Part 8Miscellaneous
Payments from Exchequer accounts
159Payments from certain Exchequer accounts: mechanism
1
This section applies to money to be paid under section 158 from—
a
the Consolidated Fund, or
b
the National Loans Fund.
2
In the case of the Consolidated Fund—
a
the Comptroller and Auditor General shall on receipt of a requisition from the Treasury grant a credit on the Exchequer Account at the Bank of England (or on its growing balance), and
b
an issue shall be made on orders given to the Bank by the Treasury in accordance with a credit granted under paragraph (a).
3
An issue made under subsection (2) shall be recorded in the daily account under section 15(5) of the Exchequer and Audit Departments Act 1866 (c. 39).
4
In the case of the National Loans Fund—
a
the Comptroller and Auditor General shall at the request of the Treasury grant a credit on the National Loans Fund, and
b
a payment out of the Fund shall be made by the Treasury in accordance with a credit granted under paragraph (a).
5
A payment made under subsection (4) shall be recorded in the daily account under section 1(2) of the National Loans Act 1968 (c. 13).