44   Validation of certain financial adjustments

(1)  This section applies to an arrangement or transaction entered into by an authority before the date of assent to the Statute Law (Miscellaneous Provisions) Act (No 2) 1996:

(a)  that was not a “financial adjustment” within the meaning of section 5 at the time that the arrangement or transaction was entered into, and

(b)  that is or was a “financial adjustment” within the meaning of section 5 as amended by Schedule 1.16 to the Statute Law (Miscellaneous Provisions) Act (No 2) 1996, and

(c)  that was entered into while the relevant authority held an approval given by the Treasurer under Part 2A to effect financial adjustments by means of the arrangements and transactions identified in section 5, and

(d)  that was entered into in accordance with any conditions imposed on such an approval.

(2)  Every arrangement or transaction to which this section applies is validated.

(3)  In this clause, a reference to an authority is a reference to a body that was an authority (within the meaning of section 15) at the time that the relevant arrangement or transaction was entered into.