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32In sections 74(1) and 75(12) of the 1972 Act (power of Secretary of State to modify basis of calculation of certain subsidies where a housing association's income for any year will be inadequate to meet the expenditure which it would be reasonable for them to incur in that year in exercise of their housing functions) after the words " will be " there shall be inserted the words " or was " and after the words " would be " there shall be inserted the words " or, as the case may be, was ".
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