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(1)The amount of any grant payable under this Part of this Act towards the cost of an improvement shall, subject to the following provisions of this section, be one-third of that cost so far as approved by the Minister as having been reasonably incurred.
(2)The Ministers may by regulations provide that the cost of any improvement specified in the regulations, or of a specified part of any such improvement, shall, at the option of the applicant for a grant under the last foregoing section, be taken to be such amount as may be so specified; and the amount of any grant payable under this Part of this Act towards the cost of such an improvement shall, if the applicant for the grant so elects in his application and the improvement is approved while the regulations are in force, be one-third of the amount so specified or, where the regulations make provision for the cost of part only of an improvement, one-third of the sum of the amount so specified for that part and of the actual cost (so far as approved by the Minister as having been reasonably incurred) of the remainder of the improvement, subject in either case, however, to the next following subsection.
(3)The Minister may reduce the amount of the grant or withhold the grant in any case where assistance in respect of the improvement is given under any other Act of Parliament.
(4)The grant shall be payable to the person or persons by whom or on whose behalf the work required for making the improvement is done and may be paid on the completion of that work or by instalments on the completion of parts thereof.
(5)This section has effect subject to the provisions of section fifteen of this Act.
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