The London Organising Committee of the Olympic Games and Paralympic Games Limited (LOCOG) is a private company limited by guarantee. Its members are the British Olympic Association, the Mayor of London and the Secretary of State for Culture, Media and Sport. However, pursuant to an agreement between the company and its members in 2007, functions relating to the company in the Secretary of State's name are exercisable concurrently by the Secretary of State and the Paymaster General, my right honourable friend the Minister for the Olympics. The agreement is consistent with the Transfer of Functions (Olympics and Paralympics) Order 2007, which provided for all Games-related statutory functions in the Secretary of State’s name to be exercisable concurrently by the Secretary of State and the Paymaster General. LOCOG will be wound up after the Games in a timely manner.