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The Scotland Act 1998 (Transfer of Borrowing of the Registers of Scotland Executive Agency Trading Fund) Order 1999
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- 1999 No. 1596
- Explanatory Note
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Explanatory Note
(This note is not part of the Order)
This Order provides for any amount outstanding immediately before the commencement of section 71(5) of the Scotland Act 1998 (c. 46) in respect of the principal of the sum treated by virtue of section 2(3) of the Government Trading Funds Act 1973 (c. 43) as issued to the Registers of Scotland Executive Agency Trading Fund on the day on which the Order establishing that Fund came into force (“the issue date”) to be treated as an advance made by the Secretary of State to the Scottish Ministers on the issue date.
The Order also provides for that advance to be repaid by the Scottish Ministers to the Secretary of State at such times and by such methods, and for interest on the advance to be paid by the Scottish Ministers to the Secretary of State at such rates and at such times, as were determined by the Treasury under section 2B(3) of the Government Trading Funds Act 1973 in respect of the sum mentioned above.
Section 71(5) of the Scotland Act 1998 is expected to come into force on 1st July 1999 and the amount outstanding immediately before that date in respect of the sum mentioned is expected to be £4,804,919.60.
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