The Registers of Scotland Executive Agency Trading Fund Order 1996

• Citation: S.I. 1996/1004
• Sections: 5

Section 1 Citation and commencement

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.

Section 2 Establishment of the Fund

(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.

Section 3 Source of loans

The National Loans Fund 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) 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.

Section 5 Limitation of indebtedness

The aggregate of—

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

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

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