56Power of Secretary of State to reduce Exchequer contributions under s. 35
(1)The Secretary of State may from time to time by order provide, as respects improvement grants made under Part II of this Act in pursuance of applications approved by local authorities after such date as may be specified in the order, for reducing the proportion of the annual loan charges referable to the amount of any such grant by reference to which the amount of Exchequer contributions under section 35 of this Act are to be computed:
Provided that the said proportion shall not be reduced to less than two-thirds.
(2)An order under this section providing for reducing the proportion of the annual loan charges referred to in subsection (1) of this section shall provide for reducing to a corresponding extent, in relation to improvement grants made as mentioned in the said subsection, the proportion of any sum required by section 35(4) of this Act to be paid to the Secretary of State.
(3)The power to make orders conferred on the Secretary of State by this section shall be exercisable by statutory instrument and an order shall not be made under this section unless a draft thereof has been laid before the Commons House of Parliament and has been approved by a resolution of that House ; and before laying such a draft the Secretary of State shall consult with such associations of local authorities as appear to him to be concerned and with any local authority with whom consultation appears to him to be desirable.