Industrial Development (Enterprise Ireland) Act 1998

F2 [ Power of Agency to make loans to certain industrial undertakings or bodies corporate

7A

7A. (1) Where, in the opinion of the Agency, an industrial undertaking satisfies the relevant requirements, the Agency may, subject to such terms and conditions as it may determine, make a loan out of moneys at its disposal to

( a ) an industrial undertaking, or

( b ) a body corporate owning, controlling or managing, or participating in the ownership, control or management of the undertaking.

(2) The Agency shall not, without the prior permission of the Government, expend more than 7,500,000 in providing a loan or a series of loans to any one industrial undertaking or body corporate under this section. Preference may be given to industrial undertakings or body corporates that are located in the border counties of Louth, Cavan, Donegal, Leitrim, Monaghan and Sligo.

(3) ( a ) In this section, loan means a loan which is not convertible into shares in a body corporate.

( b ) In this section and in section 7B , relevant requirements means, in relation to an industrial undertaking, the requirements specified in subsections (3) and (4) of section 21 of the Act of 1986.

(c) In this section and in sections 7B and 7C , industrial undertaking has the same meaning as it has in section 8 .

(4) This section is in addition to, and not in substitution for, any other power of the Agency to lend moneys by or under the Industrial Development Act 1995 or any other enactment. ]

Annotations:

Amendments:

F2

Inserted (7.01.2020) by Industrial Development (Amendment) Act 2019 (46/2019), s. 3, S.I. No. 62 of 2020.

Editorial Notes:

E2

Previous affecting provision: section inserted by Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Act 2019 (8/2019), s. 7, not commenced; repealed (7.01.2020) by Industrial Development (Amendment) Act 2019 (46/2019), s. 5, S.I. No. 62 of 2020.