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(1)In the financial year beginning on the first day of April, nineteen hundred and fifty —seven, and in each subsequent financial year during the period ending on the thirty — first day of March, nineteen hundred and sixty —two, the Minister of Agriculture, Fisheries and Food may pay into the Exchequer of Northern Ireland sums not exceeding one million pounds in respect of expenses incurred by the Ministry of Agriculture for Northern Ireland, in pursuance of arrangements approved for the purpose of this section by the Ministers, in making payments to or for the benefit of producers of Agricultural produce in Northern Ireland.
(2)The Ministers may from time to time by order direct that the period specified in subsection (1) of this section shall be extended until such date, not later than five years from the date upon which it would otherwise expire, as may be specified in the order; and any such order may direct that in relation to the period of extension so specified the said subsection (1) shall have effect as if for the reference to one million pounds there were substituted a reference to such higher or lower amount as may be so specified.
(3)An order under this section shall be of no effect unless approved by resolution of each House of Parliament.
(4)If in any year during the period ending on the thirty-first day of March, nineteen hundred and sixty-two, or during any period of extension specified in an order under subsection (2) of this section, the sums paid into the Exchequer of Northern Ireland under subsection (1) of this section fall short of the maximum authorised by that subsection in the case of that year, the balance may be added to the sums payable under that subsection in the subsequent year or years of the same period or period of extension.
(5)If at the expiration of twelve months after the end of any such period as aforesaid any sums paid under subsection (1) of this section have not been applied in the payment of expenses incurred by the Ministry of Agriculture for Northern Ireland as therein mentioned, those sums shall be repaid to the Minister of Agriculture, Fisheries and Food.
(6)The Ministers shall, before the end of each financial year, lay before Parliament a statement describing the substance of any arrangements for the time being approved by them for the purposes of this section.
(7)In this section “the Ministers” has the same meaning as in Part I of this Act.
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