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INDUSTRIES DEVELOPMENT ACT (NORTHERN IRELAND) 1966 - SECT 1

1.(1) For the purposes set out in the following provisions of this section,
the Department of Commerce (in this Act referred to as "the Department") may,
with the consent of the Department of Finance, invest or provide financial
assistance where, in its opinion

(a)the investment or financial assistance is likely to provide, maintain or
safeguard employment in any part of Northern Ireland;

(b)the form and amount of the investment or financial assistance is reasonable
having regard to all the circumstances; and

(c)there are good prospects that the investment or provision of such financial
assistance will achieve one or more of the purposes set out below and is
justified having regard to any of those purposes.

(2) The purposes mentioned in subsection (1) are

(a)to promote the development or modernisation of an industry or of any
undertaking in an industry;

(b)to promote the efficiency of an industry or of any undertaking in an
industry;

(c)to create, expand or sustain productive capacity in an industry or in any
undertaking in an industry;

(d)to promote the reconstruction, reorganisation or conversion of an industry
or of undertakings in an industry;

(e)to encourage arrangements for ensuring that any run down of an industry, or
of any undertaking in an industry, proceeds in an orderly way.

(3) Subject to the following provisions of this section, investment or
financial assistance under this section may be made or given on any terms or
conditions, and by any description of investment or lending or guarantee, or
by making grants, and may, in particular, be

(a)investment by subscription for, or aquisition of, loan or share capital in
any company including an acquisition effected by the Department through that
company's holding company;

(b)investment by the acquisition of any undertaking or of any assets;

(c)a loan, whether secured or unsecured, and whether or not carrying interest
or interest at a commercial rate;

(d)any form of insurance or guarantee to meet any contingency, and in
particular to meet default on payment of a loan, or of interest on a loan, or
non-fulfilment of a contract.

(4) The Department may, in return for any shares or stock acquired by it under
subsection (3)(a), cancel any conditions attached to a grant made by the
Department under any enactment.

(5) Where

(a)a sum is outstanding in respect of a loan made under any enactment by the
Department to a company; and

(b)the Department has power to give assistance to the company under the
foregoing provisions of this section;

[(5A) Subject to subsection (5B), where any instalment of principal or
interest or both principal and interest due on foot of any loan made under
this section is more than thirty-one days in arrear additional interest at
such rate as may from time to time be determined by an order made by the
Department of Finance subject to negative resolution shall, notwithstanding
any enactment or rule of law to the contrary, be chargeable on that instalment
as from the date on which it fell due and shall be recoverable therewith.

(5B) The Department may, with the approval of the Department of Finance, in
such cases as it thinks fit waive the payment of such additional interest as
is mentioned in subsection (5A).]

(6) Without prejudice to the foregoing provisions of this section, a grant may
be made under this section in respect of expenditure incurred in connection
with, or by reason of, the transfer of any undertaking within or to Northern
Ireland.

(7) The Head of the Department shall appoint an advisory committee for the
purposes of this section and the Department shall, except in relation to cases
falling within such class or description of case as is specified by the
Department with the approval of the Department of Finance, consult that
committee before exercising its functions under this section and it shall be
the duty of the committee to give advice to the Department on such matters
relating to this section as may be referred to it by the Department.

(8) In this section

"holding company" has the same meaning as in the Companies Act (Northern
Ireland) 1960;

"industry" includes any description of commercial activity, and references to
an industry include references to any section of an industry;

Provision of premises and sites.

© 1966 Crown Copyright

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