The Forensic Science Service Trading Fund Order 1998

• Citation: S.I. 1998/3197
• Sections: 5

Section 1 Citation and commencement

This Order may be cited as the Forensic Science Service Trading Fund Order 1998 and shall come into force on 1st April 1999.

Section 2 Establishment of the fund

(1) As from 1st April 1999, there shall be established a trading fund to be known as the Forensic Science Service Trading Fund (hereinafter referred to as “the fund”).

(2) All operations of the Home Department known as the Forensic Science Service, which operations are more particularly described in Schedule 1 to this Order, shall be financed by means of the fund.

Section 3 Source of loans

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

Section 4 Assets, liabilities, reserves 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) 2 per cent of the amount by which the values of the assets exceed the amounts of the liabilities shall be treated as a revaluation reserve in the accounts of the fund, and the reserve so treated shall be maintained as a revaluation reserve.

(3) 50 per cent of the balance of–

(a) the amount by which the values of the assets exceed the amounts of the liabilities, less

(b) the amount to be treated as a revaluation reserve in accordance with paragraph (2) above,

shall be treated as public dividend capital of the fund.

Section 5 Maximum borrowing etc.

The aggregate of the following shall not exceed £40,000,000

(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 that Act.