Industrial Development Act, 1986
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Grants for fixed assets leased. [1969, ss. 35, 47] |
22.—(1) The Authority may make a grant on such terms and conditions as it thinks proper in respect of the cost of fixed assets which have been leased for the purpose of an industrial undertaking which conforms to the criteria set out in subsections (3) and (4) of section 21 . | |
(2) The amount of a grant under this section shall not exceed 60 per cent. of the cost of the fixed assets in the case of an industrial undertaking in a designated area or 45 per cent. of the cost of the fixed assets in the case of an industrial undertaking elsewhere than in a designated area. | ||
(3) Where a grant under this section is payable by instalments over a period of years, the amount of grant shall, for the purposes of subsection (2), be taken to be the capital value of such instalments as determined by the Authority. | ||
(4) Where land is leased by the Authority to or for an industrial undertaking at a rent less than the economic rent as determined by the Authority the capital value of the difference between the rent so payable and the economic rent so determined shall be deemed to be a grant for the purposes of this section. |