64.— F123[The Commission] may enter into a class of sound broadcasting contract (“community sound broadcasting contract”) with 2 or more members of a local community or of a community of interest if it is satisfied that—

(a) those members are representative of, and accountable to, the community concerned, and

(b) the supply of programme material in pursuance of the contract will be effected with the sole objective of—

(i) specifically addressing the interests of, and seeking to provide a social benefit to, the community concerned, and

(ii) achieving a monetary reward of no greater amount than is reasonably necessary to defray the expenses that will be incurred in effecting that supply.