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(1)Subject to subsection (3) below, and to any provision of the commencement order under section 7(1)(b) below, the provisions for the making of regional development grants set Out in Part I of Schedule 1 to this Act shall be substituted for Part II of the [1982 c. 52.] Industrial Development Act 1982.
(2)The enactments specified in Part II of that Schedule shall have effect subject to the amendments specified in that Part, being amendments consequential on the substitution effected by subsection (1) above.
(3)On the occasion of the first exercise of the power to make an order under paragraph (b), (c) or (d) of section 5(1) of the Industrial Development Act 1982 as substituted by subsection (1) above subsection (4) below shall apply instead of paragraph (b) of subsection (8) of that section.
(4)Where this subsection applies in relation to an order, the instrument containing the order shall be laid before Parliament after being made and, unless the order is approved by resolution of each House of Parliament before the end of the period of 40 days beginning with the date on which it was made, it shall cease to have effect at the end of that period, but without prejudice to anything previously done under it or to the making of a new order.
(5)In reckoning for the purposes of subsection (4) above any period of 40 days no account shall be taken of any period during which Parliament is dissolved or prorogued or during which both Houses of Parliament are adjourned for more than 4 days.
(6)There shall be paid out of money provided by Parliament any grants under the provisions substituted by subsection (1) above; and any receipts of the Secretary of State under those provisions shall be paid into the Consolidated Fund.
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