The Vehicle and Operator Services Agency Trading Fund Order 2003

Citation and commencement

1.  This Order may be cited as the Vehicle and Operator Services Agency Trading Fund Order 2003 and shall come into force on 1st April 2003.

Interpretation

2.  In this Order—

“additional assets and liabilities” means the Crown assets and liabilities which are described in Schedule 1 to this Order and are properly attributable to the part of the Department for Transport known as the Traffic Area Network;

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

“the principal order” means the Vehicle Inspectorate Trading Fund Order 1991 as amended by the Vehicle Inspectorate Trading Fund (Variation) Order 1992 and the Vehicle Inspectorate Trading Fund (Appropriation of Additional Assets) Order 1997.

Variation of Principal Order

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

Extension of Funded Operations

4.  For paragraphs 1 to 5 of Schedule 1 to the principal order there shall be substituted paragraphs 1 to 8 of Schedule 2 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 shall be treated as public dividend capital of the fund.

Limitation of Liabilities

7.  In article 6 of the principal order the sum of “£70,000,000” shall be substituted for “£40,000,000”.

Name of Fund

8.  The fund shall be known as the Vehicle and Operator Services Agency Trading Fund.

Signed by authority of the Secretary of State

David Jamieson

Parliamentary Under Secretary of State

Department for Transport

27th March 2003

We concur

Nick Ainger

John Heppell

Two of the Lords Commissioners of Her Majesty’s Treasury

27th March 2003