Chwilio Deddfwriaeth

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Sea Fish Industry Act 1970

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24White Fish Marketing Fund

(1)There shall continue to be a fund called the White Fish Marketing Fund under the control and management of the Ministers, and so much of any sums to be advanced to the Authority under section 22 of this Act as is required for the undertaking of operations involving the outlay of working capital shall be paid into that fund.

(2)Notwithstanding section 22(5) of this Act, any sums received by the Ministers by way of repayment of principal of an advance made (whether before or after the commencement of this Act) out of the White Fish Marketing Fund shall, if received before the end of the year 1972 be paid into that fund ; but the Ministers may at any time repay out of the White Fish Marketing Fund into the Consolidated Fund any sums so paid into the White Fish Marketing Fund.

(3)If it is shown to the satisfaction of the Ministers and the Treasury that any sum representing the principal of an advance made (whether before or after the commencement of this Act) out of the White Fish Marketing Fund or part of such an advance cannot be repaid, the Treasury may direct that the liability of the Authority to the Ministers shall be reduced to the extent of that sum.

(4)The Minister of Agriculture, Fisheries and Food shall prepare, in such form and manner and at such times as the Treasury may direct, an account of the sums received into and paid out of the White Fish Marketing Fund in each financial year.

(5)On or before 30th September in each year, the said account and, in a case where the Treasury have directed under subsection (3) above that the liability of the Authority to the Ministers shall be reduced, a statement of the reasons for that reduction, shall be transmitted to the Comptroller and Auditor-General, who shall examine and certify the account and lay copies thereof, together with his report thereon, before both Houses of Parliament.

(6)As soon as may be after the end of the year 1972 the White Fish Marketing Fund shall be wound up in accordance with directions given by the Treasury and any sums then standing to the credit thereof shall be paid into the Consolidated Fund.

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