Modifications etc. (not altering text)
C1Functions of the Minister for the Civil Service now exercisable by the Treasury: S.I. 1981/1670 art. 2(2)
1(1)Subject to the following provisions of this paragraph, the members of the Agency (including the chairman) shall hold and vacate office in accordance with the terms of their respective appointments.
(2)A person may at any time resign his office as a member or as chairman by giving to the Secretary of State a notice in writing signed by that person and stating that he resigns that office.
(3)If the Secretary of State is satisfied that a member has become bankrupt or made and arrangement with his creditors the Secretary of State may declare his office as a member to be vacant and shall notify the declaration in such manner as the Secretary of State thinks fit; and thereupon the office shall become vacant.
(4)In the application of sub-paragraph (3) above to Scotland, for the words “a member has become bankrupt or made an arrangement with his creditors” there shall be substituted the words “sequestration of a member’s estate has been awarded or that a member has made a trust deed for behoof of his creditors or a compensation contract”.
2(1)Subject to sub-paragraph (2) below, the Agency shall pay to each member such remuneration and such travelling, subsistence or other allowances as the Agency may determine.
(2)Any determination of the Agency with respect to the remuneration to be paid to any member shall be subject to the approval of the Secretary of State, and the Secretary of State shall not give his approval without the consent of the Minister for the Civil Service.
3Subject to paragraph 4 below—
(a)the Agency shall have power to do anything incidental to the proper performance of the functions conferred on them by or under this Act, and the members of the Agency shall have such powers and duties in relation to the performance of the functions of the Agency and matters incidental thereto as the Agency may from time to time determine; and
(b)the Agency shall have power to regulate their own procedure, including the manner in which matters subject to the determination of the Agency are to be determined by or on behalf of the Agency.
4The exercise by the Agency of their functions in relation to the management of the Fund shall be subject to any directions the Secretary of State may think fit to give to the Agency from time to time; and directions given by the Secretary of State under this paragraph may in particular (but without prejudice to the generality of the preceding provision) confine any investments to be made by the Agency for the purposes of the Fund to investments of any particular class or description.
5The validity of any action taken by or on behalf of the Agency shall not be affected by any vacancy amongst the members or by any defect in the appointment of a member.
6The fixing of the common seal of the Agency shall be authenticated by a member of the Agency or some other person authorised by the Agency to act for that purpose.
7A document purporting to be duly executed under the seal of the Agency shall be received in evidence and shall, unless the contrary is proved, be deemed to be so executed.
8The expenses incurred by the Agency in the performance of their functions, and any remuneration or allowances paid to the members of the Agency, shall be paid out of the Fund.
9(1)It shall be the duty of the Agency—
(a)to keep proper accounts and proper records in relation to the accounts; and
(b)to prepare in respect of each period of account a statement of accounts, in such form as the Secretary of State may direct with the approval of the Treasury, showing the state of the affairs and income and expenditure of the Agency.
(2)The accounts of the Agency shall be audited in such manner as the Secretary of State may direct with the approval of the Treasury.
(3)It shall be the duty of the Agency to make to the Secretary of State, as soon as possible after the end of each period of account, a report on the performance of their functions during that period, and to include in that report a copy of the statement of accounts prepared in respect of that period in accordance with sub-paragraph (1)(b) above and any report made by the auditors on the statement or on the accounts.
(4)In this paragraph “period of account” means the period beginning with the date on which this Act is passed and ending with 31st March 1976 and any subsequent period of twelve months ending with the 31st March in any year.
(5)The Secretary or State shall lay before each House of Parliament a copy of every report made to him in pursuance of this paragraph.