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(1)Where it appears to the Secretary of State, after consultation with the Board and the Treasury, that the Board has a surplus, whether on capital or on revenue account, after making allowance for sums set aside by way of transfer to reserve or otherwise for the Board's future requirements, the Board shall, if the Secretary of State so directs after consultation with the Board and the Treasury, pay to the Secretary of State such sums not exceeding the amount of that surplus as may be specified in the direction.
(2)Any sums received by the Secretary of State in pursuance of subsection (1) above shall, subject to subsections (3) and (4) below, be paid into the Consolidated Fund.
(3)The whole or part of any payments made to the Secretary of State by the Board in pursuance of subsection (1) above shall, if the Secretary of State with the approval of the Treasury so determines, be treated as made by way of repayment of so much of any money lent to the Board under section 9 of this Act by the Secretary of State, and as made in respect of repayments due at such times, as may be so determined.
(4)Any sum treated under subsection (3) above as a repayment of money lent to the Board by the Secretary of State shall be paid by the Secretary of State into the National Loans Fund.
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