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The Financial Provisions (Northern Ireland) Order 1995

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The Financial Provisions (Northern Ireland) Order 1995, Trading funds is up to date with all changes known to be in force on or before 21 November 2017. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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Commencement Orders yet to be applied to the The Financial Provisions (Northern Ireland) Order 1995

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Commencement Orders

This section lists the commencement orders yet to be applied to the whole Order. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing. Where applicable the commencement orders are listed under two headings, firstly those that bring some part of the Order you are viewing into force and secondly, those that bring into force legislation that affects some part of the legislation you are viewing. If you are viewing a prospective version or there is a prospective version available there may be commencement orders listed here that are relevant to the provision you are viewing.

Commencement Orders bringing legislation that affects this Order into force:

Trading fundsN.I.

ReservesN.I.

4.—(1) After Article 4 of the 1993 Order there shall be inserted the following Article—

Initial reserves

4A.(1) An order providing for any assets and liabilities to be appropriated as assets and liabilities of a trading fund may make—

(a)provision for any part of the amount by which the values of the assets exceed the amounts of the liabilities to be treated as reserves in the accounts of the trading fund, and

(b)provision about the maintenance of such reserves.

(2) For the purposes of paragraph (1) “reserves” means reserves whether general, capital or otherwise; and an order may provide for different kinds of reserves.

(3) Nothing in paragraph (1) shall prejudice the operation of Article 8(2) in relation to a trading fund; and nothing in Article 8(2) shall prejudice the operation of paragraph (1) in relation to a trading fund..

(2) In Article 4(4) of the Order (originating debt where fund established) in sub-paragraph (b) after the word “capital” there shall be inserted the words “or any amount treated by virtue of the order as reserves or (where the order provides for both public dividend capital and reserves) the aggregate of those amounts”.

(3) In Article 4(5) of the Order (addition to originating debt where additional assets and liabilities appropriated to fund) in sub-paragraph (b) after the word “capital” there shall be inserted the words “or any amount treated by virtue of the order as reserves or (where the order provides for both public dividend capital and reserves) the aggregate of those amounts”.

Public dividend capitalN.I.

5.  In Article 5 of the 1993 Order (public dividend capital), for paragraph (2) (limited power of responsible department to issue public dividend capital to trading fund) there shall be substituted the following paragraph—

(2) If the responsible department considers it appropriate to do so, it may issue out of money appropriated by Measure an amount to the trading fund as public dividend capital..

Maximum borrowingN.I.

6.  In Article 6 of the 1993 Order (borrowing by funds) for paragraph (5) there shall be substituted the following paragraph—

(5) The order establishing a trading fund shall provide that the aggregate of the following shall not exceed the maximum specified in the order—

(a)the total outstanding at any given time in respect of amounts issued to the fund under this Article (other than as originating debt), and

(b)the total at that time constituting public dividend capital issued to the fund under Article 5(2);

and that maximum (or that maximum as varied by a subsequent order) shall be observed accordingly..

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