1 The Exchange Equalisation Account.
1
There shall continue to be an account called the Exchange Equalisation Account (in this Act referred to as “the Account”).
2
The Account shall continue to be under the control of the Treasury.
3
The Account is to be used—
a
for checking undue fluctuations in the exchange value of sterling;
b
for securing the conservation or disposition in the national interest of the means of making payments abroad;
c
for the purpose specified in section 1(3) of the M1International Monetary Fund Act 1979 (payment of charges under section 8 of Article V of the Articles of Agreement of the International Monetary Fund); and
d
for carrying out any of the functions of the Government of the United Kingdom under those of the said Articles of Agreement which relate to special drawing rights.