Industrial Development Act 1986

Power to purchase shares.

[1969, s. 44; 1977, s. 9; 1981, s. 9. New in pt.]

31

31.—(1) Where, in the opinion of the Authority, an industrial undertaking conforms to the criteria set out in subsections (3) and (4) of section 21, the Authority may, out of funds at its disposal—

(a) purchase or take shares, to any extent it may consider desirable, in the body corporate owning, controlling or managing the undertaking or in a body corporate participating in the ownership, control or management of the undertaking,

(b) form or take part with other persons in the formation of such bodies corporate,

but no shares shall be purchased or taken by the Authority except after consultation with any body (in this subsection referred to as a State-sponsored body) specified for the purposes of this subsection by the Minister by order nor where as a result the Authority itself, or the Authority and any State-sponsored body or bodies together, would hold more than half in nominal value of the F32[the equity share capital (within the meaning of section 155 (5) of the Companies Act, 1963)] or more than half in nominal value of shares carrying voting rights (other than voting rights which arise only in specified circumstances) in a body corporate, unless the Minister shall have approved of the proposed purchase or taking of shares.

(2) F32[All shares purchased or taken by the Authority under this section and standing entered in the name of the Minister for Finance immediately before the commencement of the Industrial Development (Amendment) Act, 1991, in the registers of members maintained by the companies concerned shall, upon the request of the Authority, be entered therein in the name of the Authority.]

(3) F33[…]

F34[(4) Without the prior permission of the Government, the total amount of money expended in the purchase or taking of shares in a particular industrial undertaking under this section shall not exceed in the aggregate the higher of—

(a) F35[€7,500,000]; or

(b) F35[€7,500,000] in excess of the aggregate amount of such expenditure for which the prior permission of the Government has previously been obtained.]

F36[(5) This section shall not apply to Enterprise Ireland.]

Annotations

Amendments:

F32

Substituted (31.12.1991) by Industrial Development (Amendment) Act 1991 (30/1991), s. 9(d)(i), (ii), S.I. No. 365 of 1991.

F33

Repealed (31.12.1991) by Industrial Development (Amendment) Act 1991 (30/1991), s. 11, S.I. No. 365 of 1991.

F34

Substituted (25.07.2003) by Industrial Development (Science Foundation Ireland) Act 2003 (30/2003), s. 32, S.I. No. 325 of 2003.

F35

Amended (19.05.2009) by Industrial Development Act 2009 (11/2009), s. 3(d), commenced on enactment.

F36

Inserted (7.01.2020) by Industrial Development (Amendment) Act 2019 (46/2019), s. 1(3), S.I. No. 62 of 2020.

Modifications (not altering text):

C23

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:

E27

Power pursuant to section exercised (21.01.1987) by Industrial Development Act (Section 31) Order 1987 (S.I. No. 29 of 1987).

E28

Previous affecting provision: subs. (5) inserted by Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Act 2019 (8/2019), s. 6(2), not commenced; repealed (7.01.2020) by Industrial Development (Amendment) Act 2019 (46/2019), s. 5, S.I. No. 62 of 2020.

E29

Previous affecting provision: subs. (4) amended (13.07.1998) by Industrial Development (Enterprise Ireland) Act 1998 (34/1998), s. 34(2)(j), commenced on enactment; amended as per F-note above.

E30

Previous affecting provision: application of subs. (4) restricted (31.12.1991) by Industrial Development (Amendment) Act 1991 (30/1991), s. 7(2), S.I. No. 365 of 1991; repealed (13.07.1998) by Industrial Development (Enterprise Ireland) Act 1998 (34/1998), s. 4 and schedule, commenced on enactment.