# The Hydrographic Office Trading Fund (Variation) Order 1997, Introduction: Introductory text


GOVERNMENT TRADING FUNDS
Made 4th June 1997
Laid before Parliament 9th June 1997
Coming into Force 1st July 1997
Whereas:
(1) the Hydrographic Office Trading Fund was established under the Government Trading Funds Act 1973 (“the 1973 Act”) by the Hydrographic Office Trading Fund Order 1996 (“the principal Order”) with effect from 1st April 1996;
(2) the Crown assets and liabilities described in general terms in Schedule 2 to the principal Order were appropriated as assets and liabilities of the fund;
(3) the principal Order further provided for 5.1 per cent of the amounts by which the values of those assets exceeded the amounts of those liabilities to be treated as a revaluation reserve in the accounts of the fund and for 47.3 per cent of the balance of the amount by which the values of the assets exceeded the amounts of the liabilities less the revaluation reserve to be treated as public dividend capital of the fund;
(4) a valuation of those assets and liabilities as at 1st April 1996 which was carried out subsequently to that date necessitates a variation of the value of the revaluation reserve and of the public dividend capital;
Now, therefore, the Secretary of State, in exercise of the powers conferred on him by sections 1, 2AA(1), 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:—

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Source: https://www.legislation.gov.uk/uksi/1997/1428/introduction (the official version)
Page: https://openlegislation.uk/hydrographic-office-trading-fund-variation-order-1997/introduction
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.