EXPLANATORY NOTE
(This note is not part of the Order)
This Order, which comes into force on the day after the Order is made, provides for the continuation and extension, from that date, of a trading fund established under section 1 of the Government Trading Funds Act 1973 and known since 1st July 2001 as the Defence Science and Technology Laboratory Trading Fund (“DSTL”).
The fund was established on 1st April 1993 and known as the Defence Research Agency Trading Fund. The funded operations were extended in 1995 and the fund renamed as the Defence Evaluation and Research Agency Trading Fund. Certain operations were then removed from the fund in 1996 and again in 2001 when the fund was renamed as DSTL.
Article 2 and Schedule 1 set out the funded operations. The description of the funded operations set out in that Schedule covers both the continuing operations and the additional operations.
Article 3 provides that the Secretary of State for Defence continues as the authorised lender to the fund.
Article 4 and Schedule 2 set out the assets and liabilities which continue to be appropriated to the fund. No assets or liabilities are attributable to the extended operations.
Article 5 sets out the public dividend capital of the fund.
Article 6 sets out the maximum amount that may be borrowed by the fund, which continues to be £100,000,000.
Article 7 revokes the 1993, 1995, 1996 and 2001 Orders.