2015 No. 85
Betting, Gaming And Lotteries

The Olympic Lottery Distribution Fund (Winding Up) Order 2015

Made
Coming into force in accordance with article 1
The Secretary of State makes the following Order, in exercise of the powers conferred by section 28(1) to (3) of the Horserace Betting and Olympic Lottery Act 20041.

In accordance with section 36(4) of that Act, the draft of this Order was laid before Parliament and approved by a resolution of each House of Parliament.

Citation and commencement1.

This Order may be cited as the Olympic Lottery Distribution Fund (Winding Up) Order 2015 and comes into force on the day after the day on which it is made.

Interpretation2.

In this Order—

“NLDF” means the National Lottery Distribution Fund2;
“OLDF” means the Olympic Lottery Distribution Fund3;

“winding-up date” means the first working day after the day this Order is made;

“working day” means a day which is not a Saturday, a Sunday or a bank holiday under the Banking and Financial Dealings Act 19714 in any part of the United Kingdom.

Winding up of the OLDF3.

On the winding-up date—

(a)

the Secretary of State must pay any money in the OLDF into the NLDF, and

(b)

immediately after any such payment is made, the OLDF is wound up.

Money due to the OLDF4.

Any money due to the OLDF must, after the winding up of the OLDF, be paid into the NLDF.

Treatment of payments5.

Any payment made under articles 3(a) or 4 is to be treated as having been paid into the NLDF by virtue of section 5(6) of the National Lottery etc. Act 19935 (general payments into fund).
Helen Grant
Minister for Sport and Tourism
Department for Culture, Media and Sport
EXPLANATORY NOTE
(This note is not part of the Order)

This Order winds up the Olympic Lottery Distribution Fund (“OLDF”).

Article 3 provides that on the first working day after the day on which the Order is made, the Secretary of State is to pay any money in the OLDF into the National Lottery Distribution Fund (“NLDF”) and that the OLDF is wound up immediately afterwards.

Article 4 provides that any money due to the OLDF must, after the winding up of the OLDF, be paid into the NLDF.

Article 5 specifies that any payment under articles 3(a) or 4 is to be treated as having been paid into the NLDF by virtue of section 5(6) of the National Lottery etc. Act 1993 (c. 39). This results in the payment being apportioned within the NLDF as provided in section 22 of that Act.

An impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sectors is foreseen. An Explanatory Memorandum has been prepared and is available alongside this instrument on the website www.legislation.gov.uk.