Statutory Instruments
2005 No. 1672
GOVERNMENT TRADING FUNDS
The Driver and Vehicle Licensing Agency Trading Fund (Variation) Order 2005
Made
22nd June 2005
Laid before Parliament
24th June 2005
Coming into force
18th July 2005
The Secretary of State in exercise of the powers conferred by sections 1, 2AA(1) and (2), 2A(1) and 6(1) of the Government Trading Funds Act 1973( 1 ), with the concurrence of the Treasury, hereby make the following Order:
Citation and commencement
1. This Order may be cited as the Driver and Vehicle Licensing Agency Trading Fund (Variation) Order 2005 and shall come into force on 18th July 2005.
Variation of the Principal Order
2. —(1) Article 5 of the Driver and Vehicle Licensing Agency Trading Fund Order 2004( 2 ) is varied as follows.
(2) In paragraph (2), for “£4,775,000” substitute “£2,523,425”.
(3) In paragraph (3), for “£20,748,000” substitute “£37,080,279”.
(4) After paragraph (3) insert—
“ (3A) The sum of £7,573,428, being part of the amount by which the values of those assets exceeds the amount of those liabilities shall be treated as general reserve in the accounts of the fund, and the reserve so created shall be maintained as a general reserve. ”
(5) In paragraph (4), for “£18,002,000” substitute “£19,047,643”.
Signed by authority of the Secretary of State
Karen Buck
Parliamentary Under Secretary of State
Department for Transport
21st June 2005
We concur
Gillian Merron
Vernon Coaker
Two of the Lords' Commissioners of Her Majesty’s Treasury
22nd June 2005
1973 c. 63 , as amended by the Government Trading Act 1990 (c. 30) . The 1973 Act, as amended, is set out in Schedule 1 to the 1990 Act. The 1973 Act was further amended by section 119 of the Finance Act 1991 (c. 31) and Schedule 22 to the Finance Act 1993 (c. 34) .