(1)For the purpose of enabling the National Film Finance Corporation to perform their functions, it shall be the duty of the Agency to pay to the Corporation, in respect of each levy period falling wholly or in part before 19th July 1985—
(a)the appropriate sum, or
(b)20 per cent, of the amount received by the Agency in respect of that period (or, as the case may be, the part of that period so falling) as proceeds of the levy,
whichever is the greater.
(2)In paragraph (a) of subsection (1) " the appropriate sum " means the sum of £1.5 million or, where part only of the levy period in question falls before the date mentioned in that subsection, the proportion of that sum which corresponds to the proportion of the levy period so falling.
(3)Sums on account of the amount due from the Agency to the Corporation under subsection (1) in respect of any levy period may be paid from time to time during and after that period in accordance with arrangements agreed between the Secretary of State and the Agency, notwithstanding that the amount so due has not yet been finally ascertained.
(4)It shall be the duty of the Agency to make any payments in respect of any amount due to the Corporation under subsection (1) in preference to any other payments which they are authorised or required to make in accordance with section 5.
(5)References in this section to a levy period are references to any period in respect of which a levy is imposed in accordance with regulations made under section 2.