Let be a field, a finite-dimensional -vector space, a finite group, and the -fold direct sum with the diagonal action of . The group acts naturally on the symmetric graded algebra as a group of non-degenerate linear transformations of the variables. Let be the subalgebra of invariants of the polynomial algebra with respect to . A classical result of Noether [1] says that if , then is generated as an -algebra by homogeneous polynomials of degree at most , no matter how large can be. On the other hand, it was proved by Richman [2], [3] that this result does not hold when the characteristic of is positive and divides the order of . Let , , be a prime number, a finite field of elements, a linear -vector space of dimension , and a cyclic group of order generated by a matrix of a certain special form. In this paper we describe explicitly (Theorem 1) one complete set of generators of . After that, for an arbitrary complete set of generators of this algebra we find a lower bound for the highest degree of the generating elements of this algebra. This is a significant extension of the corresponding result of Campbell and Hughes [4] for the particular case of . As a consequence we show (Theorem 3) that if and is an arbitrary finite group, then each complete set of generators of contains an element of degree at least , where is a positive integer dependent on the structure of the generating matrix of the group . This result refines considerably the earlier lower bound obtained by Richman [3].