Public Lending Right Act 1979

2 The Central Fund

(1) The Central Fund shall be constituted by the Secretary of State and placed under the control and management of the Registrar.

(2) There shall be paid into the Fund from time to time such sums, out of money provided by Parliament, as the Secretary of State with Treasury approval determines to be required for the purpose of satisfying the liabilities of the Fund; but in respect of the liabilities of any one financial year of the Fund the total of those sums shall not exceed £2 million less the total of any sums paid in that year, out of money so provided, under paragraph 2 of the Schedule to this Act (pay, pension, etc. of Registrar).

(3) With the consent of the Treasury, the Secretary of State may from time to time by order in a statutory instrument increase the limit on the sums to be paid under subsection (2) above in respect of financial years beginning after that in which the order is made; but no such order shall be made unless a draft of it has been laid before the House of Commons and approved by a resolution of that House.

(4) There shall be paid out of the Central Fund—

(a) such sums as may in accordance with the scheme be due from time to time in respect of public lending right; and

(b) the administrative expenses of the Registrar and any other expenses and outgoings mentioned in this Act which are expressed to be payable from the Fund.

(5) Money received by the Registrar in respect of property disposed of, or otherwise in the course of his functions, or under this Act, shall be paid into the Central Fund, except in such cases as the Secretary of State otherwise directs with the approval of the Treasury; and in any such case the money shall be paid into the Consolidated Fund.

(6) The Registrar shall keep proper accounts and other records and shall prepare in respect of each financial year of the Fund statements of account in such form as the Secretary of State may direct with Treasury approval; and those statements shall, on or before 31st August next following the end of that year, be transmitted to the Comptroller and Auditor General, who shall examine and certify the statements and lay copies thereof, together with his report thereon, before each House of Parliament.