Part IIDistribution of the Net Proceeds of the National Lottery
Distribution Fund: further provisions
31Payments from Distribution Fund in respect of expenses
1
At such times as the Secretary of State with the approval of the Treasury determines to be appropriate, payments shall be made into the Consolidated Fund out of so much of any money in the Distribution Fund as is held under section 22(2).
2
The payments shall be of such amounts as the Secretary of State with the approval of the Treasury determines to be appropriate for—
a
meeting payments made or to be made under paragraph 5 of Schedule 2,
b
defraying expenses incurred or to be incurred by the Secretary of State in exercising his functions under this Act, and
c
defraying expenses incurred or to be incurred by the National Debt Commissioners in making investments under section 32.
3
In determining what amounts are appropriate for meeting the payments referred to in subsection (2)(a), the Secretary of State shall take into account sums paid or to be paid into the Consolidated Fund under section 7(6).
32Investment of Distribution Fund
1
So much of any money in the Distribution Fund as is neither held under section 22(2) nor immediately required for making payments under section 24 may be paid over to the National Debt Commissioners and invested by them in accordance with such directions as may be given by the Treasury.
2
The proceeds of any investment made under subsection (1) or this subsection may be re-invested by the National Debt Commissioners in accordance with such directions as may be given by the Treasury.
3
The proceeds of any investment made under subsection (1) or (2) shall, if they are not re-invested under subsection (2), be paid into the Distribution Fund and—
a
to the extent that the proceeds are attributable to the investment of sums paid under subsection (1) out of money held for distribution by a body specified in section 23, held in the Distribution Fund for distribution by that body (subject to any order under section 28 or 29);
b
to the extent that the proceeds are attributable to the investment of sums paid under subsection (1) out of money held in the name of the Secretary of State by virtue of paragraph (b) of section 29(4), held in the Distribution Fund in his name as mentioned in that paragraph (or where the order under section 29(1) mentioned in that paragraph has been made, held in accordance with that order).
4
In this section “proceeds”, in relation to an investment, means any interest or dividends received in respect of the investment and any sums received on the realisation of the investment.
5
For the purposes of subsection (3), the extent to which any proceeds are attributable to the investment of sums paid under subsection (1) out of money held for distribution by a particular body or held in the name of the Secretary of State shall be determined by, or in accordance with principles determined by, the Secretary of State.
33Accounts of the Secretary of State and National Debt Commissioners
1
The Secretary of State shall prepare accounts in respect of the Distribution Fund in such form, and in such manner and at such times, as the Treasury may direct.
2
The National Debt Commissioners shall prepare accounts in respect of any investments under section 32 in such form, and in such manner and at such times, as the Treasury may direct.
3
Each account prepared under subsection (1) or (2) shall be sent to the Comptroller and Auditor General who shall examine, certify and report on it and shall lay copies of it and of his report before Parliament.