(1)The miners’ welfare fund constituted under section twenty of the M1Mining Industry Act 1920 (in this section referred to as the fund) shall be wound up in accordance with the following provisions of this section.
(2)The accounts of the fund required by subsection (7) of the said section twenty and subsection (2) of section sixteen of the M2Mining Industry Act 1926 to be prepared in respect of the financial year ending on the thirty-first day of March, nineteen hundred and fifty-two shall include an account of the receipts into and issues out of the fund in the period from the end of that year to the appointed day; and for the purposes of that account the sums appropriated out of proceeds of the output levy for the year nineteen hundred and fifty-one for purposes for which proceeds of the royalties welfare levy were required to be appropriated shall be ascertained in such manner as appears to the Minister to be appropriate having regard to the winding up of the fund and the cessation of the royalties welfare levy.
(3)The cash and investments held in the fund immediately before the appointed day, and all sums received by the Minister on or after that day in respect of interest on investments so held at any time before that day, shall be divided between the Board and the Social Welfare Organisation in the proportion which the welfare levy balance (as defined by this section) bears to the output levy balance (as so defined); and such cash, investments and sums shall be transferred accordingly to the Board or the said Organisation in accordance with such scheme of distribution as may be agreed upon between them or in default of agreement in such manner as the Minister may direct.
(4)Any sums due to the fund in respect of the royalties welfare levy or the output levy and not paid before the appointed day shall be payable to the Minister and shall be transferred by him—
(a)in the case of sums paid on account of the royalties welfare levy, to the Board; and
(b)in the case of sums paid on account of the output levy, as to one half each to the Board and the Social Welfare Organisation.
(5)In this section “the welfare levy balance” means the balance of cash and investments (at cost) shown in the accounts mentioned in subsection (2) of this section as held in the fund immediately before the appointed day on account of the royalties welfare levy, including the sums appropriated out of proceeds of the output levy for purposes for which proceeds of the royalties welfare levy were required to be appropriated; and “the output levy balance” means the balance of cash and investments (at cost) shown as aforesaid as held in the fund immediately before that day on account of the output levy after deduction of the sums appropriated as aforesaid.