The Secretary of State shall, in respect of each accounting year, pay to the Commission such amount as he may, with the approval of the Treasury, determine to be the amount required by the Commission for the carrying out during that year of its functions under this Act.

Any sums required by the Secretary of State for making a payment under sub-paragraph (1) above shall be paid out of money provided by Parliament.

In this paragraph and paragraph 10 below “accounting year” means the period beginning with the day on which the Commission is established and ending with the financial year current on that date, and each successive financial year.