There shall be issued to the Exchange Equalisation Account out of the National Loans Fund, at such times and in such manner as the Treasury may direct, such sums as the Treasury may determine, and section 24(4) of the M1Finance Act 1932 (issues out of the Consolidated Fund) shall cease to have effect.

Sums issued to the said Account under subsection (1) above or the said section 24(4) which are for the time being outstanding shall constitute a liability of the said Account to the National Loans Fund.

If at any time the Treasury are of opinion that the assets in sterling of the said Account are for the time being in excess of what is required for the purposes of the Account, the Treasury may direct that the excess shall be paid into the National Loans Fund.

Section 24(2) of the M2Finance Act 1932 (winding up of Exchange Equalisation Account) shall cease to have effect.