Industrial Development Act 1986

Grants for fixed assets leased.

[1969, ss. 35, 47]

22

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.

Annotations:

Modifications (not altering text):

C11

Functions under section transferred (1.08.2014) by Industrial Development (Forfás Dissolution) Act 2014 (13/2014), s. 18 and sch., commenced as per subs. (8) and S.I. No. 341 of 2014.

Transfer of functions to Enterprise Ireland and IDA

18. (1) The functions specified in the Schedule are transferred to Enterprise Ireland and IDA.

(2) The functions transferred under subsection (1) may be performed—

(a) by either Enterprise Ireland or IDA, or

(b) jointly by both Enterprise Ireland and IDA.

(3) The functions specified in paragraph (c) of subsection (1) of section 8 of the Act of 1987 are transferred to IDA.

(4) A function transferred under subsection (1) shall be performed by Enterprise Ireland or IDA, or both, as the case may be, in accordance with such directions (if any) as may be issued by the Minister from time to time.

(5) A function transferred under subsection (3) shall be performed by IDA in accordance with such directions (if any) as may be issued by the Minister from time to time.

(6) Any assignment of powers and functions under section 9 of the Act of 1993 to Enterprise Ireland or IDA in force immediately before the coming into operation of this section shall cease to have effect on that coming into operation.

(7) Subsection (3) of section 3 of the Act of 1995 is repealed. (8) This section shall come into operation on the dissolution day.

(8) This section shall come into operation on the dissolution day.

SCHEDULE

Section 18

Functions Transferred to Enterprise Ireland and IDA

Functions referred to in: ...

2. Subsections (3), (5) and (7) of section 5, paragraphs (a), (c) to (h) and (j) of subsection (1) of section 11, sections 16, 18 to 32 , 36 and 37 of the Industrial Development Act 1986.

...