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Grants by Authority towards re-equipment, etc.
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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.
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(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.
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