3(1)The aggregate value of the generating and of the distribution activities of the Generating Board shall each be taken to be one half of the Board's basic value for the year (as hereinafter determined).
(2)The aggregate value of the generating activities' of an Area Board shall be taken to be an amount which bears to the aggregate value of the generating activities of the Generating Board the same proportion as the aggregate generating capacity of the Area Board bears to the aggregate generating capacity of the Generating Board, and the aggregate value of the distribution activities of an Area Board shall be taken to be the Board's basic value for the year (as hereinafter determined) reduced, in the case of a Board carrying on generating activities, by the aggregate value of the generating activities.