If an Act of Tynwald is passed for purposes similar to the purposes of Part XI, the Secretary of State may, with the consent of the Treasury, make reciprocal arrangements with the appropriate Isle of Man authority for co-ordinating the provisions of Part XI with the corresponding provisions of the Act of Tynwald so as to secure that they operate, to such extent as may be provided by the arrangements, as a single system.
For the purposes of giving effect to any arrangements made under subsection (1) the Secretary of State may, in conjunction with the appropriate Isle of Man authority, make any necessary financial adjustments between the National Insurance Fund and any fund established under the Act of Tynwald.
The Secretary of State may make regulations for giving effect to any arrangements made under subsection (1).
Regulations under subsection (3) may provide that Part XI has effect in relation to persons affected by the arrangements subject to such modifications and adaptations as may be specified in the regulations, including provision—
In this section "the appropriate Isle of Man authority" means such authority as may be specified in an Act of Tynwald.