The Meteorological Office Trading Fund Order 1996

• Citation: S.I. 1996/774
• Sections: 5

Section 1 Citation and commencement

This Order may be cited as the Meteorological Office Trading Fund Order 1996 and shall come into force on 1st April 1996.

Section 2 Establishment of the fund

As from 1st April 1996, for all the operations of the Ministry of Defence known as the Meteorological Office, which operations are more particularly described in Schedule 1 to this Order, there shall be established a trading fund to be known as the Meteorological Office Trading Fund (hereinafter referred to as “the fund”).

Section 3 Source of loans

The Secretary of State for Defence 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) 81% of the amount by which the values of the assets of the fund exceed the amounts of its liabilities shall be treated as public dividend capital of the fund.

Section 5 Maximum borrowing etc.

The aggregate of the following shall not exceed £200,000,000—

(a) the total outstanding at any given time in respect of amounts issued to the fund under section 2B of the Trading Funds Act 1973 (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 that Act.