Financial provisions

4 Accounts, reports and examinations.

(1)

After section 7(4) of the 1981 Act (which requires the Corporation to send to the Secretary of State a report on the discharge of its functions during each financial year which is to include a copy of its statement of accounts for that year and of any report of the auditors on the accounts) there shall be inserted the following subsections—

“(4A)

The Secretary of State shall lay before Parliament copies of every report by the Corporation on the discharge of its functions which is sent to him under subsection (4) above.

(4B)

Section 6 of the National Audit Act 1983 (which enables the Comptroller and Auditor General to conduct examinations into the economy, efficiency and effectiveness with which certain departments, authorities and bodies have used their resources) shall apply to the Corporation.”

(2)

In section 16(1) of the M1Industrial Development Act 1982 (Secretary of State to prepare a statement of accounts in respect of his and the Corporation’s activities which is required to be certified by the Comptroller and Auditor General and subsequently laid before Parliament)—

(a)

the words from the beginning to “1981” (in the first place where it occurs) shall be omitted;

(b)

in paragraph (a), the words “and of the English Industrial Estates Corporation Act 1981” shall be omitted; and

(c)

paragraph (b) and the word “and” immediately preceding it shall be omitted.