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Amendment of section 40 of Principal Act.
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8.—Section 40 of the Principal Act is hereby amended by the substitution of “£50,000” for “£15,000” in paragraphs (a) and (b) of subsection (4), and that subsection, as so amended, is set out in the Table to this section.
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TABLE
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“(4) (a) Subject to paragraph (b), the amount of a research grant shall not exceed 50 per cent of the approved costs of the project concerned or £50,000, whichever is the smaller sum.
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(b) The amount of a research grant may, with the approval of the Government in a particular case, exceed £50,000 by such sum as the Government shall in that case specify but provided that the percentage limit specified in paragraph (a) of this subsection is not exceeded.
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(c) In this subsection ‘approved costs’ means, in relation to a particular proposed research grant, such expenditure by the industrial undertaking or undertakings concerned as the Authority is satisfied has been incurred for the purpose of promoting the project concerned and has been expended on—
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(i) the provision of sites or premises (including the acquisition of land), the construction and adaptation of buildings, and the provision of services and other works;
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(ii) the provision of plant, machinery, equipment and materials;
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(iii) the payment of salaries and wages to persons engaged on the project;
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(iv) the payment of fees or other remuneration to technical advisers consulted in connection with the project.”.
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