Section 3 Standard costs.

The appropriate Minister may, with the approval of the Treasury, by regulations fix a standard cost for any operation falling within subsection (1) . . . F1 of section one of this Act; and if an applicant for a grant under that section in respect of an operation specified in the regulations so elects at any time before the appropriate Minister has determined whether to approve his proposals, and his proposals are approved while the regulations are in force, then so far as that operation is concerned the standard cost shall be substituted for actual or estimated cost for the purposes of subsections (1) . . . F2 of section one . . . F3 of this Act.