Industrial Development Act 1986

Authority's general grant-making powers.

[1969, ss. 33, 34. New in pt.]

21

21.—(1) The Authority may make a grant, on such terms and conditions as it thinks proper, towards the cost of fixed assets of or for an industrial undertaking to which this section applies.

(2) The amount of a grant under subsection (1) 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) This section applies to an industrial undertaking in respect of which the Authority is satisfied that it—

(a) will produce products for sale primarily on world markets, in particular those products which will result in the development or utilisation of local materials, agricultural products or other natural resources; or

(b) will produce products of an advanced technological nature for supply to internationally trading or skilled sub-supply firms within the State; or

(c) will produce products for sectors of the Irish market which are subject to international competition; or

(d) is a service industry as specified by the Minister by order under section 3.

(4) The industrial undertaking shall also satisfy the Authority that—

(a) financial assistance is necessary to ensure the establishment or development of the undertaking;

(b) the investment proposed is commercially viable;

(c) it has an adequate equity base;

(d) it has prepared a suitable company development plan; and

(e) it will provide new employment or maintain employment in the State that would not be maintained without assistance given under this Act and increase output and value added within the economy.

(5) F17[…]

Annotations

Amendments:

F17

Deleted (25.07.2003) by Industrial Development (Science Foundation Ireland) Act 2003 (30/2003), s. 28, S.I. No. 325 of 2003.

Modifications (not altering text):

C10

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.

...

Editorial Notes:

E17

Previous affecting provision: subs. (5)(a) substituted (31.12.1991) by Industrial Development (Amendment) Act 1991 (30/1991), s. 9(c), S.I. No. 365 of 1991; deleted as per F-note above.