Part III
(3) A sum paid out of the Fund shall not be applied for any purpose other than that for which it was charged or (as the case may be) paid out.
Borrowing by the Scottish Ministers etc. 66.—(1) The Scottish Ministers may borrow from the Secretary of State any sums required by them for the purpose of—
- (a) meeting a temporary excess of sums paid out of the Scottish Consolidated Fund over sums paid into that Fund, or
- (b) providing a working balance in the Fund.
(2) Amounts required for the repayment of, or the payment of interest on, sums borrowed under this section shall be charged on the Fund.
(3) Sums borrowed under this section shall be repaid to the Secretary of State at such times and by such methods, and interest on them shall be paid to him at such rates and at such times, as the Treasury may from time to time determine.
(4) A member of the Scottish Executive may borrow money only under this section or under any power conferred by any other Act of Parliament.
Lending by the Secretary of State. 67.—(1) The Treasury may issue to the Secretary of State out of the National Loans Fund such sums as are required by him for making loans under section 66.
(2) The aggregate at any time outstanding in respect of the principal of sums borrowed under that section shall not exceed £500 million.
(3) The Secretary of State may by order made with the consent of the Treasury substitute for the amount (or substituted amount) specified in subsection (2) such increased amount as may be specified in the order.
(4) Sums received by the Secretary of State under section 66(3) shall be paid into the National Loans Fund.
Borrowing by statutory bodies. 68.—(1) If a member of the Scottish Executive lends money to a body established under any enactment, the rate of interest on the loan shall not be less than the lowest rate determined by the Treasury under section 5 of the 1968 c. 13.National Loans Act 1968 in respect of similar loans made out of the National Loans Fund on the day the loan is made.
(2) A body established under any enactment shall not, in pursuance of a power conferred by virtue of an Act of the Scottish Parliament, borrow money in a currency other than sterling except with the consent of the Scottish Ministers given with the approval of the Treasury.
The Auditor General for Scotland. 69.—(1) There shall be an Auditor General for Scotland who shall be an individual appointed by Her Majesty on the nomination of the Parliament.
(2) A recommendation shall not be made to Her Majesty for the removal from office of the Auditor General for Scotland unless the Parliament so resolves and, if the resolution is passed on a division, the number of members voting in favour is not less than two-thirds of the total number of seats for members of the Parliament.
(3) The validity of any act of the Auditor General for Scotland is not affected by any defect in his nomination by the Parliament.
