(1)Any excess of the revenues of the Authority for any accounting year over the total sums properly chargeable by the Authority to revenue account for that year shall be applied by the Authority in such manner as the Secretary of State may direct with the approval of the Treasury and after consultation with the Authority; and the direction may require the whole or part of the excess to be paid to the Secretary of State.
(2)The Secretary of State may, with the approval of the Treasury and after consultation with the Authority, direct the Authority to pay to the Secretary of State the whole or part of the sums for the time being standing to the credit of any reserves of the Authority.
(3)Any sums received by the Secretary of State in pursuance of this section shall be paid into the Consolidated Fund.