1.—(1) The receipts of Northern Ireland departments shall be paid to an account (to be called “the Consolidated Fund Account”) at such bank (in this Act referred to as “the Bank”) as the Department may from time to time determine.
(2) All other moneys payable to the Consolidated Fund shall be paid into the Consolidated Fund Account.
(3) Accounts of all payments made into the Consolidated Fund Account shall be rendered by the Bank daily to—
(a)the Comptroller and Auditor General, and
(b)the Department.
(4) Subsection (1) is subject to—
(a)sections 8 and 17(2)(b), and
(b)any other statutory provision which provides for a Northern Ireland department to deal with particular receipts in a particular manner.
(5) Section 1 (payments to Consolidated Fund) of the Exchequer and Audit Act (Northern Ireland) 1921 (c. 2) (in this Act referred to as “the 1921 Act”) shall cease to have effect.