The Registers of Scotland Executive Agency Trading Fund Order 1996

Made: 28th March 1996

Coming into force: 1st April 1996

Now, therefore, the Secretary of State in exercise of the powers conferred on him by sections 1, 2(1) and (7), 2A(1)[^f00002] and 2C(1)[^f00003] of the 1973 Act, and of all other powers enabling him in that behalf, with Treasury concurrence, hereby makes the following Order:

Citation and commencement

1

This Order may be cited as the Registers of Scotland Executive Agency Trading Fund Order 1996 and shall come into force on 1st April 1996.

Establishment of the Fund

2

• (1) As from 1st April 1996, for all the operations of the Department of the Registers of Scotland, now known as the Registers of Scotland Executive Agency, which operations are more particularly described in Schedule 1 to this Order, (“the funded operations”), there shall be established a trading fund to be known as the Registers of Scotland Executive Agency Trading Fund (“the fund”).

• (2) The fund shall be under the control and management of the Keeper of the Registers of Scotland.

Source of loans

3

The National Loans Fund 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) 40% of the amount by which the values of the said assets exceed the values of the said liabilities shall be treated as public dividend capital of the fund.

Limitation of indebtedness

5

The aggregate of—

• (a) the total outstanding at any given time in respect of amounts issued to the fund under section 2B[^f00004] of the 1973 Act (other than as originating debt[^f00005]), and

• (b) the total at that time constituting public dividend capital issued to the fund under section 2A(2A)[^f00006] of the 1973 Act,

shall not exceed the sum of £40,000,000.

SCHEDULE 1 — THE FUNDED OPERATIONS

SCHEDULE 2 — ASSETS AND LIABILITIES

Assets as at 1st April 1996

• Land and buildings used or allocated for use by the Keeper of the Registers of Scotland in the funded operations.

• Plant, equipment and stock.

• Computer hardware and software.

• Current assets used or allocated for use in or arising from the funded operations.

Liabilities as at 1st April 1996

• Creditors and accruals in relation to the funded operations.

• Provisions for work in progress, early retirals, and indemnities pertaining to the funded operations.

Signed

Michael B Forsyth — Secretary of State for Scotland — 25th March 1996

We concur,

Simon Burns — Michael Bates — Two of the Lords Commissioners of Her Majesty’s Treasury — 28th March 1996

Explanatory note

(This note is not part of the Order)

This Order provides for the setting up as from 1st April 1996 of a fund with public money under the Government Trading Funds Act 1973 to finance the operations of the Department of the Registers of Scotland, now known as the Registers of Scotland Executive Agency, described in Schedule 1 to the Order. It also provides for the fund to be under the control and management of the Keeper of the Registers of Scotland. The Order designates the National Loans Fund as the authorised lender to the fund and imposes a limit of £40,000,000 on the amount which may be lent to it. It provides for the assets (estimated at £13,763,000) and liabilities (estimated at £3,715,000) set out in Schedule 2 to the Order to be appropriated to the fund and for 40% of the amount by which the value of the assets exceeds the value of the liabilities to be treated as public dividend capital.

Footnotes

[^f00001]: 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).

[^f00002]: Section 2A of the 1973 Act was inserted by section 1 of the Government Trading Act 1990 (c. 30).

[^f00003]: Section 2C of the 1973 Act was inserted by paragraph 4 of Schedule 22 to the Finance Act 1993 (c. 34).

[^f00004]: Section 2B was inserted by section 1 of the Government Trading Act 1990 (c. 30).

[^f00005]: The definition of originating debt is contained in section 1(7) of the 1973 Act.

[^f00006]: Subsection (2A) was inserted by paragraph 3 of Schedule 22 to the Finance Act 1993 (c. 34).

[^f00007]: Section 1 of the Public Registers and Records (Scotland) Act 1948 (c. 57).

[^f00008]: Section 1 of the Land (Registration) Scotland Act 1979 (c. 33).