All the functions of the Secretary of State under Part I of this Act, except the power to make orders under section 5 or 6 of this Act, shall be exercised and performed through the Export Credits Guarantee Department, which shall continue to be a Department of the Secretary of State.

There shall continue to be an Export Guarantees Advisory Council.

The function of the Council shall be to give advice to the Secretary of State, at his request, in respect of any matter relating to the exercise of his functions under this Act.

In exercising his duty under section 11(2) of this Act, the Secretary of State shall consult the Export Guarantees Advisory Council.

Any sums required by the Secretary of State for making payments or for defraying his administrative expenses under this Act shall be paid out of money provided by Parliament and any sums received by the Secretary of State by virtue of this Act shall be paid into the Consolidated Fund.

If any sum required by the Secretary of State for fulfilling his liabilities under this Act is not paid out of money provided by Parliament, it shall be charged on and paid out of the Consolidated Fund.

This Act may be cited as the Export and Investment Guarantees Act 1991.

In this Act “the old law” means the [1978 c. 18.] Export Guarantees and Overseas Investment Act 1978 and any earlier enactment from which any provision of that Act was derived.

Any power to make an order under section 5 or 6 of this Act shall be exercisable by statutory instrument and no such order shall be made unless a draft of it has been laid before and approved by resolution of the House of Commons.

The Export Guarantees and Overseas Investment Act 1978 is repealed.

Subsection (4) above does not affect any power exercisable by the Secretary of State in respect of arrangements made under the old law.

This Act shall come into force on such day as the Secretary of State may by order made by statutory instrument appoint and different days may be appointed for different provisions and for different purposes.