(1)There shall be established under the control of the [F1Board] a fund, to be called the “marine and aviation insurance (war risks) fund”,—
(a)into which shall be paid—
(i)all sums received by the [F1Board] by virtue of this Act;
(ii), (iii). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2
(b)out of which shall be paid—
(i)all sums required for the fulfilment by the [F1Board] of any of [F1its] obligations under this Act; . . . F2
(ii). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2
(2)If, at any time when a payment falls to be made out of the marine and aviation insurance (war risks) fund, the sum standing to the credit of that fund is less than the sum required for the making of that payment, an amount equal to the deficiency shall be paid into that fund out of moneys provided by Parliament, but if and so far as that amount is not paid out of such moneys, it shall be charged on and issued out of the Consolidated Fund of the United Kingdom . . . F3 (hereafter in this Act referred to as “the Consolidated Fund”).
(3)If, at any time, the amount standing to the credit of the marine and aviation insurance (war risks) fund exceeds the sum which, in the opinion of the [F1Board] and the Treasury, is likely to be required for the making of payments out of that fund, the excess shall be paid into the Exchequer . . . F4
(4)The [F1Board] shall prepare, in such form and manner as the Treasury may direct, an account of the sums received into and paid out of the marine and aviation insurance (war risks) fund in each financial year, and shall, on or before the thirtieth day of November in each year, transmit the account to the Comptroller and Auditor General, who shall examine and certify the account and lay copies thereof together with copies of his report thereon, before both Houses of Parliament:
Provided that if the Treasury certify that, in the interests of the defence of the realm or the efficient prosecution of any war or other hostilities in which Her Majesty is engaged, it is inexpedient that copies of the account for any year and of the report thereon should be laid before Parliament, a copy of the certificate shall be laid before both Houses of Parliament and, so long as the certificate remains in force, those copies of the account and of the report shall not be so laid.
Textual Amendments
F1Words substituted by virtue of S.I. 1968/2038, art. 4(1)(b)
F2S. 5(1)(a)(ii)(iii), (b)(ii) and the word “and” preceding that sub-para. repealed by Statute Law (Repeals) Act 1981 (c. 19), s. 1(1), Sch. 1 Pt. XI
F3Words repealed by Statute Law Revision Act 1963 (c. 30)
F4Words repealed with saving for money borrowed before 1.4.1968 or any requirement as to accounts or statements for year ending on 31.3.1968 or any earlier year by National Loans Act 1968 (c. 13), Sch. 6 Pt. I