# British Library Act 1972, Section 5: Finance and accounts.


(1) The Secretary of State shall, out of moneys provided by Parliament, make to the British Library Board such payments as the Treasury may approve towards expenditure incurred by the Board, whether in respect of their management of the British Library (including the acquisition of new items for the Board’s collections), or of general administration, or otherwise; and so far as relates to the use and expenditure of sums so paid to the Board, the Board shall act in accordance with such directions as may from time to time be given to them by the Secretary of State.
(2) Moneys received by the Board in any financial year, whether in respect of property disposed of, or services provided, or otherwise, shall be applied by the Board in such manner as the Secretary of State may, with the approval of the Treasury, direct; and any such direction may require the whole or any part of those moneys to be paid into the Consolidated Fund.
(3) The Board shall keep proper accounts and other records and shall prepare in respect of each financial year statements of account in such form as the Secretary of State may, with the approval of the Treasury, direct; and those statements shall, on or before 30th November next following the expiration of the financial year in question, be submitted to the Secretary of State and shall be transferred by him to the Comptroller and Auditor General, who shall examine and certify the statements and lay copies thereof, together with his report thereon, before each House of Parliament.

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Source: https://www.legislation.gov.uk/ukpga/1972/54/section/5 (the official version)
Page: https://openlegislation.uk/british-library-act-1972/section-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.