Section 2 Financial provisions.
Notwithstanding anything in section 25(5) of the Act of 1973 (reserve fund for either branch of the Authority’s undertaking not to be applied otherwise than for the purposes of that branch) the Authority may apply any current surplus on any of their television services branch reserves to meet any expenditure incurred by them for the purposes of section 1 of this Act, but the sums so applied by virtue of this section shall not in the aggregate exceed £10 million.
In subsection (1) above “surplus” means, in relation to any of the Authority’s television services branch reserves, any amount credited to that reserve which appears to the Authority to exceed the amount for the time being required to provide an adequate fund for expenditure for the purposes of that reserve.
For the purpose of enabling the Authority to discharge their function under section 1 of this Act the Secretary of State may with the consent of the Treasury make advances to the Authority out of moneys provided by Parliament.
The aggregate amount outstanding by way of principal in respect of sums advanced to the Authority under this section shall not at any time exceed £18 million.
Any sums advanced under this section shall be repaid to the Secretary of State at such times and by such methods, and interest on those sums shall be paid to him at such times and at such rates, as he may from time to time direct with the consent of the Treasury.
All sums received by the Secretary of State in pursuance of subsection (5) above shall be paid into the Consolidated Fund.
References in this section to the Authority’s television services branch reserves are references to—
the reserve fund established under section 25(4) of the Act of 1973 for the branch of the Authority’s undertaking consisting of the provision of television broadcasting services; and
any other reserves established by the Authority by way of provision for depreciation or for any other matter for which the Authority are required to provide in discharging their duty under section 25(2) of that Act in relation to that branch of their undertaking.