The ABRO Trading Fund (Amendment) Order 2003

Made23rd January 2003

Laid before Parliament24th January 2003

Coming into force14th February 2003

The Secretary of State in exercise of the powers conferred on him by sections 1, 2AA(1), 2A(1), and 6(1) of the Government Trading Funds Act 19731, with the concurrence of the Treasury, hereby makes the following Order:

Citation and commencement1.

This Order which amends the ABRO Trading Fund Order 20022 (“the Principal Order”) may be cited as the ABRO Trading Fund (Amendment) Order 2003 and shall come into force on 14^th February 2003.

Amendment to the Principal Order2.

In article 4 (assets, liabilities, reserves and public dividend capital) of the Principal Order for paragraphs (2) and (3) substitute the following paragraphs:—

“(2)
£12,900,000 of the amount by which the values of the assets of the fund exceed the amounts of the liabilities shall be treated as the revaluation reserve and a revaluation reserve shall be maintained.
(3)
Fifty per cent of the amount by which the values of the assets exceeds the amounts of the liabilities, less the amount to be treated as the revaluation reserve, shall be treated as the public dividend capital of the fund.”

Geoffrey Hoon

Secretary of State for Defence

22nd January 2003

We concur

Philip Woolas

Nick Ainger

Two of the Lords Commissioners of Her Majesty’s Treasury

23rd January 2003

(This note is not part of the Order)

This Order amends the ABRO Trading Fund Order 2002 (S.I. 2002/719). Capital assets additional to those estimated in that order were allocated to the Fund when it commenced. A revaluation of stock and work in progress was also required. These changes altered the revaluation reserve and the computation of the public dividend capital. Consequent amendments have therefore been made by this Order.