http://www.legislation.gov.uk/ukpga/1968/13/crossheading/supplemental/1991-02-01National Loans Act 1968An Act to establish a National Loans Fund, to substitute the National Loans Fund for the Consolidated Fund in certain enactments, including enactments relating to Government lending and advances, the Exchange Equalisation Account and government annuities, to make profits of the Issue Department of the Bank of England payable into the National Loans Fund and to make other provision as to the said Department, to charge the whole of the national debt on the National Loans Fund, and to amend the law about Government borrowing; to make further provision for loans by the Public Works Loan Commissioners, and to authorise advances out of the National Loans Fund for the purpose of such loans; to transfer to Votes certain payments charged on the Consolidated Fund; and generally to make provision for the management of the Government’s financial business.1979-06-30texttext/xmlenStatute Law Database2024-05-171991-02-01 Supplemental Audit and accounts.211For the financial year ending on 31st March 1969 and each subsequent financial year the Treasury shall prepare in such form as they may prescribe an account of payments into and out of the Consolidated Fund and an account of payments into and out of the National Loans Fund during the year.2The Treasury shall send the accounts to the Comptroller and Auditor General not later than the end of November following the end of the financial year to which they relate, and the Comptroller and Auditor General shall examine, certify and report on the accounts and lay copies of them, together with his report, before each House of Parliament.3For each such financial year the Treasury shall also prepare in such form as they may determine statements containing additional information regarding the transactions, assets and liabilities of the Consolidated Fund and of the National Loans Fund, and shall lay copies of the statements before each House of Parliament not later than 31st December next following the end of the financial year to which the statements relate.4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interpretation.221In this Act “Loan Commissioners” and “local loans” have the meanings given by section 3 of this Act.2Any provision in this Act, or in the Acts amended by this Act, charging payments on the National Loans Fund “with recourse to” the Consolidated Fund shall be construed as a requirement that the payment, if it is not made out of the National Loans Fund, shall be charged on and paid out of the Consolidated Fund.3In this Act “securities of Her Majesty’s Government in the United Kingdom” includes national savings certificates and premium savings bonds but does not include securities issued under—. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ,the Irish Land Act 1903,the Irish Land Act 1909,the Northern Ireland Land Act 1925.4Any reference in this Act to any enactment includes a reference to that enactment as amended by any other Act including this Act. Application to Northern Ireland.231This Act extends to Northern Ireland2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Short title, repeals and commencement.241This Act may be cited as the National Loans Act 1968.2The enactments mentioned in Schedule 6 to this Act (which include enactments conferring powers of government borrowing superseded by this Act and enactments which are obsolete or spent) shall be repealed to the extent specified in the third column of that Schedule, but subject to any saving at the end of any Part of that Schedule.3Except as otherwise expressly provided, this Act shall come into force on 1st April 1968 and have effect for the financial year beginning on that date and subsequent financial years.S. 21(4) repealed by Statute Law (Repeals) Act 1973 (c. 39), Sch. 1 Pt. XIIIS. 22(2) amended by Post Office Act 1969 (c. 48), s. 131(2)Words repealed by Finance Act 1989 (c. 26, SIF 99:3), s. 187, Sch. 17 Pt. XIV1903 c. 37. 1909 c. 42. 1925 c. 34. S. 23(2) repealed by Northern Ireland Consitution Act 1973 (c. 36), Sch. 6 Pt. IThe text of ss. 1(5), 8(2), 13(5), 17(1), 24(2) and Sch. 6 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.
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<dc:identifier>http://www.legislation.gov.uk/ukpga/1968/13/crossheading/supplemental/1991-02-01</dc:identifier>
<dc:title>National Loans Act 1968</dc:title>
<dc:description>An Act to establish a National Loans Fund, to substitute the National Loans Fund for the Consolidated Fund in certain enactments, including enactments relating to Government lending and advances, the Exchange Equalisation Account and government annuities, to make profits of the Issue Department of the Bank of England payable into the National Loans Fund and to make other provision as to the said Department, to charge the whole of the national debt on the National Loans Fund, and to amend the law about Government borrowing; to make further provision for loans by the Public Works Loan Commissioners, and to authorise advances out of the National Loans Fund for the purpose of such loans; to transfer to Votes certain payments charged on the Consolidated Fund; and generally to make provision for the management of the Government’s financial business.</dc:description>
<dc:date>1979-06-30</dc:date>
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<Title> Supplemental</Title>
<P1group RestrictEndDate="2003-07-10">
<Title> Audit and accounts.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1968/13/section/21/1991-02-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1968/13/section/21" id="section-21">
<Pnumber>21</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1968/13/section/21/1/1991-02-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1968/13/section/21/1" id="section-21-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>For the financial year ending on 31st March 1969 and each subsequent financial year the Treasury shall prepare in such form as they may prescribe an account of payments into and out of the Consolidated Fund and an account of payments into and out of the National Loans Fund during the year.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1968/13/section/21/2/1991-02-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1968/13/section/21/2" id="section-21-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>The Treasury shall send the accounts to the Comptroller and Auditor General not later than the end of November following the end of the financial year to which they relate, and the Comptroller and Auditor General shall examine, certify and report on the accounts and lay copies of them, together with his report, before each House of Parliament.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1968/13/section/21/3/1991-02-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1968/13/section/21/3" id="section-21-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>For each such financial year the Treasury shall also prepare in such form as they may determine statements containing additional information regarding the transactions, assets and liabilities of the Consolidated Fund and of the National Loans Fund, and shall lay copies of the statements before each House of Parliament not later than 31st December next following the end of the financial year to which the statements relate.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1968/13/section/21/4/1991-02-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1968/13/section/21/4" id="section-21-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="c13326421"/>
</Text>
</P2para>
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<P1group RestrictEndDate="2015-03-26">
<Title> Interpretation.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1968/13/section/22/1991-02-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1968/13/section/22" id="section-22">
<Pnumber>22</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1968/13/section/22/1/1991-02-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1968/13/section/22/1" id="section-22-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>
In this Act “
<Term id="term-loan-commissioners">Loan Commissioners</Term>
” and “
<Term id="term-local-loans">local loans</Term>
” have the meanings given by section 3 of this Act.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1968/13/section/22/2/1991-02-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1968/13/section/22/2" RestrictEndDate="2015-03-26" id="section-22-2">
<Pnumber>
<CommentaryRef Ref="c13326431"/>
2
</Pnumber>
<P2para>
<Text>Any provision in this Act, or in the Acts amended by this Act, charging payments on the National Loans Fund “with recourse to” the Consolidated Fund shall be construed as a requirement that the payment, if it is not made out of the National Loans Fund, shall be charged on and paid out of the Consolidated Fund.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1968/13/section/22/3/1991-02-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1968/13/section/22/3" id="section-22-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>
In this Act “
<Term id="term-securities-of-her-majestys-government-in-the-united-kingdom">securities of Her Majesty’s Government in the United Kingdom</Term>
” includes national savings certificates and premium savings bonds but does not include securities issued under—
</Text>
</P2para>
<P2para>
<Text>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="c13326441"/>
,
</Text>
</P2para>
<P2para>
<Text>
the
<CommentaryRef Ref="c13326451"/>
Irish Land Act 1903,
</Text>
</P2para>
<P2para>
<Text>
the
<CommentaryRef Ref="c13326461"/>
Irish Land Act 1909,
</Text>
</P2para>
<P2para>
<Text>
the
<CommentaryRef Ref="c13326471"/>
Northern Ireland Land Act 1925.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1968/13/section/22/4/1991-02-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1968/13/section/22/4" id="section-22-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>Any reference in this Act to any enactment includes a reference to that enactment as amended by any other Act including this Act.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group>
<Title> Application to Northern Ireland.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1968/13/section/23/1991-02-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1968/13/section/23" id="section-23">
<Pnumber>23</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1968/13/section/23/1/1991-02-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1968/13/section/23/1" id="section-23-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>This Act extends to Northern Ireland</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1968/13/section/23/2/1991-02-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1968/13/section/23/2" id="section-23-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<CommentaryRef Ref="c13326481"/>
</Text>
</P2para>
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<P1group>
<Title> Short title, repeals and commencement.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1968/13/section/24/1991-02-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1968/13/section/24" id="section-24">
<Pnumber>24</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1968/13/section/24/1/1991-02-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1968/13/section/24/1" id="section-24-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>This Act may be cited as the National Loans Act 1968.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1968/13/section/24/2/1991-02-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1968/13/section/24/2" id="section-24-2">
<Pnumber>
<CommentaryRef Ref="c13326491"/>
2
</Pnumber>
<P2para>
<Text>The enactments mentioned in Schedule 6 to this Act (which include enactments conferring powers of government borrowing superseded by this Act and enactments which are obsolete or spent) shall be repealed to the extent specified in the third column of that Schedule, but subject to any saving at the end of any Part of that Schedule.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1968/13/section/24/3/1991-02-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1968/13/section/24/3" id="section-24-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>Except as otherwise expressly provided, this Act shall come into force on 1st April 1968 and have effect for the financial year beginning on that date and subsequent financial years.</Text>
</P2para>
</P2>
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<Commentaries>
<Commentary id="c13326421" Type="F">
<Para>
<Text>
S. 21(4) repealed by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1973/39" id="c00312" Year="1973" Class="UnitedKingdomPublicGeneralAct" Number="39" Title="Statute Law (Repeals) Act 1973">Statute Law (Repeals) Act 1973 (c. 39)</Citation>
,
<CitationSubRef id="c00313" CitationRef="c00312" URI="http://www.legislation.gov.uk/id/ukpga/1973/39/schedule/1/part/XIII" Operative="true" SectionRef="schedule-1-part-XIII">Sch. 1 Pt. XIII</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c13326431" Type="C">
<Para>
<Text>
<CitationSubRef id="c00314" URI="http://www.legislation.gov.uk/id/ukpga/1968/13/section/22/2" SectionRef="section-22-2">S. 22(2)</CitationSubRef>
amended by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1969/48" id="c00315" Year="1969" Class="UnitedKingdomPublicGeneralAct" Number="48" Title="Post Office Act 1969">Post Office Act 1969 (c. 48)</Citation>
,
<CitationSubRef id="c00316" URI="http://www.legislation.gov.uk/id/ukpga/1969/48/section/131/2" Operative="true" CitationRef="c00315" SectionRef="section-131-2">s. 131(2)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c13326441" Type="F">
<Para>
<Text>
Words repealed by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1989/26" id="c00317" Year="1989" Class="UnitedKingdomPublicGeneralAct" Number="26" Title="Finance Act 1989">Finance Act 1989 (c. 26, SIF 99:3)</Citation>
,
<CitationSubRef id="c00318" URI="http://www.legislation.gov.uk/id/ukpga/1989/26/section/187" CitationRef="c00317" SectionRef="section-187">s. 187</CitationSubRef>
,
<CitationSubRef id="c00319" URI="http://www.legislation.gov.uk/id/ukpga/1989/26/schedule/17/part/XIV" Operative="true" CitationRef="c00317" SectionRef="schedule-17-part-XIV">Sch. 17 Pt. XIV</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c13326451" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1903/37" id="c00320" Year="1903" Class="UnitedKingdomPublicGeneralAct" Number="37">1903 c. 37</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary id="c13326461" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1909/42" id="c00321" Year="1909" Class="UnitedKingdomPublicGeneralAct" Number="42">1909 c. 42</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary id="c13326471" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1925/34" id="c00322" Year="1925" Class="UnitedKingdomPublicGeneralAct" Number="34">1925 c. 34</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary id="c13326481" Type="F">
<Para>
<Text>
<CitationSubRef id="c00323" URI="http://www.legislation.gov.uk/id/ukpga/1968/13/section/23/2" SectionRef="section-23-2">S. 23(2)</CitationSubRef>
repealed by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1973/36" id="c00324" Year="1973" Class="UnitedKingdomPublicGeneralAct" Number="36" Title="Northern Ireland Consitution Act 1973">Northern Ireland Consitution Act 1973 (c. 36)</Citation>
,
<CitationSubRef id="c00325" URI="http://www.legislation.gov.uk/id/ukpga/1973/36/schedule/6/part/I" Operative="true" CitationRef="c00324" SectionRef="schedule-6-part-I">Sch. 6 Pt. I</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c13326491" Type="C">
<Para>
<Text>The text of ss. 1(5), 8(2), 13(5), 17(1), 24(2) and Sch. 6 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.</Text>
</Para>
</Commentary>
</Commentaries>
</Legislation>