Sea Fish Industry Act 1970

37 Herring Marketing Fund

(1) There shall continue to be a fund called the Herring Marketing Fund under the control and management of the Ministers, and so much of any sums to be advanced to the Board under section 35 of this Act as is required for the making of loans in connection with export or for the undertaking of operations involving the outlay of working capital shall be paid into that fund.

(2) Notwithstanding anything in section 35 of this Act, any sums received by the Ministers by way of repayment of the principal of sums advanced to the Board (whether before or after the commencement of this Act) out of the Herring 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 Herring Marketing Fund into the Consolidated Fund any sums so paid into the Herring 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 Herring Marketing Fund or part of such an advance cannot be repaid, the Treasury may direct that the liability of the Board to the Ministers shall be reduced to the extent of that sum.

(4) The Secretary of State concerned with the sea fishing industry in Scotland 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 Herring 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 Board 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 Herring 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.