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Article 3 Relevant Payments

Original text. Later amendments are not shown.

The Secretary of State may, on behalf of the Government, out of money provided by Parliament—

(a)

make payments to the Association not exceeding £591.57 million in accordance with arrangements made between the Government and the Association in accordance with the Resolution; and

(b)

make payment of sums required to redeem any non-interest-bearing and non-negotiable notes or other obligations which may be issued or created by him and accepted by the Association pursuant to the arrangements mentioned in paragraph (a).