Industrial Grants Act, 1956

Grants for industry.

2.—(1) Whenever the Authority are of opinion that the manufacture of a particular commodity to a substantial extent in the State would be in the interests of the national economy and would be likely—

(a) to provide employment on a substantial scale, or

(b) to make available in the State substantial quantities of the commodity, or

(c) to provide an opportunity for developing an export trade,

the Authority, if satisfied that financial assistance is necessary to ensure the establishment of an industrial undertaking to manufacture the commodity to a substantial extent and that the undertaking will be of a reasonably permanent nature and will be carried on efficiently, may, on such terms as they think proper, make grants towards the cost of the acquisition, construction and adaptation of the buildings and other works required for the purpose of the undertaking.

(2) The total amount so granted shall not in the case of any undertaking exceed two-thirds of such cost or the sum of fifty thousand pounds, whichever is the lesser amount.

(3) The Authority, in considering applications for grants under this section, shall have regard to the extent to which the requirements of the public in respect of the commodities to be manufactured are sufficiently met by undertakings already established.

(4) Grants shall not be made under this section in respect of the establishment of undertakings in an area to which the Undeveloped Areas Act, 1952 (No. 1 of 1952), applies.

(5) No grant shall be sanctioned by the Authority after the 31st day of December, 1963.