Introductory text

GOVERNMENT TRADING FUNDS

Made 13th March 1997

Coming into force in accordance with article 1

Whereas:

(1)

it appears to the Secretary of State for Transport (“the Secretary of State”) that:—

(a)

those operations of the Department of Transport which are referred to in article 3 of the following Order are suitable to be financed by means of a fund established under the Government Trading Funds Act 1973^f1 (“the 1973 Act”) 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; and

(b)

the financing of the operations in question by means of a trading fund would be in the interests of the improved efficiency and effectiveness of the management of those operations;

(2)

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 before Parliament a report about the representations received and his conclusions;

(3)

in accordance with section 2 of the 1973 Act, the Secretary of State has determined with Treasury concurrence that the assets and liabilities set out in Schedule 2 to the following Order are properly attributable to the operations for which a fund is to be established and are suitable to be appropriated to that fund;

(4)

in accordance with section 6(2) of the 1973 Act, a draft of this Order has been laid before the House of Commons and has been approved by a resolution of that House;

Now, therefore, the Secretary of State, in exercise of the powers conferred by sections 1, 2(1) and (7), 2A(1) and 2C(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).