26ETotal amounts allocated and committed under this Part in respect of a year

26E Total amounts allocated and committed under this Part in respect of a year

(1) The Minister shall, as soon as practicable after the commencement of this Act, by notice in writing to the senior member:

(a) specify the total amount allocated for grants during the year that commenced on 1 July 1984; and

(b) specify the total amount of the commitments the Authority may incur during the year.

(2) The Minister shall, as soon as practicable after each 1 July after the commencement of this Act, by notice in writing to the senior member:

(a) specify the total amount allocated for grants during the year commencing on that date; and

(b) if the year is a grant year, specify the total amount of the commitments the Authority may incur during the year.

(3) The Minister may, during any year commencing on 1 July, by notice in writing to the senior member:

(a) specify an amount as an additional amount allocated for grants during the year; and

(b) if the year is a grant year, specify an amount as an additional amount of commitments the Authority may incur during the year.

(4) In entering into grant agreements, the Authority shall ensure that:

(a) the total amount of grants payable during a year does not exceed the sum of the amounts specified under paragraphs (1)(a) and (3)(a) or (2)(a) and (3)(a), as the case requires, in respect of that year; and

(b) if the year is a grant year, the total amount of commitments it incurs during the year does not exceed the sum of the amounts specified under paragraphs (1)(b) and (3)(b) or (2)(b) and (3)(b), as the case requires, in respect of that year.

(5) In this section, a reference to commitments, in relation to a year, shall be read as a reference to the amounts that will become payable at any time as a result of the Authority entering into grant agreements during that grant year.