(1)Where under the scheme to be made pursuant to section fifty-eight of the principal Act a payment falls to be made in respect of any interest in land within the ironstone district, being an interest of which the development value is wholly or partly attributable to the prospect of developing the land by winning and working ironstone by opencast operations, then, subject to the provisions of this Act, a contribution shall be made to the Minister out of that payment in accordance with the following provisions of this section.
(2)The amount of the contribution payable under this section in respect of an interest in land shall be calculated in accordance with the formula set out in the Second Schedule to this Act.
(3)For the purposes of this section and of the said Second Schedule, no account shall be taken of development value attributable to the prospect of developing land by winning and working ironstone which immediately before the fifteenth day of February, nineteen hundred and fifty-one, was subject to a full restoring lease.
(4)The scheme to be made under section fifty-eight of the principal Act may contain such incidental and consequential provisions as appear to the Treasury to be necessary or expedient for the purposes of this section, including provision for the determination by the Lands Tribunal of questions as to liability for contributions under this section and as to the amount of such contributions; and subsection (2) of section sixty-five of that Act (which prescribes the date on which stock is to be issued in respect of such payments) shall have effect as if the reference therein to the amount of any payment required by that section to be satisfied by the issue of stock included a reference to the amount of any contribution to be made under this section out of such a payment.
(5)Any sum payable by way of a contribution under this section out of a payment under the said scheme in respect of an interest in land shall be issued to the Minister in cash out of the Consolidated Fund at the time when the balance of the payment is satisfied under the said section sixty-five, together with interest thereon at the rate determined under subsection (3) of that section; and the payment and interest on the payment shall, to the extent of that sum and interest thereon, be deemed to be satisfied accordingly.
(6)For the purpose of providing sums to be issued under subsection (5) of this section, or of providing for the replacement of sums so issued, the Treasury may at any time, if they think fit, raise money in any manner in which they are authorised to raise money under the National Loans Act, 1939; and any securities created and issued to raise money under this section shall be deemed for all purposes to have been created and issued under that Act.
(7)Section sixty-eight of the principal Act (which requires the Central Land Board to pay certain sums into the Exchequer in respect of payments which are satisfied by the issue of stock under Part VI of that Act) shall apply in relation to any sums issued to the Minister under subsection (5) of this section as it applies in relation to payments satisfied by the issue of stock as aforesaid.