Industrial Development Act, 1977

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Grants, etc. for re-structuring of industry.

2.—(1) For the purpose of promoting the re-structuring of industry, the Authority may, in the case of the acquisition by an industrial undertaking of the whole or part of another industrial undertaking or in the case of an amalgamation between two or more industrial undertakings, in addition to the powers conferred on it by the Acts—

(a) make a grant, on such terms and conditions as it thinks fit, towards the reduction of interest payable on a loan raised in connection with such an acquisition or amalgamation,

(b) guarantee the due repayment of the whole or part of the principal of any moneys (including moneys in a currency other than the currency of the State) borrowed in connection with such an acquisition or amalgamation or the payment of interest on such principal or both the repayment of the principal and the payment of such interest.

(2) The Authority shall not, without the prior permission of the Government, give a guarantee in respect of moneys borrowed in connection with an acquisition or amalgamation referred to in subsection (1) of this section where the aggregate amount of the principal of any moneys the subject of the guarantee exceeds £500,000.