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Section 18 of the Welsh Development Agency Act 1975 (finances of the Agency) is amended as follows.

In subsection (2) for “specified in” there is substituted “applicable under”.

In subsection (3) for “£950 million” there is substituted “£1,350 million or such greater sum as the Secretary of State may from time to time by order specify”.

After subsection (3) there is inserted—

This Act may be cited as the Welsh Development Agency Act 1997.

This Act does not extend to Northern Ireland.

This Act shall come into force at the end of the period of two months beginning with the day on which it is passed.

The Welsh Development Agency Act 1991 (which relates to the financial limit of the Agency and is superseded by section 1) is hereby repealed.