The Land Registry Trading Fund Order 1993

• Citation: S.I. 1993/938
• Sections: 11

Section 1 Citation and commencement

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

Section 2 Interpretation

In this Order:

“the 1973 Act” means the Government Trading Funds Act 1973 as amended by the Government Trading Act 1990 and the Finance Act 1991;

“the Land Registry ” means that Department of Government known as Her Majesty’s Land Registry;

“the fund” means the fund established by article 3 of this Order;

“the funded operations” means the operations of the Land Registry as described in Schedule 1 to this Order;

“the Chief Land Registrar” has the same meaning as in the Land Registration Act 1925 .

Section 3 Establishment of the fund

(1) There shall be established as from 1st April 1993 a fund for the funded operations.

(2) The fund shall be under the control and management of the Chief Land Registrar.

(3) The 1973 Act shall have effect as if the following references in the Act to the responsible Minister were references to the Chief Land Registrar, namely:

(a) the references in subsections (1) and (2)(b) of section 3;

(b) the first reference in subsection (1) of section 4; and

(c) the references in subsections (2), (3) and (5) of section 4.

Section 4 Source of loans

The National Loans Fund is designated as the source of issues to the fund by way of loan.

Section 5 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) 50% 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.

Section 6 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 £130,000,000.

Section 1

The conduct of the whole business of the registration of titles to land under the Land Registration Acts 1925 to 1986 .

Section 2

The conduct of the whole business of the registration of land charges and other instruments and matters under the Land Charges Act 1972 .

Section 3

The conduct of the whole business of the registration of agricultural charges under the Agricultural Credits Act 1928 .

Section 4

Without prejudice to the foregoing, the performance by the Chief Land Registrar and any other officers of the Land Registry of any function imposed on them or any of them by law as at 1st April 1993.

Section 5

Operations incidental, conducive or otherwise ancillary to the foregoing.