Finance Act Commencement Order (No 3) 1992

1992/79

Finance Act Commencement Order (No 3) 1992


Note

This order is administered in the Treasury.


PURSUANT to section 1(3) of the Finance Act 1991, Her Excellency the Governor-General, acting by and with the advice and consent of the Executive Council, hereby makes the following order.

1 Title
  • This order may be cited as the Finance Act Commencement Order (No 3) 1992.

2 Commencement of certain provisions of Finance Act 1991
  • Section 16, subsections (1) and (2) of section 17, and sections 18, 19, and 20 of the Finance Act 1991 shall come into force on the 17th day of April 1992.

DIANE WILDERSPIN,

Acting for Clerk of the Executive Council.

Explanatory note

This note is not part of the order, but is intended to indicate its general effect.

This order brings into force, on 17 April 1992, section 16, subsections (1) and (2) of section 17, and sections 18, 19, and 20 of the Finance Act 1991.

Section 16 removes the National Provident Fund Department from Schedule 1 to the State Sector Act 1998.

Section 17 removes the National Provident Management Company Limited from Schedule 1 to the State-Owned Enterprises Act 1986.

Section 17(2) provides that, notwithstanding the coming into force of section 17(1), section 22 of the State-Owned Enterprises Act 1986 shall, so long as Ministers of the Crown continue to hold shares in the company, continue to apply in relation to the company as if it were a State enterprise and as if the Minister of Finance and the Minister for State Owned Enterprises were the shareholding Ministers. Section 22 relates to the holding of shares in State enterprises by Ministers of the Crown.

Section 18 removes the company from Part 2 of Schedule 1 to the Ombudsmen Act 1975. The company will thus cease to be subject to that Act on 17 April 1992.

Section 19 removes the company from Schedule 1 to the Official Information Act 1982. The company will thus cease to be subject to that Act on that date.

Section 20 removes the company from Schedule 14 to the Income Tax Act 1976 (which relates to the grouping of tax losses). The company will thus cease to be a State-owned enterprise named in that Schedule on that date.


Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 16 April 1992.