1(1)The following subsidies remain payable in respect of building schemes or improvement schemes approved by the Secretary of State before 1st April 1975—E+W+S
(a)new building subsidy under section 75 of the M1Housing Finance Act 1972 or section 55 of the M2Housing (Financial Provisions) (Scotland) Act 1972, and
(b)improvement subsidy under section 57 of the Housing (Financial Provisions) (Scotland) Act 1972.
(2)Payment of the subsidy is subject to the making of a claim for the payment in such form, and containing such particulars as the Secretary of State may from time to time determine.
(3)The amount of the subsidy payable for a financial year shall be calculated to the nearest pound by rounding up any odd amount of 50p or more and rounding down any lesser amount.
(4)The subsidy is payable at such times and in such manner as the Treasury may direct, and subject to such conditions as to records, certificates, audit or otherwise as the Secretary of State may, with the approval of the Treasury, impose.