Transport Act 1968

44 Account by Minister of receipt and disposal of certain sums

(1) The Minister shall, as respects each financial year, prepare in such form and manner as the Treasury may direct an account of, and of the disposal by him of, the following sums, namely—

(a) any sums issued to the Minister by the Treasury out of the National Loans Fund under section 20(3) of the Act of 1962 for the purpose of making loans—

(i) under section 20(1) of that Act to any of the Boards; or

(ii) under section 29(12) of that Act to the Holding Company; or

(iii) under the said section 20(1) as applied by section 3(1) or 27(1) of this Act to the Freight Corporation or the Bus Company;

(b) any sums which, being received by the Minister—

(i) by way of interest on, or the repayment of, any such loan as aforesaid ; or

(ii) by way of interest on, or the repayment of, the commencing capital debt under section 39 of that Act of any of the Boards or of the Holding Company ; or

(iii) by way of interest on, or the repayment of, the commencing capital debt of the Freight Corporation or the Bus Company under Schedule 2 to this Act; or

(iv) in respect of any surplus of the Holding Company, the Railways Board or the Waterways Board,

are required by section 20(5), 29(10) or 39(8) of the Act of 1962, by section 42(8) or 43(5) of this Act, by the said section 20(5) as applied by the said section 29(12), 3(1) or 27(1), or by the said section 39(8) as applied by paragraph 1 of the said Schedule 2 to be paid by the Minister into the National Loans Fund or the Consolidated Fund, as the case may be.

(2) The Secretary of State shall, as respects each financial year, prepare in such form and manner as the Treasury may direct an account of, and of the disposal by him of, the following sums, namely—

(a) any sums issued to the Secretary of State by the Treasury out of the National Loans Fund under section 20(3) of the Act of 1962 for the purpose of making loans to the Scottish Group under section 20(1) of that Act as applied by section 27(1) of this Act;

(b) any sums which, being received by the Secretary of State—

(i) by way of interest on, or the repayment of, any such loan as aforesaid; or

(ii) by way of interest on, or the repayment of, the commencing capital debt of the Scottish Group under Schedule 2 to this Act,

are required by section 20(5) of the Act of 1962 as applied by the said section 27(1), or by section 39(8) of the Act of 1962 as applied by paragraph 1 of the said Schedule 2, to be paid by the Secretary of State into the National Loans Fund.

(3) The Minister and the Secretary of State shall each send every account prepared by him under subsection (1) or (2) of this section to the Comptroller and Auditor-General not later than the end of November following the year to which the account relates; and the Comptroller and Auditor-General shall examine, certify and report on the account and lay copies of it, together with his report, before each House of Parliament.

(4) In consequence of the foregoing provisions of this section—

(a) in section 20 of the Act of 1962, subsection (6) (which makes provision corresponding to this section in respect of certain of the sums aforesaid) shall cease to have effect; and

(b) in section 29(12) of that Act (which applies subsections (2) to (6) of the said section 20 to sums lent under the said section 29) for the words "subsections (2) to (6)" there shall be substituted the words " subsections (2) to (5). "