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Crown Agents Act 1979

Changes over time for: Section 13

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Version Superseded: 21/03/1997

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13 General financial duties of Crown Agents.U.K.

(1)Without prejudice to the following provisions of this section, it shall be the duty of the Crown Agents so to perform their functions, and so to exercise their control over their subsidiaries, as to secure that, taking one year with another, the combined revenues of the Crown Agents and their subsidiaries are not less than sufficient—

(a)to meet the total outgoings of the Crown Agents and their subsidiaries properly chargeable to revenue account; and

(b)to enable the Crown Agents and their subsidiaries to make such allocations to reserve as the Crown Agents consider adequate, and as may be necessary to comply with any directions given by the Minister under section 14.

(2)The Minister may determine, for any period specified in the determination, the overall rate of return which he considers it appropriate for the Crown Agents and their subsidiaries, taken as a whole, to achieve in that period; and the Minister shall give the Crown Agents notice of any determination under this subsection.

(3)In determining an overall rate of return for any period under subsection (2) the Minister shall among other things have regard to the overall rate of return which, in the absence of any determination under that subsection, he would expect the Crown Agents and their subsidiaries, taken as a whole, to achieve in that period with a view to satisfying the requirements of subsection (1).

(4)A determination under subsection (2)—

(a)shall be made only with the approval of the Treasury and after consultation with the Crown Agents;

(b)may relate to a period beginning before the date on which it is made; and

(c)may be varied by a further determination under that subsection relating to the same period.

(5)During any period as respects which a determination has been made under subsection (2) the Crown Agents shall perform their functions and exercise their control over their subsidiaries with a view to achieving in that period an overall rate of return not less than that specified by the determination as for the time being in force.

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