Introductory text

Draft Order laid before the House of Commons under section 6 of the Government Trading Funds Act 1973, for approval by resolution of the House of Commons.

GOVERNMENT TRADING FUNDS

Made 2003

Coming into force 1st April 2003

Whereas:

(1)

a trading fund (“the fund”) was established under the Government Trading Funds Act 1973^f1 (“the 1973 Act”) by the Vehicle Inspectorate Trading Fund Order 1991^f2 (“the 1991 order”) with effect from 1st April 1991;

(2)

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 1992^f3, and in the Schedule to the Vehicle Inspectorate Trading Fund (Appropriation of Additional Assets) Order 1997^f4;

(3)

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;

(4)

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;

(5)

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;

(6)

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:—

Annotations

Footnotes

f1: 1973 c. 63, as amended by the Government Trading Act 1990 (c. 30). The 1973 Act, as so amended, is set out in Schedule 1 to the 1990 Act. The 1973 Act was further amended by section 119 of the Finance Act 1991 (c. 31) and Schedule 22 to the Finance Act 1993 (c. 34).
f2: S.I. 1991/773, amended by S.I. 1992/471 and S.I. 1997/668.
f3: S.I. 1992/471.
f4: S.I. 1997/668.