Industrial Development (Encouragement of External Investment) Act, 1958
|
Amendment of section 9 of the Act of 1934. |
5.—(1) It shall, notwithstanding anything in section 9 of the Act of 1934, be lawful for a company, which carries on a business by way of trade or for the purposes of gain, to carry on, in the course of or as part of such business, any manufacturing process if at the time of doing so (in this subsection referred to as the relevant time)— | |
(a) such company carries on business primarily for export and sales by it on the home market of each commodity in respect of which it carries on any manufacturing process are incidental only to its export trade in that commodity, or | ||
(b) such company is an excluded company, or | ||
(c) such company is the holder of a certificate of exemption granted under section 6 of this Act and such manufacturing process is carried on under the authority conferred by such certificate of exemption, or | ||
(d) such company is a qualified company within the meaning of Part I of the First Schedule to this Act, or | ||
(e) such business— | ||
(i) was carried on continuously in the State between the 2nd day of July, 1934, and the relevant time, and | ||
(ii) is, at the relevant time, a qualified business within the meaning of Part II of the First Schedule to this Act, or | ||
(f) such business— | ||
(i) was carried on continuously in the State between the 1st day of June, 1932, and the relevant time, and | ||
(ii) is an exempted 1932 business in respect of the carrying on at the relevant time of such manufacturing process, within the meaning of the Second Schedule to this Act, or | ||
(g) such company is the holder of a new manufacture licence granted (whether before or after the passing of this Act) under the Act of 1932, and such manufacturing process is carried on under the authority conferred by such new manufacture licence, or | ||
(h) the fixed assets used in the business of such company do not exceed five thousand pounds in value, or | ||
(i) such manufacturing process is carried on in the course of or as part of a business carried on by a receiver or manager appointed by a court in continuation of the business of a company which would, if such manufacturing process had been carried on immediately before such receiver or manager commenced to carry on such business, have been lawfully entitled, under any of the foregoing paragraphs of this subsection, to carry on such manufacturing process in the course of or as part of such business. | ||
(2) (a) This subsection applies to a company which for the time being complies with the conditions set out in paragraph 2 of the First Schedule to this Act. | ||
(b) Where a company to which this subsection applies sends to the Minister, before the appointed day, a statutory declaration, signed by all its directors, stating that on the 1st day of May, 1958 or within one year immediately preceding that date it carried on a particular manufacturing process in relation to a particular commodity, then, notwithstanding anything in section 9 of the Act of 1934, it shall be lawful for the company to continue, on and after the appointed day, to carry on such manufacturing process in relation to such commodity. | ||
(3) Sales on the home market by a company, which carries on business primarily for export, of a commodity in respect of which it carries on any manufacturing process shall, for the purposes of paragraph (a) of subsection (1) of this section, be deemed to be incidental only to its export trade in that commodity, if, taking one year with another, not more than ten per cent. of the aggregate value of its total output is sold on the home market. | ||
(4) Section 9 (which restricts the carrying on of manufactures) of the Act of 1934 is hereby amended in the following respects— | ||
(a) references to a person shall be construed as references to a company and not to an individual, | ||
(b) the reference, in subsection (1), to the doing of any of certain specified things shall be construed as a reference to carrying on any manufacturing process, | ||
(c) in subsection (1), all words from the words “unless either” to the end of the subsection shall be deleted, | ||
(d) subsections (2), (3) and (4) shall be deleted. |