Payments to and from the Agency

2 Payments to and from the Agency.

1

The Secretary of State may with the consent of the Treasury make out of money provided by Parliament—

a

any payment in cash required to be made by the United Kingdom under Article 7(i) of the Convention;

b

any payment required to be made by the United Kingdom for redeeming such notes or obligations as are there mentioned; and

c

any payment required to be made by the United Kingdom under Article 7(ii) of the Convention.

2

The Secretary of State may with the consent of the Treasury by order make provision—

a

for the payment out of money provided by Parliament of any sums required by the Secretary of State for making any other payments by the United Kingdom under the Convention; and

b

for the payment into the Consolidated Fund of any sums received by the United Kingdom in pursuance of the Convention.

3

The power to make an order under subsection (2) above shall be exercisable by statutory instrument; and no such order shall be made unless a draft of it has been laid before and approved by the House of Commons.