Industrial Development Act, 1986

Grants to secure reduction of factory rents.

[1966, s. 9; 1969, s. 46]

32.—(1) Where, in the opinion of the Authority, a factory building is, or is intended to be, used for the purpose of or in connection with the carrying on of an industrial undertaking which conforms to the criteria set out in subsections (3) and (4) of section 21 and is held under a lease or other letting subject to a rent or other payment, the Authority may make grants, upon such terms and subject to such conditions as it thinks proper to impose, to the person entitled to the rent or other payment to enable him to reduce such rent or payment.

(2) The Authority may, in lieu of making a grant to a person under subsection (1), make the grant on such terms and conditions as it thinks proper to the industrial undertaking (or intended undertaking) concerned.

(3) The amount of a grant under this section shall not exceed the amount of the grant which may be made in respect of a factory building under section 21 .

(4) Where a grant under this section is payable by instalments over a period of years, the amount of grant shall be taken to be the capital value of such instalments as determined by the Authority.