The Secretary of State and the Welsh Ministers1 may, in accordance with arrangements made by him or them with Treasury approval2, make loans to provide working capital3 for a smallholdings tenant on land held by the Secretary of State or the Welsh Ministers for smallholdings purposes4, or for an intending tenant5, but the loan, or, if two or more loans are so made, the aggregate amount of the loans, must not exceed three-quarters of the
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