12.—(1) The Minister, with the concurrence of the Minister for Finance, shall determine and publish in each school year criteria by which any class or classes of recognised schools or centres for education are to be funded in the following school year from monies provided by the Oireachtas and such criteria shall allow for the payment of additional monies to recognised schools having regard to the level of educational disadvantage of students in the schools.

(2) Except as otherwise provided by this Act, the Minister shall, in each school year by such date or dates as shall be determined by the Minister, make to each recognised school or centre for education a grant or grants, which accords with the criteria determined pursuant to this section, from monies provided by the Oireachtas in accordance with this Act, for the purposes of carrying on that school or centre for education.

(3) A grant or grants shall not be made unless the school is a recognised school at the date that such grant or grants are to be made.

(4) Except as otherwise provided in this Act, where, on the commencement of this section, arrangements are in place whereby grants are provided by the Minister to a body of persons which disburses such grants to two or more recognised schools, then nothing in this Act shall operate to alter such arrangements except with the agreement of that body or its successor.

(5) Where subsection (4) applies, the Minister shall, from monies provided by the Oireachtas, make such grant or grants to the body referred to in that subsection or its successor of an amount equal to the amount which, but for this subsection, would have been made to schools under subsection (2) and any such grant or grants shall be applied by that body for the benefit of students in those schools.