Modifications etc. (not altering text)
C1Pt. III (ss. 74-102) excluded (E.W.) (1.10.1996) by 1996 c. 52, s. 7, Sch. 1 para. 15(6); S.I. 1996/2402, art. 3 (subject to transitional provisions and savings in Sch.)
(1)The Corporation may turn its resources to account so far as they are not required for the exercise of its functions.
(2)If for an accounting year the revenues of the Corporation exceed the total sums properly chargeable to revenue account, the Corporation shall apply the excess in such manner as the Secretary of State may, after consultation with the Corporation, direct; and the Secretary of State may direct that the whole or part of the excess be paid to him.
(3)The Secretary of State may give directions to the Corporation as to matters relating to—
(a)the establishment or management of reserves,
(b)the carrying of sums to the credit of reserves, or
(c)the application of reserves for the purposes of the Corporation’s functions.
(4)The Secretary of State may, after consultation with the Corporation, direct the Corporation to pay to him the whole or part of any sums for the time being standing to the credit of reserves of the Corporation or being of a capital nature and not required for the exercise of the Corporation’s functions.
(5)The Secretary of State may act under this section only with the approval of the Treasury.