§ Authorisation of Price or Charge less than Normal Minimum Price or Charge.
§ 1. The Cotton Industry Board, whenever a determination under a price scheme of the normal minimum price or charge in connection with the sale of any product or the subjection of any product to any process takes effect, shall publish, in such manner as they think best adapted for informing persons affected, the average of the aggregates of the amounts ascertained in accordance with sub-paragraphs (a) and (b) of paragraph 3 of Part I of this Schedule in connection with the giving of that consent; and the average so Dub- 1648 lished is hereafter in this Part of this Schedule referred to as "the average allowance for cost and depreciation."
§ 2.Upon application in that behalf made to the Cotton Industry Board by any person registered under the scheme, that board shall determine, in accordance with the following provisions of this Part of this Schedule, the special allowance for cost and depreciation appropriate to that person in respect of the relevant product.
§ 3.The special allowance for cost and depreciation appropriate to any person in respect of the relevant product shall be the sum equal to the aggregate of the following amounts, that is to say—
- (a) the amount which the Cotton Industry Board determine to represent the cost to the said person of manufacturing the relevant quantity of the relevant product, or of subjecting the relevant quantity of that product to the relevant process; and
- (b) such amount as may, in relation to plant of the type used by the said person in manufacturing the relevant product or subjecting it to the relevant process, be specified in the scheme as the amount allowable for depreciation of plant by reason of the manufacture of the relevant quantity of that product or the subjection of the relevant quantity thereof to the relevant process.
§ 4. The amount computed in respect of cost in relation to any person under sub-paragraph (a) of the last preceding paragraph shall be computed—
- (a) by reference to the operation of his undertaking over such past period as the Cotton Industry Board think proper; and
- (b) (if the remuneration of operatives employed for the purposes of that under taking in that period was paid at rates less than those customary in the section of the industry to which the scheme relates) on the assumption that the said remuneration was paid at the rates customary in that section of the industry.
§ 5. If the special allowance for cost and depreciation in respect of the relevant product determined in relation to any person in accordance with the last preceding paragraph is less than the average allowance for cost and depreciation in respect of that product, he may, so long as the normal minimum price or charge remains unchanged, sell the relevant product, or subject it to the relevant process, at a price or for a charge which is less than the normal minimum price or charge, but which does not fall short thereof by more than the first-mentioned difference:
§ Provided that a person shall not by virtue of this paragraph be authorised to sell the relevant product or subject it to any process at a price or for a charge the amount whereof is less than the special allowance for cost and depreciation for the time being determined in his case in respect of that product.
§ 6. Whenever the Cotton Industry Board make a determination of the special allowance for cost and depreciation appropriate to any person in respect of the relevant product they shall notify to that person the amount which, for the purposes of that determination, they 1649 have determined in respect of cost under sub-paragraph (a) of paragraph 3 of this Part of this Schedule; and if within the period of seven days beginning with the date of the notification, that person gives notice in writing to the Cotton Industry Board that he desires that the question whether the said amount has been properly determined should be referred to arbitration, the matter in dispute on that question shall be referred to the arbitration of a single arbitrator agreed upon between the said person and the Cotton Industry Board or, in default of agreement, appointed by the Board of Trade and the arbitrator may, by his award, vary the said amount, and in that event the determination of the special allowance for cost and depreciation shall be varied accordingly.
§ 7.A determination by the Cotton Industry Board of the special allowance appropriate to any person in respect of the relevant product shall not have effect until the expiration of the period within which a notice that he de sires a reference to arbitration may be given by that person under the last preceding paragraph or, if such a notice is duly given, until the arbitrator has issued his award on the reference.
§ 8.As soon as may be after a determination o the special allowance for cost and depreciation appropriate to any person in respect of the relevant product has taken effect, the Cotton Industry Board shall notify the determination to the board administering the scheme.