Any scheme under section 26 of the [1967 c. 22.] Agriculture Act 1967 as amended by Part II of this Act which makes provision for grants to smallholdings authorities in respect of expenditure incurred in connection with the carrying out of transactions to give effect to proposals approved and for the time being in force under sections 40 to 43 of this Act and which provides that this section is to have effect in relation to the scheme shall provide for such grants to be payable only in such cases as the Minister may, with the approval of the Treasury, determine; and no such grant shall be made under that scheme to a smallholdings authority in respect of expenditure incurred in connection with any particular transaction unless an application for the making of the grant has been made by the authority in accordance with the scheme within five years from the date when the scheme comes into operation ; but—
(a)the application may be made at any time after the authority have submitted to the Minister proposals under the said section 40 which include proposals relating to that transaction or have submitted to the Minister proposals relating to that transaction under the said section 43 ; and
(b)where the transaction is comprised in proposals sub mitted under the said section 40, the grant may be made at any time after the Minister has approved so much of those proposals as relates to that transaction whether any other part of the proposals submitted by the authority has then been approved or not.