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The Olympic Lottery Distribution Fund (Winding Up) Order 2014
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This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Olympic Lottery Distribution Fund (Winding Up) Order 2015 No. 85
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.
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