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(1)The Secretary of State may, with the approval of the Treasury, make grants to the Board out of money provided by Parliament with a view to reducing or eliminating any group deficit for a financial year of the Board falling within the relevant period defined in section 4 of this Act.
(2)In subsection (1) above " group deficit" means, in relation to a financial year of the Board, any deficit shown in any consolidated profit and loss account of the Board and any of their subsidiaries prepared by the Board in accordance with a direction given by the Secretary of State in respect of that year under section 8(1) of the [1971 c. 16.] Coal Industry Act 1971.
(3)Grants under this section may be made subject to such conditions as the Secretary of State with the approval of the Treasury may determine.
(4)Grants under this section are subject to the limit in section 4 of this Act.
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