Shipping Investment Grants Act, 1987

Grants towards capital expenditure incurred in providing ships.

2.—(1) The Minister may, subject to this Act and to such conditions as the Minister, with the consent of the Minister for Finance, may impose, make to a person who is carrying on, or is proposing to carry on, a business in the State a grant towards approved capital expenditure incurred in providing a ship for use for the purposes of that business.

(2) The reference in subsection (1) of this section to providing a ship includes a reference to providing, as the context may require, a new ship or a second-hand ship but does not include a reference to providing a ship by chartering the ship from another person.

(3) The amount of grants made by the Minister under this Act shall not exceed in the aggregate £7,500,000.

(4) Grants under this Act shall be paid out of moneys provided by the Oireachtas.