National Agricultural Advisory, Education and Research Authority Act, 1977
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Consideration to committees of agriculture for property transferred. |
59.—(1) The Authority shall pay to each committee of agriculture, over such period and at such times and in such manner as the Minister may direct, such proportion of one-half of the net value of the assets of the committee transferred to the Authority under section 53 as the net expenditure of the committee concerned in the financial year immediately preceding the commencement of that section, in relation to the functions retained by it under this Act, bears to the total net expenditure of the committee in that financial year. | |
(2) The Authority shall, in relation to the balance of one-half of the net value of the transferred assets of the committee, enter as an expense in the part of the annual estimate referred to in section 44 which deals with expenditure on education and advisory services in the county concerned, such portion as the Minister may direct, and the Minister shall have regard to such entry when specifying the amount of the annual local contribution in the certificate referred to in section 39. | ||
(3) For the purpose of this section— | ||
(a) “net value of the transferred assets” means the sum of the total of— | ||
(i) the valuations indicated in the inventory referred to in paragraph (a) of section 58, which relate to property other than property for the acquisition of which a loan was raised by the committee, and | ||
(ii) the amounts specified in paragraph (c) of that section, less such portion of the total of the other debts and liabilities (other than the undischarged portions of any loans raised by the committee for the acquisition of property) referred to in paragraph (b) of that section as relates to the functions of the committee in question transferred to the Authority under sections 12 and 15, and | ||
(b) “net expenditure” means the difference between the total expenditure (other than expenditure in connection with activities financed from loans negotiated under section 5 (2) of the Agriculture (Amendment) Act, 1958 ) of the committee concerned and the total receipts accruing to the committee during the financial year in question from all sources, other than— | ||
(i) receipts in connection with activities financed from loans negotiated under the said section 5 (2), and | ||
(ii) receipts by way of grants to the committee from the Minister and of contributions from the council of the county concerned. | ||
(4) The valuations of property referred to in this section and in section 58 shall be such valuations as may be agreed upon between the committee and the Authority or, in default of agreement, such valuations as may be determined by the Minister. |