(1)Subject to the following provisions of this section, the Minister may, out of moneys provided by Parliament, make payments to the Board reimbursing the Board the amount of any loss determined in accordance with subsection (2) below to have been incurred by the Board not later than 27th March 1971 in consequence of deferring the closure of coal mines in pursuance of an arrangement entered into between the Minister and the Board on or after 1st September 1967.
(2)The question whether any loss has been so incurred shall be determined by the Minister with the approval of the Treasury and after consultation with the Board and the amount of any loss so incurred shall be determined in such manner as may be agreed between the Minister and the Board with the approval of the Treasury and shall be certified by the Board's auditors.
(3)The aggregate amount of the payments made under this section shall not exceed £5,000,000 or such greater sum not exceeding £8,000,000 as the Minister may by order specify.
(4)The power to make an order under this section shall be exercisable by statutory instrument; but no such order shall be made unless a draft thereof has been laid before and has been approved by the Commons House of Parliament.