INDUSTRIAL INVESTMENT (GENERAL ASSISTANCE) ACT (NORTHERN IRELAND) 1966

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INDUSTRIAL INVESTMENT (GENERAL ASSISTANCE) ACT (NORTHERN IRELAND) 1966 - SECT 9



9.[(1) The Department, after consultation with the advisory committee, may
make to any person carrying on in Northern Ireland a business in the course of
which a qualifying industrial process within the meaning of section 1 is
carried on loans towards, or grants in respect of interest payable on loans
obtained for the purposes of, capital expenditure incurred by that person

(a)in providing for use in Northern Ireland any of the following assets

(i)new machinery or plant, or

(ii)a new computer provided as described in section 2(2)(a); or

(b)in the construction of a new, or the modernisation, extension or
reconstruction of an existing, building in Northern Ireland where that
construction, modernisation, extension or reconstruction is part of a
substantial scheme approved by the Department for the modernisation or
reorganisation of the business.

(2) Where under subsection (1) the Department may lend a sum or make a grant
to a person (in this subsection referred to as "the qualifying person") and
the Department is satisfied that if it lent that sum or made that grant to
some other person, he would lend or pay it to the qualifying person towards
approved capital expenditure incurred by the qualifying person, the Department
may, after consultation with the advisory committee lend that sum or pay that
grant to that other person.]

(3) A loan under [subsection (1) or (2)] shall be made on such terms and
conditions and on such security [, and a grant under subsection (1) or (2)
shall be made on such terms and conditions,] as the Ministry thinks proper and
as are specified in the agreement for the loan [or grant].

[(3A) Subject to subsection (3B), where any instalment of principal or
interest or both principal and interest due on foot of any loan made under
subsection (1) or (2) 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.

(3B) 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 (3A).]

(4) In [subsections (1) and (2)]

"the advisory committee" means the committee appointed by the Minister under
[section 1(7)] of the Industries Development Act (Northern Ireland) 1966;

"appropriate area" means a locality approved by the Ministry as a locality in
which it is desirable that the business in question should be rehoused.

1966 c.36

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Northern Irish Legislation

INDUSTRIAL INVESTMENT (GENERAL ASSISTANCE) ACT (NORTHERN IRELAND) 1966 - SECT 9