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INDUSTRIAL INVESTMENT (AMENDMENT) ACT (NORTHERN IRELAND) 1971 - SECT 3

Restriction on amount of grants.

3.[(1) The Ministry may, with the approval of the Ministry of Finance, by
order made subject to negative resolution, provide either generally or in
respect of any particular class of business, that the aggregate amount of any
grants made under the Act of 1966 as modified by section 1(1) to or in respect
of any person carrying on a qualifying industrial process in the course of a
business in Northern Ireland shall not, in respect of any period consisting of
four consecutive quarters, exceed such amount as may be specified in the
order.]

(2) The limit [specified in an order under] subsection (1) on the amount of
any grant shall include the amount of any grant made under section 4(2) (hired
assets being machinery or plant for use in carrying on a qualifying industrial
process or computers for integration with such machinery or plant or for use
in scientific research) of the Act of 1966 in respect of assets taken on hire
by that person notwithstanding that the payment of the grant is made to the
owner of the asset.

(3) In this section, "quarter" means a period of three months ending on 31st
March, 30th June, 30th September and 31st December.

S.4 adds s.8(1)(c) to, and repeals s.8(2) of, 1966 c.41 (NI)

© 1971 Crown Copyright

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