(1)Any excess of the revenues of the CAA for any accounting year over the total sums properly chargeable by the CAA to revenue account for that year shall be applied by the CAA in such manner as the Secretary of State may direct with the approval of the Treasury and after consultation with the CAA; and the direction may require the whole or part of the excess to be paid to the Secretary of State.
(2)The Secretary of State may, with the approval of the Treasury and after consultation with the CAA, direct the CAA to pay to the Secretary of State the whole or part of the sums for the time being standing to the credit of any of its reserves.