[F1(1)The National Insurance Fund shall be maintained under the control and management of the Inland Revenue.]
(2)Accounts of the National Insurance Fund shall be prepared [F2by the Inland Revenue] in such form, and in such manner and at such times, as the [F3Treasury] may direct, and the Comptroller and Auditor General F4. . . shall examine and certify every such account and shall lay copies of it, together with his report on it, before [F3Parliament].
(3)Any money in the National Insurance Fund may from time to time be paid over to the [F5National Debt Commissioners] and be invested by [F5them] in any such manner for the time being specified in Part II of Schedule 1 to the M1Trustee Investments Act 1961 as the Treasury may specify by an order of which a draft has been laid before Parliament.
(4)The [F6National Debt Commissioners] shall certify a statement of the securities in which money forming part of the National Insurance Fund is for the time being invested and that statement so certified shall be included with the accounts of that Fund laid before [F6Parliament] under subsection (2) above.
Textual Amendments
F1S. 141(1) substituted (1.4.1999) by S.I. 1999/671, art. 4, Sch. 3 para. 44(2) (subject to transitional provisions in Sch. 7); S.R. 1999/149, art. 2(c), Sch. 2 (subject to arts. 3-6 of the said S.R.)
F2Words in s. 141(2) inserted (1.4.1999) by S.I. 1999/671, art. 4, Sch. 3 para. 44(3)(a) (subject to transitional provisions in Sch. 7); S.R. 1999/149, art. 2(c), Sch. 2 (subject to arts. 3-6 of the said S.R.)
F3Words in s. 141(2) substituted (1.4.1999) by S.I. 1999/671, art. 4, Sch. 3 para. 44(3)(b) (subject to transitional provisions in Sch. 7); S.R. 1999/149, art. 2(c), Sch. 2 (subject to arts. 3-6 of the said S.R.)
F4Words in s. 141(2) repealed (1.4.1999) by S.I. 1999/671, arts. 4, 24(3), Sch. 3 para. 44(3)(c), Sch. 9 Pt. I (subject to transitional provisions in Sch. 7); S.R. 1999/149, art. 2(c), Sch. 2 (subject to arts. 3-6 of the said S.R.)
F5Words in s. 141(3) substituted (1.4.1999) by S.I. 1999/671, art. 4, Sch. 3 para. 44(4) (subject to transitional provisions in Sch. 7); S.R. 1999/149, art. 2(c), Sch. 2 (subject to arts. 3-6 of the said S.R.)
F6Words in s. 141(4) substituted (1.4.1999) by S.I. 1999/671, art. 4, Sch. 3 para. 44(5) (subject to transitional provisions in Sch. 7); S.R. 1999/149, art. 2(c), Sch. 2 (subject to arts. 3-6 of the said S.R.)
Marginal Citations