid into the NLDF by virtue of section 5(6) of the National Lottery etc. Act 1993f1 (general payments into fund).

Signature

Name

Parliamentary Under Secretary of State

Department for Culture, Media and Sport

Date

Explanatory note

(This note is not part of the Order)

This Order winds up the Olympic Lottery Distribution Fund (“OLDF”).

Article 3 provides that on the first working day after the day on which the Order is made, the Secretary of State is to pay any money in the OLDF into the National Lottery Distribution Fund (“NLDF”) and that the OLDF is wound up immediately afterwards.

Article 4 provides that any money due to the OLDF must, after the winding up of the OLDF, be paid into the NLDF.

Article 5 specifies that any payment under articles 3(a) or 4 is to be treated as having been paid into the NLDF by virtue of section 5(6) of the National Lottery etc. Act 1993 (c. 39). This results in the payment being apportioned within the NLDF as provided in section 22 of that Act.

An impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sectors is foreseen. An Explanatory Memorandum has been prepared and is available alongside this instrument on the website www.legislation.gov.uk.