10Grants for equipment

10 Grants for equipment

(1) A university specified in Column 1 of Schedule 4 may, from time to time, submit for the approval of the Commission proposals for expenditure on equipment for use by the university. (2) The Commission may approve a proposal submitted to it by a university under subsection (1) as an approved proposal of the university in respect of a year to which this section applies subject to such conditions as the Commission determines, and may revoke or vary any such approval. (3) Subject to subsection (4), in relation to each approved proposal for expenditure by a university in respect of a year to which this section applies on equipment, there is payable to the State in which the university is situated, for the purpose of financial assistance in relation to expenditure incurred or to be incurred by the university in connection with the approved proposal, an amount equal to the amount of the proposed expenditure. (4) The sum of the amounts payable to a State under subsection (3) in respect of approved proposals for expenditure by a university in respect of a year to which this section applies shall not exceed the amount specified opposite to the name of that university in the column of Schedule 4 that relates to that year. (5) Financial assistance is granted to a State under this section in relation to approved proposals of a university in respect of a year to which this section applies on the conditions that:

(a) the State will pay each amount of that financial assistance received by it to the university without undue delay;

(b) the State will ensure that the sum of the amounts expended by the university in connection with approved proposals of the university in respect of that year, being amounts expended before 1 January next following the end of that year or expended on or after that date in respect of commitments entered into before that date, is not less than the sum of the amounts of financial assistance paid to the State under this section in relation to approved proposals of the university in respect of that year; and

(c) the State will ensure that the university furnishes to the Commission, not later than 30 September next following the end of that year, a statement by a qualified auditor, in accordance with a form approved by the Commission, as to the expenditure by the university in connection with approved proposals of the university in respect of that year, being expenditure that occurred before 1 January next following the end of that year or that occurred on or after that date in respect of commitments entered into before that date.

(6) Financial assistance is granted to a State under this section in relation to approved proposals of a university in respect of the year 1982, being a university specified in Column 1 of Schedule 5, on the further condition that the State will ensure that the sum of the amounts expended by the university in connection with approved proposals of the university in respect of that year in respect of equipment specified in Column 2 of Schedule 5 in relation to the university, being amounts expended before 1 January 1983 or expended on or after that date in respect of commitments entered into before that date, is not less than the amount specified in Column 3 of Schedule 5 in relation to that equipment. (7) In this section, year to which this section applies means the year 1982, the year 1983 or the year 1984.