Introduction Details of the Section
3.Subsection (1)(a) requires the Director of Savings and the Commissioners to prepare a statement showing the amount of the surplus held by the Commissioners.
4.Subsection (1)(b) requires the Commissioners to transfer the surplus to the Consolidated Fund.
5.Subsection (2) describes the surplus which must be transferred by the Commissioners to the Consolidated Fund (“the relevant surplus”) and specifies the sums which may be deducted from the relevant surplus before the transfer is made. Subsection (2)(a) allows sums expended by the Director of Savings in relation to the surplus to be deducted from the relevant surplus; subsection (2)(b) allows the Commissioners’ expenses in managing the surplus to be deducted from the relevant surplus; and subsection (2)(c) provides that any sums which may be transferred to the Consolidated Fund under section 20 of the 1971 Act shall not form part of the relevant surplus.
6.Subsection (3)(a) provides that sums expended by the Director of Savings in relation to the surplus must be paid into the Consolidated Fund.
7.Subsection (3)(b) allows the Commissioners to retain sums representing their expenses in relation to the surplus.
8.Subsection (4) requires the Director of Savings and the Commissioners to present the statement under subsection (1) to the Comptroller and Auditor General who must audit the statement and report to Parliament accordingly.
9.Subsection (5) allows the Treasury, by order, to repeal or amend the legislation on ordinary accounts where the repeal or amendment is considered necessary or expedient in consequence of the closure of ordinary accounts or in consequence of the transfer of surplus moneys to the Consolidated Fund.
10.Subsection (6) requires an order under subsection (5) to be made by statutory instrument.
11.Subsection (7) provides that an order under subsection (5) must be laid in draft before, and approved by a resolution of, the House of Commons before it is made.
12.Subsection (8)(a) provides that references to sums expended or expenses incurred in connection with ordinary accounts includes sums expended or expenses incurred in connection with any amounts held by the Commissioners by virtue of their investments under section 17 of the 1971 Act.
13.Subsection (8)(b) ensures that the expressions used in the section have the same meaning as in the 1971 Act.
14.Subsection (9) provides that the “1971 Act” means the National Savings Bank Act 1971 and an “enactment” (at subsection (5)) includes both an enactment in the 1971 Act and subordinate legislation.