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The Driver and Vehicle Agency Trading Fund Order (Northern Ireland) 2016

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Citation and commencement

1.  This Order may be cited as the Driver and Vehicle Agency Trading Fund Order (Northern Ireland) 2016 and comes into operation on 1st April 2016.

Interpretation

2.  In this Order—

“additional assets and liabilities” means the Crown assets and liabilities which are described in Schedule 2 to this Order and are properly attributable to the additional funded operations;

“additional funded operations” means those funded operations of the Driver and Vehicle Agency which are described in Schedule 1 to this Order which do not fall within the scope of the funded operations described in Schedule 1 to the principal order;

“Driver and Vehicle Agency” means the part of the Department of the Environment known as the Driver and Vehicle Agency;

“the fund” means the trading fund established by the principal order; and

“the principal order” means the Driver and Vehicle Testing Agency Trading Fund Order (Northern Ireland) 1996.

Variation of principal order

3.  The principal order shall be varied in accordance with Articles 4 to 7.

Extension of funded operations

4.  In Schedule 1 to the principal order for paragraphs 1 to 5 substitute paragraphs 1 to 6 of Schedule 1 to this Order.

Appropriation of assets and liabilities to the fund

5.  The additional assets and liabilities shall be appropriated as assets and liabilities of the fund.

Public dividend capital

6.  50% of the amount by which the value of the additional assets exceeds the amount of the additional liabilities less the amount of revaluation reserve associated with those additional assets, shall be treated as additional public dividend capital of the fund.

Name of fund

7.  The fund shall be known as the Driver and Vehicle Agency Trading Fund.

Sealed with the Official Seal of the Department of the Environment on 15th March 2016

Legal seal

Elizabeth Loughran

A senior officer of the

Department of the Environment

The Department of Finance and Personnel concurs in the making of this Order.

Sealed with the Official Seal of the Department of Finance and Personnel on 15th March 2016

Legal seal

Emer Morelli

A senior officer of the

Department of Finance and Personnel

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