Part II DISTRIBUTION OF THE NET PROCEEDS OF THE NATIONAL LOTTERY
F3 The New Opportunities Fund
F143D Accounts.
1
The New Opportunities Fund shall—
a
keep proper accounts and proper records in relation to the accounts, and
b
prepare a statement of accounts in respect of each financial year.
2
The statement shall comply with any directions that may be given by the Secretary of State as to the information to be contained in such a statement, the manner in which such information is to be presented or the methods and principles according to which such a statement is to be prepared.
C13
Copies of the statement shall be sent to the Secretary of State and the Comptroller and Auditor General within such period after the end of the financial year to which the statement relates as the Secretary of State may direct.
4
The Comptroller and Auditor General shall examine, certify and report on the statement and shall lay copies of the statement and of his report before Parliament.
5
The Secretary of State shall not give a direction under this section without the Treasury’s approval.
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The Secretary of State’s function under subsection (3) to receive copies of the statement shall be treated as exercisable in or as regards Scotland and may be exercised separately.
Crossheading and ss. 43A-43D inserted (2.7.1998) by 1998 c. 22, ss. 7(2), 27(4)