Property Services Agency and Crown Suppliers Act 1990

4 Winding up of Crown Suppliers trading fund

(1) The Secretary of State may with the consent of the Treasury by order—

(a) extinguish to such extent as may be specified in the order all or any of the liabilities which subsist in respect of—

(i) the public dividend capital designated in respect of the trading fund of the Crown Suppliers under section 2(2) of the [1973 c. 63.] Government Trading Funds Act 1973; or

(ii) the principal of any loan made, or treated as made, to the fund under section 2(2) or (3) of that Act;

(b) repeal section 1(3)(e) of that Act (by virtue of which that fund was established).

(2) Where liabilities are extinguished by an order under subsection (1)(a) above the assets of the Consolidated Fund or, as the case may be, of the National Loans Fund shall be reduced by amounts corresponding to the liabilities extinguished.

(3) An order under subsection (1)(b) above may contain such supplementary, incidental, consequential or transitional provisions relating to the winding up of the trading fund as appear to the Secretary of State, after consulting the Treasury, to be necessary or expedient.

(4) The power to make an order under this section shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of either House of Parliament.