On receipt by the Minister of an application by a Board for an advance in anticipation of the subsidy payable in any financial year under section 36 of this Act, a sum not exceeding seventy-five percent of the amount of the subsidy paid to the Board during the preceding financial year may, with the consent of the Minister of Finance, be advanced to the Board in the year in which the application is made.

Notwithstanding anything in subsection (1) of this section, if in any financial year the portion of the net estimated expenditure apportioned among the constituent Councils is less than the amount so apportioned in respect of the preceding financial year, the amount advanced under the said subsection (1) shall not exceed seventy-five percent of the subsidy that would be payable in respect of the lesser amount so apportioned.

Every application made by a Board under subsection (1) of this section shall be supported by a statutory declaration made by the Chairman of the Board, verifying a statement of all material particulars.

All advances under this section shall be made from the Consolidated Revenue Account, out of money appropriated by Parliament for the purpose, and shall be repaid to that Account out of the first money accruing to the Board thereafter by way of subsidy and may be deducted therefrom or recovered accordingly.

If the amount of the advance made in any financial year exceeds the amount of the subsidy payable in that year the amount by which the advance exceeds the subsidy may be recovered from the Board as a debt due to the Crown.”