Search Legislation

Advanced Search

The ABRO Trading Fund Order 2002

What Version

Help about what version
  • Latest available (Revised)
  • Original (As made)

Status:

This is the original version (as it was originally made). UK Statutory Instruments are not carried in their revised form on this site.

Citation and commencement

1.  This Order may be cited as the ABRO Trading Fund Order 2002 and shall come into force on 1st April 2002.

Establishment of the fund

2.  As from 1st April 2002, for all the operations of the Ministry of Defence known as ABRO, which operations are more particularly described in Schedule 1 to this Order, there shall be established a trading fund to be known as the ABRO Trading Fund (hereinafter referred to as “the fund”).

Source of Loans

3.  The Secretary of State for Defence is hereby designated as the source of issues to the fund by way of loan.

Assets, liabilities, reserves and public dividend capital

4.—(1) The Crown assets and liabilities set out in Schedule 2 to this Order shall be appropriated as assets and liabilities of the fund.

(2) Eleven per cent of the amount by which the values of the assets exceed the amounts of the liabilities shall be treated as reserves in the accounts of the fund and shall be maintained as revaluation reserves.

(3) Fifty per cent of the balance of—

(a)the amount by which the values of the assets exceed the amounts of the liabilities, less

(b)the amount to be treated as a revaluation reserve in accordance with paragraph (2) above,

shall be treated as public dividend capital of the fund.

Maximum borrowing etc.

5.  The aggregate of the following shall not exceed £300,000,000—

(a)the total outstanding at any given time in respect of amounts issued to the fund under section 2B of the 1973 Act (other than as originating debt), and

(b)the total at that time constituting public dividend capital issued to the fund under section 2A(2A) of that Act.

Geoffrey Hoon

Secretary of State for Defence

12th March 2002

We concur

Tony McNulty

John Heppell

Two of the Lords Commissioners of Her Majesty’s Treasury

14th March 2002

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources