Paragraph 2

The Secretary of State may by order make provision for determining the national average rateable value per unit per day calculated on the basis of the aggregate potential output of water, for a year specified in the order, of all the water undertakings whose values are for the year 1967-68 to be F1entered in the valuation roll referred to indetermined by the Assessor in accordance with paragraph 1 above, and such value so determined, or as modified under paragraph 3 below, is in this Schedule known as “the norm”.