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Statutory Instrument 1993 No. 380

The Defence Research Agency Trading Fund Order 1993

(The document as of February, 2008)

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STATUTORY INSTRUMENTS

1993 No. 380

GOVERNMENT TRADING FUNDS

The Defence Research Agency Trading Fund Order 1993

Made16th February 1993
Coming into force1st April 1993

    Whereas:
        (1)  It appears to the Secretary of State for Defence ("the Secretary of State") that:—
      (a) those operations of the Ministry of Defence which are referred to in Article 2 of, and Schedule 1 to, this Order are suitable to be financed by means of a fund established under the Government Trading Funds Act 1973[1] ("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)  The Secretary of State has, in accordance with Section 2 of the 1973 Act and with the concurrence of the Treasury, determined what Crown assets and liabilities are properly attributable to the operations in question, and are suitable to be appropriated to the fund;

        (3)  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 upon him by Sections 1, 2, 2A(1) and 2B(6) 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:—
    Citation and commencement
        1.    This Order may be cited as the Defence Research Agency Trading Fund Order 1993 and shall come into force on 1st April 1993.
    Establishment of the fund
        2.    As from 1st April 1993, for all the operations of the Ministry of Defence known as the Defence Research Agency, which operations are more particularly described in Schedule 1 to this Order, there shall be established a trading fund to be known as the Defence Research Agency Trading Fund (hereinafter referred to as "the fund").
    Source of loans
        3.    The Secretary of State is hereby designated as the source of issues to the fund by way of loan.
    Assets, liabilities and public dividend capital
        4.—(1)  The Crown assets and liabilities set out in Schedule 2 to this Order shall be appropriated as assets and liabilities of the fund.

        (2)  89.6% of the amount by which the values of the assets set out in Schedule 2 exceed the amounts of the liabilities so set out, shall be treated as public dividend capital of the fund.
    Limitation of indebtedness
        5.    The maximum amount that may be issued to the fund by way of loan under Section 2B of the 1973 Act shall be £400,000,000.



Malcom Rifkind

Secretary of State for Defence

11th February 1993
We concur

Timothy Wood

Nicholas Baker

Two of the Lords Commissioners of Her Majesty's Treasury

16th February 1993




Notes:

[1] 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. Section 2 of the Act, as so amended, was further amended by Section 119 of the Finance Act 1991 (c. 31).

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