Industrial Development Act, 1969

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Grants by Authority towards re-equipment, etc.

38.—(1) The Authority may make a grant, on such terms and conditions as it thinks proper, towards the cost of fixed assets required for the re-equipment, modernisation, improvement or expansion of an industrial undertaking or in respect of fixed assets leased by an industrial undertaking for the re-equipment, modernisation, improvement or expansion of the undertaking.

(2) The amount of a grant under this section shall not exceed 35 per cent of the cost of the fixed assets in the case of an industrial undertaking in a designated area, or 25 per cent of the cost of the fixed assets in the case of an industrial undertaking elsewhere than in a designated area.

(3) The total amount of moneys paid in grants under this section in respect of an industrial undertaking shall not exceed £350,000.

(4) Notwithstanding anything in this section the Government may, in respect of a particular industrial undertaking, permit the making by the Authority of grants under subsection (1) of this section exceeding in amount £350,000, but provided that in each such case the percentage limits specified in subsection (2) of this section are not exceeded.

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