The Defence Aviation Repair Agency Trading Fund Order 2001

• Citation: S.I. 2001/1165
• Sections: 5

Section 1 Citation and commencement

This Order may be cited as the Defence Aviation Repair Agency Trading Fund Order 2001 and shall come into force on 1st April 2001.

Section 2 Establishment of the fund

As from 1st April 2001, for all the operations of the Ministry of Defence known as the Defence Aviation Repair 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 Aviation Repair Agency 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) Fifty per cent of the amount by which the values of the assets exceed the amounts of the liabilities shall be treated as public dividend capital of the fund.

Section 5 Maximum borrowing etc.

The aggregate of the following shall not exceed £300,000,000—

(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.