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Commencement Orders bringing legislation that affects this Act into force:
(a)money is paid into the Consolidated Fund or the National Loans Fund, and
(b)the money should not or need not have been paid into the Fund,
all or any part of the money may be paid out of the Fund in accordance with this section.
(2)In the case of the Consolidated Fund—
(a)the Comptroller and Auditor General shall on receipt of a requisition from the Treasury grant a credit on the Exchequer account at the Bank of England (or on its growing balance), and
(b)an issue shall be made on orders given to the Bank by the Treasury in accordance with a credit granted under paragraph (a).
(3)In the case of the National Loans Fund—
(a)the Comptroller and Auditor General shall at the request of the Treasury grant a credit on the National Loans Fund, and
(b)a payment out of the Fund shall be made by the Treasury in accordance with a credit granted under paragraph (a).
(4)A payment or issue made under this section shall be recorded in—
(a)the daily account under section 15(5) of the M1Exchequer and Audit Departments Act 1866 (Consolidated Fund), or
(b)the daily statement under section 1(2) of the M2National Loans Act 1968 (National Loans Fund).
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