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(1)At. the end of the financial year ending on the thirty-first day of March in the year nineteen hundred and twenty and of each of the six succeeding years the Board shall pay to a council of a county the loss (if any) which may be shown to the satisfaction of the Board of Agriculture and Fisheries to have been reasonably Or necessarily incurred by the council during the financial year in the exercise of their powers under the principal Act otherwise than in relation to small holdings of less than one acre.
(2)The Board shall, on the passing of this Act, pay to a council of a county the loss (if any) which may be shown to the satisfaction of the Board to have been reasonably or necessarily incurred by the council in the exercise of their powers under the principal Act during the period from the first day of January nineteen hundred and eight to the thirty-first day of March nineteen hundred and nineteen.
(3)In calculating for the purposes of this section the amount of any loss incurred by a council, there shall be included all sums paid by the council by way of interest, or sinking fund, or other loan charges on account of loans obtained for the purpose of acquiring and adapting land for small holdings, and the amount of the loss shall be determined under and in accordance with regulations made by the Board with the approval of the Treasury.
(4)Until the thirty-first day of March nineteen hundred and twenty-six, a council of a county shall not incur expenditure-under section forty-nine of the principal Act (which relates to co-operative societies), without the consent of the Board.
(5)Subsection (4) of section six and section twenty-one of the principal Act are hereby repealed.
(6)This section shall apply to losses incurred by the council of a county borough in the exercise of their powers under the principal Act in relation to small holdings.
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