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(1)Except where the context otherwise requires, in this Part of this Act the following expressions have the following meanings—
" accounting year " means the period of twelve months ending with the 31st March in any year except that—
the first accounting year of the Corporation shall, if the Secretary of State so directs, be such period shorter or longer than twelve months (but not longer than two years) and ending on a 31st day of March as is specified in the direction; and
the Secretary of State may by order direct that for a reference in the preceding provisions of this definition to 31st March there shall be substituted a reference to 31st December; and
" petroleum " means any of the following (other than coal) namely—
mineral oil, natural gas and bituminous shales ;
deposits not mentioned in the preceding paragraph from which oil can be extracted by destructive distillation; and
hydrocarbons which are related to mineral oil and are not mentioned in the preceding paragraphs.
(2)It shall be the duty of the Corporation to comply with any directions given to it by the Secretary of State in pursuance of any provision of this Act.
(3)Section 5 of the [1934 c. 36.] Petroleum (Production) Act 1934 (which relates to accounts of receipts and expenditure under that Act) is hereby repealed.
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