National Loans Act 1968

1 The National Loans Fund

(1) The Treasury shall have an account at the Bank of England, to be called the National Loans Fund.

(2) Money paid into the National Loans Fund shall form one general fund to meet all outgoings from the Fund, and daily statements of all money paid into and out of the Fund, in such form as the Treasury may direct, shall be sent by the Bank of England to the Comptroller and Auditor General.

(3) The Comptroller and Auditor General shall from time to time at the request of the Treasury grant credits on the National Loans Fund for sums payable out of the Fund under this or any other Act and, subject to section 18 of this Act, all payments out of the National Loans Fund shall be made by the Treasury in accordance with credits so granted.

(4) Section 34 of the [1936 c. 34.] Finance Act 1936 (signature of requisitions for credits under the [1866 c. 39.] Exchequer and Audit Departments Act 1866) shall apply to a request for a credit under subsection (3) above as it applies to such a requisition.

(5) In section 1(2) of the [1911 c. 13.] Parliament Act 1911 (which defines a Money Bill as one dealing exclusively with subjects which include the imposition of charges on the Consolidated Fund) after " Consolidated Fund " there shall be inserted " the National Loans Fund ".

(6) In section 22 of the [1889 c. 63.] Interpretation Act 1889 (definition of financial year) after "Consolidated Fund" there shall be inserted " the National Loans Fund ".

(7) No provision in any Act requiring money to be paid into the Exchequer shall be construed as requiring or authorising money to be paid into the National Loans Fund.

(8) Where the intention is that money be paid into the Consolidated Fund it shall be sufficient to enact that it be paid into the Consolidated Fund (instead of enacting that it be paid into the Exchequer).