Industrial Development Act, 1969

Grants by Authority towards reduction of interest.

36.—(1) The Authority may, in the case of an industrial undertaking which conforms to the requirements of section 33 (3) and 34 (3) of this Act, make a grant on such terms and conditions as it thinks fit towards a reduction of the interest payable on a loan raised to provide fixed assets for that undertaking.

(2) A grant under this section shall not be reckoned in the calculation of the maximum grants payable to the undertaking concerned for the purpose of sections 33 (2) and 34 (2) of this Act.

(3) Where a grant is made by the Authority under subsection (1) of this section, the grant shall be in such form and on such terms and conditions as may be specified in a scheme governing the making of such grants sanctioned by the Minister with the concurrence of the Minister for Finance.