Coal Industry Act 1977

2 (1) References in section 6 of this Act to expenditure for any year shall be construed as references to expenditure actually incurred in that year, except as provided by the following provisions of this paragraph.

(2) The Secretary of State and the Board may, with the approval of the Treasury, agree—

(a) that expenditure to be incurred in pursuance of obligations undertaken by the Board in any year to make payments over periods extending beyond that year shall, to such extent as may be so agreed, be treated for the purposes of the said section as expenditure in that year of an amount greater than that actually incurred determined in such manner as may be so agreed, and

(b) that, in lieu of any expenditure incurred in connection with the provision of housing by the Coal Industry Housing Association, the Board shall be deemed to have incurred such obligations involving such expenditure as would, according to the agreement, have been incurred by the Board if that housing had been provided by a local authority.

(3) In this paragraph "year" means a financial year of the Board.