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12(1)The Secretary of State must pay to the Standards Board in respect of each financial year such amount as he determines to be the amount required—
(a)for the performance during that year of the functions of the Board, and
(b)for the performance during that year of the functions of its ethical standards officers.
(2)Any determination under sub-paragraph (1) requires the approval of the Treasury.
(3)In this paragraph “financial year” means—
(a)the period beginning with the date on which the Standards Board is established and ending with the next 31st March following that date, and
(b)each successive period of twelve months ending with 31st March.