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The Health and Personal Social Services (Northern Ireland) Order 1991

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Originating capital debt of, and other financial provisions relating to, [F1HSC trusts]N.I.

14.—(1) Each [F2HSC trust] shall have an[F3 originating capital] of an amount specified in an order made by the Department, being an amount representing, subject to paragraph (2), the excess of the valuation of the assets which, on or in connection with the establishment of the trust, are or are to be transferred to it (whether before, on or after its operational date) over the amounts of the liabilities which are or are to be so transferred.

(2) In determining the[F3 originating capital] of an [F2HSC trust], there shall be left out of account such assets or, as the case may be, liabilities as are, or are of a class, determined for the purposes of this Article by the Department.

(3) An [F1HSC trust's][F3 originating capital] shall be deemed to have been issued out of moneys appropriated by Measure and shall constitute an asset of the Consolidated Fund.

[F3(4) An [F1HSC trust's] orginating capital shall be public dividend capital.]

Paras. (5), (6) rep. by 2001 c. 3 (NI)

(7) The Department may determineF3

[F3(a)the dividend which is to be payable at any time on any public dividend capital issued, or treated as issued, under this Order;

(b)the amount of any such public dividend capital which is to be repaid at any time;

(c)any other terms on which any public dividend capital is so issued or treated as issued.]

(8) An order under paragraph (1) and a determination under paragraph (2)F3. . . or (7) shall be made with the consent of the Department of Finance and Personnel.

(9) Schedule 4 shall have effect with respect to—

(a)borrowing by [F1HSC trusts];

(b)the limits on their indebtedness;

(c)the payment of additional public dividend capital to them; and

(d)the application of any surplus funds of [F1HSC trusts].

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