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Welsh Development Agency Act 1975

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This is the original version (as it was originally enacted).

Financing of the Agency by Government

1(1)In respect of the exercise of the functions of the Agency ¢under section 1(3)(b) and (c) above the Secretary of State may, with the consent of the Treasury pay to the Agency out of money provided by Parliament such sums (in this Schedule referred to as " public dividend capital") as the Secretary of State thinks fit.

(2)The Secretary of State may direct that so much of the debt assumed by the Agency under paragraph 7 below as he may, with the approval of the Treasury, determine shall be treated as an addition to that capital.

(3)In consideration of receiving public. dividend capital, the Agency shall make to the Secretary of State, as respects each accounting year (except such a year as respects which the Agency satisfy the Secretary of State that it is inappropriate to make a payment in pursuance of this sub-paragraph), payments of such amounts as may be proposed by the Agency and agreed by the Secretary of State, or such other amounts as the Secretary of State may determine, after consultation with the Agency ; and any sums received by the Secretary of State in pursuance of this sub-paragraph shall be paid into the Consolidated Fund.

(4)The statement of account prepared in respect of any financial year in pursuance of paragraph 4(3) below shall include particulars of the sums which in that year are paid to the Agency or are paid into the Consolidated Fund in pursuance of this paragraph.

(5)The Secretary of State shall not make a payment, signify agreement or make a determination in pursuance of this paragraph except with the approval of the Treasury.

2The Secretary of State may, out of money provided by Parliament, pay to the Agency—

(a)such sums, without prejudice to section 12(14) above, in respect of administrative expenses relating to any of their functions, and

(b)such other sums in respect of the exercise of their functions, other than those to which the public devidend capital relates,

as he may, with the consent of the Treasury, determine.

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