The Hydrographic Office Trading Fund (Variation) Order 1997

Made: 4th June 1997

Laid before Parliament: 9th June 1997

Coming into Force: 1st July 1997

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:—

1

This Order may be cited as the Hydrographic Office Trading Fund (Variation) Order 1997 and shall come into force on type=start slip=1997-07-01 time=11882973359941st July type=end slip=1997-07-01 time=11882973359941997.

2

The Hydrographic Office Trading Fund Order 1996 shall be varied—

• (a) in article 4(2) by substituting “£264,807 representing 0.97 per cent” for “5.1 per cent”;

• (b) in article 4(3) by substituting “£13,266,833 representing 49.5 per cent” for “47.3 per cent”.

Signed

George Robertson — Secretary of State for Defence — 1st June 1997

We concur

Jon Owen Jones — John McFall — Two of the Lords Commissioners of Her Majesty’s Treasury — 4th June 1997

Explanatory note

(This note is not part of the Order)

The Hydrographic Office Trading Fund was established by the Hydrographic Office Trading Fund Order 1996 (S.I. 1996/773) with effect from 1st April 1996. At the time of the establishment of the fund a final valuation of the assets and liabilities as at 1st April 1996 appropriated to the Fund by the Order had not been carried out and the amount of the revaluation reserve and the public dividend capital were based on an estimated valuation. As a consequence of the subsequent final valuation this Order varies the 1996 Order by substituting an amount of £264,807 for the revaluation reserve and £13,266,833 for the public dividend capital. These amounts represent 0.97 per cent and 49.5 per cent respectively of the amounts by which the value of the assets exceed the amounts of the liabilities and replace amounts of 5.1 per cent and 47.3 per cent respectively.

Footnotes

[^f00001]: 1973 c. 63; the 1973 Act was amended by the Government Trading Act 1990 (c. 30) and the 1973 Act as so amended is set out in Schedule 1 to the 1990 Act; the 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]: S.I. 1996/773.