Payments to be made out of Votes

10Payments to be made out of Votes and not out of Consolidated Fund

(1)

The Minister of Overseas Development shall pay out of money provided by Parliament the sums required to make any payments described in the following enactments:

  • section 2(1)(e) of the M1Bretton Woods Agreements Act 1945 (subscriptions payable to International Bank for Reconstruction and Development and payments connected with changes in value of currency)

  • section 1(b) of the M2International Bank and Monetary Fund Act 1959 (payments to International Bank for Reconstruction and Development)

  • section 2(1) of the M3International Development Association Act 1964

  • section 2(1) of the M4Overseas Aid Act 1966 (Asian Development Bank).

(2)

The following Exchequer receipts shall be accounted for as receipts of the Minister of Overseas Development—

(a)

sums received from the International Bank for Reconstruction and Development and payable into the Exchequer under section 2(2) of the Bretton Woods Agreements Act 1945,

(b)

any other sums payable into the Exchequer which represent repayment of payments described in the other enactments set out in subsection (1) above, and

(c)

any sums payable into the Exchequer under section 2(3) of the M5International Finance Corporation Act 1955 or section 2(3) of the M6International Development Association Act 1960.

(3)

Any sums required by the said Minister for the purpose of loans made by him under section 2 of the M7Colonial Development and Welfare Act 1959 (loans for approved colonial development programmes), or of advances made to the Commonwealth Development Corporation under the M8Overseas Resources Development Act 1959, shall be paid out of money provided by Parliament.

(4)

The Board of Trade shall pay out of money provided by Parliament such sums as are required to enable the Board—

(a)

to acquire securities under section 3(1) of the M9Export Guarantees Act 1949 (securities guaranteed by the Board), and

(b)

to make advances to the National Film Finance Corporation under the M10Cinematograph Film Production (Special Loans) Act 1949.

(5)

Payments under subsection (4)(a) above shall be made on such terms and conditions with respect to repayment, and payment of interest and otherwise, as the Treasury may direct, and shall be paid into the Acquisition of Guaranteed Securities Fund; and the Board of Trade shall out of that Fund repay into the Exchequer payments so made, with interest thereon.

(6)

So much of any of the Acts mentioned in subsections (1) and (3) of this section, and of section 8 of the Cinematograph Film Production (Special Loans) Act 1949, as requires the preparation by any Minister or Government department of accounts of sums which under this section are to be paid out of money provided by Parliament shall cease to have effect.