Article 14 Originating capital debt of, and other financial provisions relating to, HSC trustsF3

Northern Ireland

(1)

Each F1HSC trust shall have anF2 originating capital of an amount specified in an order made by the Department, being an amount representing, subject to paragraph (2), the excess of the valuation of the assets which, on or in connection with the establishment of the trust, are or are to be transferred to it (whether before, on or after its operational date) over the amounts of the liabilities which are or are to be so transferred.

(2)

In determining the originating capital of an HSC trust, there shall be left out of account such assets or, as the case may be, liabilities as are, or are of a class, determined for the purposes of this Article by the Department.

(3)

An HSC trust's originating capital shall be deemed to have been issued out of moneys appropriated by Measure and shall constitute an asset of the Consolidated Fund.

(4)

An HSC trust's orginating capital shall be public dividend capital.

Paras. (5), (6) rep. by 2001 c. 3 (NI)

(7)

The Department may determine

(a)

the dividend which is to be payable at any time on any public dividend capital issued, or treated as issued, under this Order;

(b)

the amount of any such public dividend capital which is to be repaid at any time;

(c)

any other terms on which any public dividend capital is so issued or treated as issued.

(8)

An order under paragraph (1) and a determination under paragraph (2). . . or (7) shall be made with the consent of the Department of Finance and Personnel.

(9)

Schedule 4 shall have effect with respect to—

(a)

borrowing by HSC trusts;

(b)

the limits on their indebtedness;

(c)

the payment of additional public dividend capital to them; and

(d)

the application of any surplus funds of HSC trusts.

Annotations

Textual amendments

F1: Words in Order substituted (1.4.2009) by Health and Social Care (Reform) Act (Northern Ireland) 2009 (c. 1), ss. 32, 34(3), Sch. 6 para. 1(1)(d) (with Sch. 6 para. 1(3)); S.R. 2009/114, art. 2
F2: 2001 c. 3 (NI)
F3: Words in Order substituted (1.4.2009) by virtue of Health and Social Care (Reform) Act (Northern Ireland) 2009 (c. 1), ss. 32, 34(3), Sch. 6 para. 1(1)(d) (with Sch. 6 para. 1(3)); S.R. 2009/114, art. 2

Notes on Part

Textual amendments

F1: Words in Order substituted (1.4.2009) by virtue of Health and Social Care (Reform) Act (Northern Ireland) 2009 (c. 1), ss. 32, 34(3), Sch. 6 para. 1(1)(c) (with Sch. 6 para. 1(3)); S.R. 2009/114, art. 2