Introductory text

GOVERNMENT TRADING FUNDS

Made 11th August 2003

Laid Before Parliament 19th June 2003

Coming into force 13th October 2003

Whereas:

(1)

The Land Registry Trading Fund Order 1993^f1 established under the Government Trading Funds Act 1973 (“the 1973 Act”)^f2 a trading fund to be known as the Land Registry Trading Fund (“the Fund”);

(2)

It appears to the Lord Chancellor that—

(a)

additional operations of the Land Registry (being operations of a Department of the Government for which the Lord Chancellor is responsible) 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; and

(b)

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

(c)

the operations of the Fund should be extended to those operations.

(3)

The Lord Chancellor has, in accordance with section 2 of the 1973 Act and with the concurrence of the Treasury, determined that no Crown assets or liabilities, other than those already appropriated to the Fund are properly attributable to the additional operations;

(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 Lord Chancellor in exercise of the powers conferred upon him by sections 1(1), 2(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: S.I. 1993/938. Under the Land Registry Trading Fund (Additional Assets) Order 1996 (S.I. 1996/750) additional assets and liabilities were appropriated to the Fund with effect from 1st April 1996.
f2: 1973 c. 63 as amended by the Government Trading Act 1990 (c. 30). That Act, as so amended, is set out in Schedule 1 to the 1990 Act. Section 2 of the 1973 Act, as so amended, was further amended by section 119 of the Finance Act 1991 (c. 31) and by section 210 of the Finance Act 1993 (c. 34).