(3)Notwithstanding anything in this section-(a)every such agreement or direction as aforesaid shall be such as to secure that no such remission or payment shall be made by virtue of the agreement or direction until the Provinces have begun to receive moneys under the section of this chapter relating to taxes on income, and, in the case of a remission, that the remission shall be complete before the expiration of twenty years from the date of the accession to the Federation of the State in question, or before the end of the second prescribed period referred to in subsection(2) of the said section, whichever first occurs ; and(b)no contribution shall be remitted by virtue of any such agreement save in so far as it exceeds the value of any privilege or immunity enjoyed by the State; and(c)in fixing the amount of any payments in respect of ceded territories, account shall be taken of the value of any such privilege or immunity.
