Industrial Development Act, 1977

Amendment of section 44 of Principal Act.

9.—The following is hereby substituted for section 44 of the Principal Act:

“44.—(1) Where, in the opinion of the Authority, an industrial undertaking conforms to the requirements of sections 33 (3) and 34 (3) of this Act, the Authority may out of funds at its disposal—

(a) purchase or take shares, to any extent it may consider desirable, in the body corporate owning, controlling or managing the undertaking or in a body corporate participating in the ownership, control or management of the undertaking,

(b) form or take part with other persons in the formation of such bodies corporate,

but no shares shall be purchased or taken by the Authority where as a result the Authority would have a majority shareholding in a body corporate, unless the Minister shall have approved of the proposed purchase or taking of shares.

(2) Shares purchased or taken by the Authority under this section shall be registered in the name of the Minister for Finance.

(3) All amounts representing dividends or other moneys received by the Minister for Finance in respect of shares purchased or taken under this section shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance may direct.

(4) The Authority shall not, without the prior permission of the Government, expend more than £1,000,000 in the purchase or taking of shares in a particular body corporate.”.