The Defence Research Agency Trading Fund Order 1993

• Citation: S.I. 1993/380
• Sections: 5

Section 1 Citation and commencement

This Order may be cited as the Defence Research Agency Trading Fund Order 1993 and shall come into force on 1st April 1993.

Section 2 Establishment of the fund

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”).

Section 3 Source of loans

The Secretary of State is hereby designated as the source of issues to the fund by way of loan.

Section 4 Assets, liabilities and public dividend capital

(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.

Section 5 Limitation of indebtedness

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.