Citation, commencement and interpretation

1. —(1) These Regulations may be cited as the Olympic Lotteries (Payments out of Fund) Regulations 2006 and shall come into force on 31st March 2006.

(2) In these Regulations —

“the Fund” means the Olympic Lottery Distribution Fund established under section 23 of the 2004 Act;

“the 1993 Act” means the National Lottery etc. Act 1993( 2 ); and

“the 2004 Act” means the Horserace Betting and Olympic Lottery Act 2004.

Payments in respect of expenses of the Secretary of State and National Debt Commissioners

2. —(1) Subject to paragraph (2), at such times and for such amounts as the Secretary of State determines to be appropriate, there shall be payments from the Fund in respect of —

(a) expenses of the Secretary of State in connection with functions under Part 3 of the 2004 Act, and

(b) expenses incurred or to be incurred by the National Debt Commissioners in making investments under section 27 of the 2004 Act.

(2) Payments under paragraph (1) may only be made with the consent of the Treasury.

Payments in respect of expenses of the National Lottery Commission

3. —(1) At such times and for such amounts as the Secretary of State determines to be appropriate, there shall be payments from the Fund into the Consolidated Fund for the purpose of meeting payments made or to be made under paragraph 10 of Schedule 2A to the 1993 Act( 3 ).

(2) In determining, under paragraph (1), what amounts are appropriate for the purpose of meeting payments made or to be made under paragraph 10 of Schedule 2A to the 1993 Act, the Secretary of State shall take into account sums paid or to be paid into the Consolidated Fund under sections 7(6) and 31(2)(aa) of the 1993 Act( 4 ).