Industrial Grants Act, 1959

Grants for undertakings not in undeveloped areas.

2.— (1) Whenever the Board—

(a) are of opinion that there are sound reasons why an industrial undertaking cannot be established or developed in the undeveloped areas and that the undertaking is, having regard to its size, character or the probable extent to which its products are likely to be exported, of exceptional national importance, and

(b) are satisfied that financial assistance by way of grant is necessary to ensure the establishment or development of the undertaking and that the undertaking will be of a reasonably permanent nature and will be carried of efficiently,

the Board may—

(i) for the purpose of providing or facilitating the provision of sites or premises for the establishment or development in an area other than an undeveloped area of the undertaking make grants, on such terms as they think proper, to aid persons to—

(I) acquire land,

(II) construct and adapt buildings and other works, and

(III) provide services and facilities in connection with land, and

(ii) make grants, on such terms as they think proper, towards the provision of machinery and equipment for the undertaking.

(2) The total amount granted under paragraph (i) of subsection (1) of this section shall not in the case of any undertaking exceed two-thirds of the cost of the acquisition of the land, the construction and adaptation of the buildings and other works and the provision of services and facilities in connection with the land.

(3) The total amount granted under paragraph (ii) of subsection (1) of this section shall not in the case of any undertaking exceed one-third of the cost of the provision of machinery and equipment.

(4) Subject to subsection (5) of this section, the total amount granted under subsection (1) of this section shall not in the case of any undertaking exceed two hundred and fifty thousand pounds.

(5) The Government may, having regard to the amount of employment likely to be afforded by an undertaking, approve of the making under subsection (1) of this section in respect of the undertaking of grants the total amount of which exceeds two hundred and fifty thousand pounds, and, where an approval has been given under this subsection, the limitation imposed by subsection (4) of this section on the total amount of the grants shall not apply.

(6) This section shall continue in operation until the 31st day of December, 1963.