12 & 13 GEO. 6
Export Guarantees Act, 1949
CH. 14
f
be continued under the control and management of the Board of Trade for the purposes of this section.
(4) The Board of Trade shall pay into the Fund-
(a) all sums issued to them out of the Consolidated Fund
under subsection (2) of this section; and
(b) all sums received by them in respect of securities acquired
under subsection (1) of this section.
(5) The Board of Trade shall out of the Fund-
(a) pay any sums required for the acquisition of securities
under subsection (1) of this section;
(b) repay into the Exchequer any sums issued to them out of the Consolidated Fund under subsection (2) of this section, and pay into the Exchequer interest on those sums; and
(c) pay into the Exchequer, at such times.and in such manner as the Treasury may direct, any amount by which the sums received by the Board in respect of securities acquired under subsection (1) of this section exceed the sums required to make repayments and payments under paragraph (b) of this subsection.
(6) Of any sums received into the Exchequer under the last foregoing subsection or under subsection (4) of section four of the Overseas Trade Guarantees Act, 1939-
(a) so much as represents interest on issues out of the Consolidated Fund under subsection (2) of this section shall be issued out of the Consolidated Fund and applied in payment of an equivalent amount of interest which would, but for this provision, have been paid out of the permanent annual charge for the National Debt; (b) so much as represents repayment of such issues shall be issued out of the Consolidated Fund and applied in redeeming or paying off debt of such description as the Treasury think fit; and
(c) the remainder may, if the Treasury think fit, be issued out of the Consolidated Fund and applied as mentioned in the last foregoing paragraph.
(7) The Board of Trade shall prepare, in such form and manner as the Treasury may direct, an account of the sums received into and paid out of the Fund in each financial year, and shall, on or before the thirtieth day of November in each year, transmit the said account to the Comptroller and Auditor- General who shall examine and certify the account and lay copies thereof together with his report thereon before both Houses of Parliament.
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