Industrial Development (Amendment) Act, 1991

Amendment of Act of 1986.

9.—The Act of 1986 is hereby amended—

(a) in section 11, by the insertion in subsection (1) of the following paragraph after paragraph (h):

“(hh) to hold and dispose (whether by sale or otherwise) of stocks, shares and securities standing in the name of the National Development Corporation Limited immediately before the commencement of the Industrial Development (Amendment) Act, 1991, and transferred to the Authority by section 3 of the said Act;”,

(b) in section 14, by the substitution in subsection (2) of “£1,200,000,000” for “£700,000,000”,

(c) in section 21, by the substitution in subsection (5) of the following paragraph for paragraph (a):

“(a) The Authority may make a grant on such terms and conditions as it thinks proper in respect of any additional person employed in an industrial undertaking.”,

and

(d) in section 31—

(i) by the substitution in subsection (1) of “the equity share capital (within the meaning of section 155 (5) of the Companies Act, 1963 )” for “share capital”, and

(ii) by the substitution of the following subsection for subsection (2):

“(2) All shares purchased or taken by the Authority under this section and standing entered in the name of the Minister for Finance immediately before the commencement of the Industrial Development (Amendment) Act, 1991, in the registers of members maintained by the companies concerned shall, upon the request of the Authority, be entered therein in the name of the Authority.”.