Industrial Development Act, 1986
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Guarantee of loans. [1969, s. 37; 1981, s. 5] |
24.—(1) The Authority may guarantee the due repayment of part (not exceeding 80 per cent.) of the principal of any money (including money in a currency other than the currency of the State) borrowed in respect of fixed assets of an industrial undertaking or the payment of interest on such money or both the repayment of the principal and the payment of such interest, if (in each such case) the undertaking conforms to the criteria set out in subsections (3) and (4) of section 21 . | |
(2) Whenever a loan is guaranteed under this section, the guarantee shall be in such form and manner and on such terms and conditions as may be specified in a scheme governing the giving of such guarantees sanctioned by the Minister with the concurrence of the Minister for Finance. | ||
(3) Money required by the Authority to meet sums which may become payable by the Authority under a guarantee shall be paid out of funds at the disposal of the Authority. | ||
(4) The capital value of a loan guarantee under this section shall be reckoned in the calculation of grants for the purpose of sections 33 and 34 and shall be determined in accordance with such terms and conditions as may be specified in the scheme referred to in subsection (2). | ||
(5) The Authority shall not, without the prior permission of the Government, give in respect of a particular industrial undertaking a guarantee under this section where the amount of the principal of any money guaranteed exceeds £750,000. | ||
(6) Section 14 (4) applies to a guarantee under this section in money in a currency other than the currency of the State. |