35.—Where—

(a) a subsidy, being a subsidy specified in section 4 or 7, has been paid by the Minister or a housing authority or a recoupment, being a recoupment specified in section 4, 5 or 7, has been made by the Minister to a housing authority, on or after the 14th day of February, 1991, but before the commencement of section 4, 5 or 7, as the case may be, and

(b) the subsidy or recoupment would have been valid and effectual if it had been paid or made after such commencement,

then the subsidy or recoupment shall be valid and effectual, and be deemed always to have been valid and effectual, as if it had been paid or made after such commencement.